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Property profile & analytics
OFF-MARKET
Estimated value
$720,000
Office buildings
131 Madison Ave Morristown, NJ 07960-7360
Individually Owned
7-yr Hold
~
Est. High Equity
Property ID
US59-3066621
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1984
Construction
CONCRETE BLOCKS
Lot
2.13 ac (92,609 SF)
Zoning code
OB
APN
24 04101-0000-00001
UPID
US59-3066621
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
Current use
Occupant on record · Public records
-
Plastic Surgery Center of New Jersey at SMG Physician Medical Clinic
-
Daniel Pyo, MD, FACS Physician Medical Clinic
-
NJ Craniofacial Center Pediatrician Medical Clinic
-
Daniel B. Schmid, MD Physician Medical Clinic
-
Lisa Clement, LE Physician Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$720k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$720k
Owner & transaction history
Amit V Patel · 7 yrs held
Amit V Patel
since 2019
2 recorded transactions
Zoning & alternative use
OB · Morristown, 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 Morristown submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Morristown 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
$720,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$720k
Range $648k – $792k · ±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
—
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
$216,993
Tax year 2022
Assessed value
$7,250,000
Assessed 2023
Previous assessed
$7,250,000
+0.0% YoY
Effective rate
2.99%
On assessed value
Assessed land
$1,300,000
Assessed improvement
$5,950,000
Land market value
$1,300,000
Improvement market value
$5,950,000
Total market value
$7,250,000
Applied tax rate
24.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1984
Construction
CONCRETE BLOCKS
Heating
NONE
Stories
4
Lot
2.13 ac (92,609 SF)
Zoning code
OB
APN
24 04101-0000-00001
UPID
US59-3066621
Jurisdiction
MORRIS
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
OB · Morristown, NJ
Zoning OB · permitted uses
OB · Morristown, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Morristown. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1984
Construction
CONCRETE BLOCKS
Heating
NONE
Stories
4
Lot
2.13 ac
Current owner
From public records · entity-resolved
Amit V Patel
Individual
Mailing address
2 RESEARCH WAY, PRINCETON, NJ 08540-6628
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2019
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
Jul 3, 2019
$4,546,567
Amit V Patel
131 Madison Avenue Realty LLC
Grant Deed
—
Jul 3, 2019
$15,500,000
131 Madison LLC
Amit V Patel
Deed
$10,000,000 · Wilmington Savings Fund Society Fsb
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.
Try Rey
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