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Property profile & analytics
OFF-MARKET
Estimated value
$1,940,000
Residential income homes
124 Morse Ave Bloomfield, NJ 07003-2238
Entity Owned
21-yr Hold
~
Est. High Equity
Property ID
US59-0096986
Property profile
Verified
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Year built
1927
Total area
11,430 SF
Lot
0.11 ac (5,001 SF)
Zoning code
R-1B
APN
02 00188-0000-00015
UPID
US59-0096986
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.23M
Blend (final)
Blend
$1.94M
Owner & transaction history
Carmel Realty · 21 yrs held
Carmel Realty
since 2004
2 recorded transactions
Zoning & alternative use
R-1B · Bloomfield, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Bloomfield submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Bloomfield submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$3,125,000
Current use
OFFICE BUILDING
$2,890,000
Change: -8% · Conversion: Moderate
COMMERCIAL (GENERAL)
$2,810,000
Change: -10% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$2,580,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$1.94M
Range $1.75M – $2.13M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$170 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$32,020
Tax year 2022
Assessed value
$1,000,000
Assessed 2023
Previous assessed
$1,000,000
+0.0% YoY
Effective rate
3.20%
On assessed value
Assessed land
$525,000
Assessed improvement
$475,000
Land market value
$525,000
Improvement market value
$475,000
Total market value
$1,000,000
Applied tax rate
2.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Status
Off-Market
Year built
1927
Heating
NONE
Units
1
Total area
11,430 SF
Lot
0.11 ac (5,001 SF)
Zoning code
R-1B
APN
02 00188-0000-00015
UPID
US59-0096986
Jurisdiction
ESSEX
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
R-1B · Bloomfield, NJ
Zoning R-1B · permitted uses
R-1B · Bloomfield, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Bloomfield. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$3.1M
OFFICE BUILDING
Est. value
$2.9M
COMMERCIAL (GENERAL)
Est. value
$2.8M
INDUSTRIAL (GENERAL)
Est. value
$2.6M
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1927
Heating
NONE
Units
1
Lot
0.11 ac
Current owner
From public records · entity-resolved
Carmel Realty
Entity
Mailing address
PO BOX 695, LIVINGSTON, NJ 07039-0695
Ownership since
2004
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 2, 2004
$855,000
Carmel Realty
Akpw Associates
Grant Deed
$500,000 · Akpwk Associates
—
—
Carmel Realty
—
Deed Of Trust
related
$450,000 · Hudson United Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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