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Property profile & analytics
OFF-MARKET
Estimated value
$1,065,000
Residential income homes
15 Madison Ave Madison, NJ 07940-1471
Entity Owned
8-yr Hold
Property ID
US59-3040686
Property profile
Verified
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Year built
1860
Construction
FRAME
Total area
6,256 SF
Lot
0.58 ac (25,430 SF)
Zoning code
R-5
APN
17 01401-0000-00001
UPID
US59-3040686
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
$1.10M
Blend (final)
Blend
$1.07M
Owner & transaction history
15 Madison Grace LLC · 8 yrs held
15 Madison Grace LLC
since 2018
2 recorded transactions
Zoning & alternative use
R-5 · Madison, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
R-5 Multiple-Family Residential Zone, R-6 Single-Family Attached and Patio Homes Residence Zone regulations. Purpose. The purpose of this zone is to permit multifamily residential use at appropriate densities in locations accessible to major roadways, commercial services, and public facilities. Principal permitted uses. Multiple-family dwellings (only in R-5…
Zone name
Multifamily Residential
General category
COMMERCIAL
Zone area
44.40 ac
Top alternative use upside
Office building
$1.1M
+10.6%
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 Madison submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Madison 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)
$990,000
Current use
OFFICE BUILDING
$1,095,000
Change: +11% · Conversion: Moderate
Blend value · Realmo final
$1.07M
Range $959k – $1.17M · ±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
$26,618
Tax year 2022
Assessed value
$1,295,900
Assessed 2023
Previous assessed
$1,295,900
+0.0% YoY
Effective rate
2.05%
On assessed value
Assessed land
$695,000
Assessed improvement
$600,900
Land market value
$695,000
Improvement market value
$600,900
Total market value
$1,295,900
Applied tax rate
17.0000
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
1860
Construction
FRAME
Heating
NONE
Stories
3
Units
4
Total area
6,256 SF
Lot
0.58 ac (25,430 SF)
Zoning code
R-5
APN
17 01401-0000-00001
UPID
US59-3040686
Jurisdiction
MORRIS
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
R-5 · Madison, NJZoning R-5 · permitted uses
R-5 · Madison, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
R-5 Multiple-Family Residential Zone, R-6 Single-Family Attached and Patio Homes Residence Zone regulations. Purpose. The purpose of this zone is to permit multifamily residential use at appropriate densities in locations accessible to major roadways, commercial services, and public facilities. Principal permitted uses. Multiple-family dwellings (only in R-5 Residential Zone). Patio homes. Public parks and playgrounds. Single-family attached dwellings. Single-family detached dwellings.
Zone name
Multifamily Residential
General category
COMMERCIAL
Zone area
44.40 ac
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$990,000
OFFICE BUILDING
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS) 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
1860
Construction
FRAME
Heating
NONE
Stories
3
Units
4
Lot
0.58 ac
Current owner
From public records · entity-resolved
15 Madison Grace LLC
Entity
Mailing address
59 TEAK RD, WAYNE, NJ 07470-2754
Ownership since
2018
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
Jun 28, 2018
$1,550,000
15 Madison Grace LLC
Drew University
Deed
$1,150,000 · Connectone Bank
Jul 5, 2007
$1,650,000
Drew University
Facchinei,clemente L & Rose A
Grant Deed
—
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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