Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    438 Floo Summit, NJ 07901
    Back to Search
    Property profile & analytics

    438 Floo Summit, NJ 07901

    View on Map
    • Office Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 438 Floo

    Year built
    1902
    Property type
    Office Spaces

    Description

    This exceptional office space, located at 438 Springfield Avenue, Unit 2ND FLOO in the vibrant city of Summit, New Jersey, presents a fantastic opportunity for a discerning business. Situated on the second floor, this property offers a convenient and accessible location within a thriving commercial area. While the exact square footage is currently unavailable, the space is well-suited for a small business or professional practice seeking a comfortable and productive work environment. The property is conveniently located in Summit, NJ, offering easy access to major transportation routes and a wealth of local amenities. The building itself is well-maintained and provides a professional atmosphere. This listing is for the second-floor unit only. The property sits on a lot of zero acres. The asking price is currently undetermined. Interested parties are encouraged to inquire for further details and scheduling a viewing to assess the suitability of this space for their specific needs. This is a unique opportunity to establish a presence in a desirable Summit location. Serious inquiries only. Further information regarding pricing and square footage will be provided upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Summit
    County
    Union
    State
    New Jersey
    Longitude
    -74.3599
    Latitude
    40.7177

    Comparable in this City

    • Value Estimation by Request
      5,000 SF

      15-19 Beechwood Rd

      Office Spaces • 5,000 SF
      15-19 Beechwood Rd, Summit, NJ 07901
      View Details
    • Value Estimation by Request
      9,290 SF

      436 Springfield Ave

      Airport retail • 9,290 SF
      436 Springfield Ave, Summit, NJ 07901
      View Details
    • Value Estimation by Request
      15,000 SF

      33 Union Pl

      Office Spaces • 15,000 SF
      33 Union Pl, Summit, NJ 07901
      View Details
    • Value Estimation
      $2,385,000
      4,220 SF

      803 Springfield Ave

      OFFICE BUILDING • 4,220 SF
      803 Springfield Ave, Summit, NJ 07901-5110
      View Details
    • Value Estimation by Request
      0.44 Acres

      575 Springfield Ave

      OFFICE BUILDING • 0.44 Acres
      575 Springfield Ave, Summit, NJ 07901-4503
      View Details
    • Value Estimation
      $1,515,000
      6,858 SF

      7 Cedar St

      OFFICE BUILDING • 6,858 SF
      7 Cedar St, Summit, NJ 07901-2574
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      12,765 SF

      Downtown Commercial Redevelopment Opportunity

      Four buildings totaling 12,765 SF on approximately 1 acre.
      20 Franklin Pl, Summit, NJ 07901
      View Details
    • Contact for pricing
      5,924 SF

      Summit Office Building For Sale

      Office building with 5,924 square feet available for sale.
      47 River Rd, Summit, NJ 07901
      View Details
    • Contact for pricing

      Summit Retail Studio For Sale

      Skincare and lash studio in desirable Summit retail corridor.
      545 Morris Ave, Summit, NJ 07901
      View Details
    • Contact for pricing
      Pending

      Luxury Downtown Summit Townhome

      Refined townhome near NYC train, restaurants, shops, and schools.
      82 Franklin Pl, Summit, NJ 07901
      View Details
    • $1,900,000
      4,300 SF

      Summit City Multifamily Investment Opportunity

      Multifamily property in Summit City with value-add potential.
      57 Park Ave, Summit, NJ 07901
      View Details
    • $1,888,000
      721 SF

      Sun-Filled Multifamily Home in Summit

      Well-maintained four-unit multifamily home near Summit Train Station.
      24 Franklin Pl, Summit, NJ 07901
      View Details

    Similar Nearby for Lease

    • $40 SF/Yr

      18 Bank St

      1,100 SF Office | 1 Block to Train | Downtown | 18 Bank St - 300 - 2,600 SF of Space Available in Summit, NJ 07901
      18 Bank St, Summit, NJ 07901
      View Details
    • Contact for pricing

      Retail and Office Space Available

      Retail and office spaces available for rent.
      12 Bank St, Summit, NJ 07901
      View Details
    • Contact for pricing
      3,336 SF

      Summit Office Space For Rent

      Conveniently located office building with easy highway access.
      60 Morris Tpke, Summit, NJ 07901
      View Details
    • $2,800 /Mo

      Renovated Office Space in Summit

      Downtown Summit office space, renovated with hardwood floors and utilities.
      30 Woodland Ave, Summit, NJ 07901
      View Details
    • Contact for pricing
      21,968 SF

      Class A Office Space Summit

      Premier office building in Summit, New Jersey, with 21,968 SF.
      535 Springfield Ave, Summit, NJ 07901
      View Details
    • Contact for pricing
      1,085 SF

      Renovated Mixed-Use Building in Summit

      Fully renovated mixed-use building in Downtown Summit's retail corridor.
      88 Summit Ave, Summit, NJ 07901
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    438 Floo
    Summit, NJ 07901
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    438 Floo, Summit, NJ, 07901
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!