Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    866 Orange Ave Newark, NJ 07106
    Back to Search
    Property profile & analytics

    866 Orange Ave, Newark, NJ 07106

    View on Map
    • Mixed-use properties
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Mixed-use properties

    Property Details for 866 Orange Ave

    Property type
    Mixed-use properties
    Property subtype
    Land

    Description

    This exceptional redevelopment opportunity presents a 5,366.3 sq ft lot in Newark, New Jersey, zoned C-2 Community. Approved plans exist for a four-story mixed-use building encompassing 15 residential units and one commercial unit on the ground floor. However, updated Newark City zoning ordinances (November 2023) now permit a significantly expanded project, allowing for 26 residential units and one commercial unit. The property is situated in Newark's West Ward at 866 S Orange Ave, 07106. A Phase I Environmental assessment is complete. The asking price is $599,000. Note that the buyer is responsible for obtaining all necessary construction plans and permits from the City of Newark to proceed with the development. This presents a unique chance to capitalize on Newark's growth and create a substantial mixed-use property. The private ownership and approved plans minimize initial hurdles, making this an attractive investment for experienced developers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2239
    Latitude
    40.7455

    Comparable in this City

    • Value Estimation by Request
      0.12 Acres

      89-91 Columbia Ave, Unit 91

      APARTMENT HOUSE (UNDER 5 UNITS)
      89-91 Columbia Ave, Newark, NJ 07106-2131
      View Details
    • Value Estimation by Request
      0.09 Acres

      47 Brookdale Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      47 Brookdale Ave, Newark, NJ 07106-1858
      View Details
    • Value Estimation
      $645,000
      0.32 Acres

      777-783 Sandford Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      777-783 Sandford Ave, Newark, NJ 07106
      View Details
    • Value Estimation
      $740,000
      0.58 Acres

      698-716 Sandford Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      698-716 Sandford Ave, Newark, NJ 07106
      View Details
    • Value Estimation
      $595,000
      0.06 Acres

      106 Sunset Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      106 Sunset Ave, Newark, NJ 07106-1958
      View Details
    • Value Estimation
      $1,140,000
      0.03 Acres

      148 Palm St

      APARTMENT HOUSE (UNDER 5 UNITS)
      148 Palm St, Newark, NJ 07106-1131
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Newark Multifamily Investment Opportunity

      12-unit property with 7.25% cap rate and appreciation potential.
      773-775 Sanford Ave, Newark, NJ 07106
      View Details
    • $1,500,000

      Newark Multifamily Investment Opportunity

      12-unit multifamily property in Newark, offering stable income.
      773-775 Sanford Ave, Newark, NJ 07106
      View Details
    • $699,000
      Pending

      Renovated Multi-Family House in Newark

      Spacious, renovated multi-family house with finished attic in Newark.
      194-196 Smith St, Newark, NJ 07106
      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.
    866 Orange Ave
    Newark, NJ 07106
    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
    866 Orange Ave, Newark, NJ, 07106
    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!