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Property profile & analytics
OFF-MARKET
Estimated value
$1,155,000
Commercial real estate
1275 Springfield Ave Ste 1 New Providence, NJ 07974-2937
Individually Owned
Absentee Owner
~
Est. High Equity
Property ID
US59-2072093
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1970
Construction
CONCRETE BLOCKS
Total area
5,591 SF
Lot
0.49 ac (21,127 SF)
APN
11 00050-0000-00016- 01
UPID
US59-2072093
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
$1.14M
Comparable Approach
Comparable
$1.36M
Blend (final)
Blend
$1.16M
Owner & transaction history
Michael Gelormini
Michael Gelormini
7 recorded transactions
Zoning & alternative use
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 New Providence submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New Providence 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%
$1,230,000
6.5%
$1,135,000
7%
$1,055,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,390,000
Current use
OFFICE BUILDING
$1,140,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$1.16M
Range $1.04M – $1.27M · ±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
$207 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$37,074
Tax year 2023
Assessed value
$712,000
Assessed 2024
Previous assessed
$712,000
+0.0% YoY
Effective rate
5.21%
On assessed value
Assessed land
$223,800
Assessed improvement
$488,200
Land market value
$223,800
Improvement market value
$488,200
Total market value
$712,000
Applied tax rate
11.0000
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
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
1970
Construction
CONCRETE BLOCKS
Heating
NONE
Stories
1
Total area
5,591 SF
Lot
0.49 ac (21,127 SF)
APN
11 00050-0000-00016- 01
UPID
US59-2072093
Jurisdiction
UNION
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.4M
OFFICE BUILDING
Est. value
$1.1M
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
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
1970
Construction
CONCRETE BLOCKS
Heating
NONE
Stories
1
Lot
0.49 ac
Current owner
From public records · entity-resolved
Michael Gelormini
Individual
Mailing address
30 SULLIVAN RDUNIT205, FLEMINGTON, NJ 08822-7232
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
—
—
Michael Gelormini
—
Deed Of Trust
related
$100,000 · Provident Savings Bank
—
—
Michael Gelormini
—
Deed Of Trust
related
$75,000 · Provident Savings Bank
—
—
Adams Realty Enterprises
—
Deed Of Trust
related
$400,000 · Kearny Fsb
—
—
Adams Realty Ents
—
Deed Of Trust
related
$25,000 · Union Center National Bank
—
—
Margaret Timony
—
Deed Of Trust
related
$210,000 · Hilltop Community Bank
—
—
Margaret Timony
—
Deed Of Trust
related
$150,000 · Hilltop Community Bank
—
—
Adams Realty Ents
—
Deed Of Trust
related
$350,000 · Union Center National Bank
—
—
Adams Realty Ents
—
Deed Of Trust
related
$50,000 · Union Center National 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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