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    Property profile & analytics

    302 Nj-94 Vernon Township, NJ 07462

    • Retail properties
    • 13,225 SF
    • 1.44 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 302 Nj-94

    Year built
    2015
    Lot size
    1.44 lot acres
    Property size
    13,225 SF
    Property type
    Retail properties
    Property subtype
    Drug stores

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Vernon Township
    County
    Sussex
    State
    New Jersey
    Longitude
    -74.4849
    Latitude
    41.1991

    Comparable in this City

    • Value Estimation by Request
      92,646 SF

      530 Co Rd

      Retail properties • 92,646 SF
      530 Co Rd, Vernon Township, NJ 07462
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    • Value Estimation
      $340,000
      1,500 SF

      259 State Rt 94

      CONVENIENCE STORE • 1,500 SF
      259 State Rt 94, Vernon, NJ 07462-3305
      View Details
    • Value Estimation
      $400,000
      3,466 SF

      550 County Rte 515

      FINANCIAL BUILDING • 3,466 SF
      550 County Rte 515, Vernon, NJ 07462-3135
      View Details
    • Value Estimation
      $475,000
      2,472 SF

      538 County Rte 515

      FINANCIAL BUILDING • 2,472 SF
      538 County Rte 515, Vernon, NJ 07462-3203
      View Details
    • Value Estimation
      $160,000
      832 SF

      65 Vernon Xing Rd

      GROCERY, SUPERMARKET • 832 SF
      65 Vernon Xing Rd, Vernon, NJ 07462-3209
      View Details
    • Value Estimation
      $815,000
      5,558 SF

      310 State Rt 94

      FINANCIAL BUILDING • 5,558 SF
      310 State Rt 94, Vernon, NJ 07462-3205
      View Details

    Similar Nearby for Sale

    • New
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      Vernon Twp. Commercial Redevelopment Opportunity

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      233 Rt 94, Vernon, NJ 07462
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    • $650,000
      2,985 SF

      Vernon Twp. Commercial Property For Sale

      Commercial property in Vernon Twp. with high visibility and road traffic.
      276 Rt94, Vernon, NJ 07462
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      19,000 SF

      High-Visibility Vernon Office Space

      Prime Vernon location, 19,000 sqft, $700/month options.
      212 Rte, Vernon, NJ 07462
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    • $40,000

      Commercial Land on State Road

      Prime commercial land with high visibility and convenient access.
      70 Rt 94, Vernon, NJ 07462
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    • $150,000

      Light Industrial Land Opportunity

      Raw land suitable for light industrial use.
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    • $79,000

      Land Near Restored Ski Resort

      1.24 acres near restored ski resort and Winter 4 Kids.
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    Similar Nearby for Lease

    • Contact for pricing
      92,646 SF

      Vernon Valley Plaza Retail Space

      Prime Vernon, NJ Retail Opportunity
      530 Co Rd 515, Vernon Township, NJ 07462
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    • $60,000

      Vernon Township Commercial Space

      Commercial space available for rent in Vernon Township, NJ.
      5 State Rt 94, Vernon, NJ 07462
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    • $1,550 /Mo
      1,080 SF

      Turn Key Office Space

      Office space featuring private offices and a conference room.
      1 State Rt 94, Vernon, NJ 07462
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    • $19 SF/Yr

      Vernon Office Building on Rt 94

      Centrally located office building suitable for medical or professional use.
      212 State Rt 94, Vernon, NJ 07462
      View Details
    • $1,750 /Mo

      First Floor Office Space Available

      First floor office space with handicapped access and parking.
      6 Church St, Vernon, NJ 07462
      View Details
    • $1,500 /Mo
      2,985 SF

      Medical/Professional Space Near Mountain Creek

      Approximately 987 sq ft space perfect for medical/professional/wellness use.
      276 Rt94, Vernon, NJ 07462
      View Details
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    302 Nj-94
    Vernon Township, NJ 07462
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    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
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