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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1308 Morris Ave Ste, Unit 204 Union, NJ 07083-3328

    • Office Properties & Spaces
    • 1,766 SF
    • 0.69 lot acres
    OFF-MARKET
    Last Sale
    Sep 23, 2021
    $285,000
    Value Estimations
    $365,000
    Show details
    Cap Rate Potential
    7.9%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US59-1170271
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 1308 Morris Ave Ste

    Lot size
    0.69 lot acres
    Property size
    1,766 SF
    Property type
    Office Properties & Spaces
    APN
    19 01301-0000-00031- 204-C0204
    APU
    1901301000000031204C0204

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $365,000
      ML approach
      $380,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $480,000
      6.5%
      $445,000
      7%
      $410,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $263,000
      Market price range: $264k - $517k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $360,000
      Current use
      COMMERCIAL (GENERAL)
      $410,000
      Change: +14% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Union
    County
    Union
    State
    New Jersey
    Longitude
    -74.2426
    Latitude
    40.6869
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $12,654
    $15,200
    $45,300
    $60,500
    -
    $15,200
    $45,300
    $60,500

    Comparable in this City

    • Value Estimation
      $515,000
      27.67 Acres

      1095 Morris Ave

      CONDOMINIUM OFFICES • 27.67 Acres
      1095 Morris Ave, Union, NJ 07083-7169
      View Details
    • Value Estimation by Request
      10 SF

      1085 Morris Ave

      CONDOMINIUM OFFICES • 10 SF
      1085 Morris Ave, Union, NJ 07083-7150
      View Details
    • Value Estimation
      $495,000
      7.25 Acres

      1235th W Chestnut St

      CONDOMINIUM OFFICES • 7.25 Acres
      1235th W Chestnut St, Union, NJ 07083-6815
      View Details
    • Value Estimation by Request
      900 SF

      2824 Morris Ave

      Office Properties & Spaces • 900 SF
      2824 Morris Ave, Union, NJ 07083
      View Details
    • Value Estimation by Request

      1465 Morris Ave

      Office space
      1465 Morris Ave, Union, NJ 07083
      View Details
    • Value Estimation
      $305,000
      0.36 Acres

      1385 Stuyvesant Aveave-102

      CONDOMINIUM OFFICES • 0.36 Acres
      1385 Stuyvesant Aveave-102, Union, NJ 07083-5311
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Union, NJ Office Space for Sale

      Prime Union location, affordable office space.
      477 Chestnut St, Union, NJ 07083
      View Details
    • Contact for pricing
      1.23 Acres

      Union, NJ Office Suites - Immediate Occupancy

      Brand new, affordable offices near NYC.
      1620 Vauxhall Rd, Union, NJ 07083
      View Details
    • $6,000,000
      12,534 SF

      Union Office Building For Sale

      Office building with 12,534 square feet of space.
      1767 Us Highway 22 W, Union, NJ 07083
      View Details
    • $1,200,000
      3,000 SF

      Freestanding Commercial Building For Sale

      3,000 sq ft commercial building in high-traffic location.
      2535 Us Highway 22 Ctr, Union, NJ 07083
      View Details
    • $915,000
      Pending

      Retail/Professional Building on Corner Lot

      Well-maintained retail/professional building with two units and parking.
      1360 Stuyvesant Ave, Union, NJ 07083
      View Details
    • $100,000

      Upscale Barbershop - Route 22, Union, NJ

      Thriving Barbershop, High Traffic Location, Turnkey
      1565 Route22, Union, NJ 07083
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      900 SF

      Prime Union, NJ Executive Office Space

      900 SF Office, Union, NJ - For Lease
      2824 Morris Ave, Union, NJ 07083
      View Details
    • $1,000 /Mo
      3,000 SF

      Union Twp. Office Space Available

      Professional office suites for lease in a well-maintained building.
      1460 Morris Ave, Union, NJ 07083
      View Details
    • Contact for pricing
      900 SF

      Retail/Office Space with Parking

      Retail or office space with dedicated parking and high visibility.
      2822-2424 Morris Ave, Union, NJ 07083
      View Details
    • Contact for pricing
      450 SF

      Union Office Space Available

      450 square feet of office space for rent.
      2816 Morris Ave, Union, NJ 07083
      View Details
    • Contact for pricing
      1,000 SF

      Retail/Office Space for Rent

      1000 SF retail/office space suitable for salon or office.
      1561 Morris Ave, Union, NJ 07083
      View Details
    • Contact for pricing
      1,500 SF

      Vauxhall Road Retail/Office Space

      Available space: 1,500 - 4,900 SF in Union, NJ.
      2929 Vauxhall Rd, Union, NJ 07083
      View Details
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    1308 Morris Ave Ste, Unit 204
    Union, NJ 07083-3328
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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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