Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    500 Morris Ave Springfield, NJ 07081

    • Office Properties & Spaces
    • 568 SF
    • 0.69 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Tropical Harvest LLC / Take-out & Catering / Fish Market
    • Bloom In Counseling, LLC / Psychotherapist
    • Creative Healing Counseling & Wellness Center / Counselor / Family Counselor
    • Art Talks LLC / Counselor
    • Jason P. Galante, DPM / Physician

    Property Details for 500 Morris Ave

    Year built
    1977
    Lot size
    0.69 lot acres
    Property size
    568 SF
    Property type
    Office Properties & Spaces

    Description

    This exceptional 568-square-foot office space is available for sublease in a vibrant Springfield, NJ professional office building. The completely renovated unit is ideally suited for a variety of professional services, such as tax preparation, real estate, or counseling practices. Located within a bustling business community, this space offers a fantastic environment for growth and collaboration. All utilities are included, making budgeting simple and predictable. The building itself is handicap accessible, ensuring inclusivity and convenience for all occupants. The property sits on a 0.69-acre lot, providing ample space and a pleasant atmosphere. This move-in ready office is perfect for businesses seeking a well-maintained, efficient workspace. The modern renovation ensures a professional and comfortable setting for clients and employees alike. The sublease offers immediate occupancy, allowing for a quick and seamless transition into your new office. Don't miss this opportunity to establish your business in a prime Springfield location. Schedule a private showing today to experience this exceptional space firsthand.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Union
    State
    New Jersey
    Longitude
    -74.3215
    Latitude
    40.7157

    Comparable in this City

    • Value Estimation by Request
      3,000 SF

      175 Morris Ave

      Medical offices • 3,000 SF
      175 Morris Ave, Springfield, NJ 07081
      View Details
    • Value Estimation by Request
      3,000 SF

      175 Morris Ave

      Medical offices • 3,000 SF
      175 Morris Ave, Springfield, NJ 07081
      View Details
    • Value Estimation
      $1,865,000
      11,270 SF

      30 Hillside Ave

      OFFICE BUILDING • 11,270 SF
      30 Hillside Ave, Springfield, NJ 07081-3000
      View Details
    • Value Estimation
      $755,000
      2,856 SF

      374 Morris Ave

      OFFICE BUILDING • 2,856 SF
      374 Morris Ave, Springfield, NJ 07081-1106
      View Details
    • Value Estimation
      $695,000
      2,604 SF

      492 Mtn Ave

      OFFICE BUILDING • 2,604 SF
      492 Mtn Ave, Springfield, NJ 07081-2517
      View Details
    • Value Estimation
      $930,000
      3,528 SF

      468 Morris Ave

      OFFICE BUILDING • 3,528 SF
      468 Morris Ave, Springfield, NJ 07081-1130
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,000 SF

      Springfield NJ Medical Office Building

      Prime Medical Office Space - 3,000 SF
      175 Morris Ave, Springfield, NJ 07081
      View Details
    • $950,000
      4,657 SF

      Five-Unit Income Property

      Investment opportunity with five income-producing units on one parcel.
      49 Caldwell Pl, Springfield, NJ 07081
      View Details
    • Contact for pricing
      3,288 SF

      Turnkey Gas Station & Store

      Fully operating gas station, convenience store, and three-bay garage.
      958 S Springfield Ave, Springfield, NJ 07081
      View Details
    • $475,000

      Commercial Building in Business District

      Free-standing building in a commercial district, close to Morris Avenue.
      15 Center St, Springfield, NJ 07081
      View Details
    • Contact for pricing
      1,848 SF

      Freshly Painted Home

      Home with fresh interior paint and stylish backsplash.
      5B Troy Dr, Springfield, NJ 07081
      View Details
    • $599,000

      Residential Income Property For Sale

      Residential income property available for purchase.
      20 Maple Ave, Springfield, NJ 07081
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,911 SF

      Freestanding Office Building For Lease

      2911 SF office building available for lease.
      2 Edison Pl, Springfield, NJ 07081
      View Details
    • Contact for pricing
      5,321 SF

      Office Building Near Transportation

      Office building with parking and convenient access to public transit.
      140 Mountain Ave, Springfield, NJ 07081
      View Details
    • $2,000 /Mo

      Renovated Office Suite For Rent

      Move-in ready office suite with utilities included and convenient location.
      26 Millburn Ave, Springfield, NJ 07081
      View Details
    • Contact for pricing
      2,581 SF

      Renovated Springfield Commercial Space Available

      Newly renovated commercial space with drive-thru access in Springfield, NJ.
      52 Millburn Ave, Springfield, NJ 07081
      View Details
    • Contact for pricing
      4,152 SF

      Class A Office Space Available

      Class A office space for lease in Union County, NJ.
      899 Mountain Ave, Springfield, NJ 07081
      View Details
    • Contact for pricing
      21,421 SF

      Accessible Office Space in Springfield

      Office space with access to major roadways and public transit.
      180 Riverside Dr, Springfield, NJ 07081
      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.
    500 Morris Ave
    Springfield, NJ 07081
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!