Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1578 State Rte 23 Wayne, NJ 07470-7516

    • Office buildings
    • 30,641 SF
    • 3.52 lot acres
    OFF-MARKET
    Value Estimations
    $7,315,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-2074442
    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 buildings

    Property Details for 1578 State Rte 23

    Year built
    1978
    Lot size
    3.52 lot acres
    Property size
    30,641 SF
    Zone code
    SB
    Property type
    Office buildings
    APN
    14 01602-0000-00002
    APU
    1401602000000002

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,335,000
      6.5%
      $7,695,000
      7%
      $7,145,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,825,000
      Market price range: $3.33M - $6.83M
      AI Estimate
      $7,426,000
      Market price range: $2.34M - $7.43M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $5,230,000
      Current use
      COMMERCIAL (GENERAL)
      $10,070,000
      Change: +93% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $5,285,000
      Change: +1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Wayne
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.2686
    Latitude
    40.9381
    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
    $216,548
    $374,000
    $3,456,000
    $3,830,000
    -
    $374,000
    $3,456,000
    $3,830,000

    Comparable in this City

    • Value Estimation
      $5,240,000
      30,449 SF

      15 Corporate Dr

      OFFICE BUILDING • 30,449 SF
      15 Corporate Dr, Wayne, NJ 07470-3120
      View Details
    • Value Estimation
      $2,770,000
      25,548 SF

      40 Galesi Dr

      OFFICE BUILDING • 25,548 SF
      40 Galesi Dr, Wayne, NJ 07470-4826
      View Details
    • Value Estimation by Request
      1,508 SF

      931 Hamburg Tpke

      OFFICE BUILDING • 1,508 SF
      931 Hamburg Tpke, Wayne, NJ 07470-3222
      View Details
    • Value Estimation
      $625,000
      3,988 SF

      1310 Hamburg Tpke

      OFFICE BUILDING • 3,988 SF
      1310 Hamburg Tpke, Wayne, NJ 07470-4064
      View Details
    • Value Estimation by Request
      5,761 SF

      1599 Hamburg Tpke

      OFFICE BUILDING • 5,761 SF
      1599 Hamburg Tpke, Wayne, NJ 07470-4093
      View Details
    • Value Estimation
      $4,370,000
      33,540 SF

      10 Highpoint Dr

      OFFICE BUILDING • 33,540 SF
      10 Highpoint Dr, Wayne, NJ 07470-7431
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,000 SF

      Freestanding Office Building in Wayne

      Prime office building in a thriving Wayne, New Jersey location.
      204 Berdan Ave, Wayne, NJ 07470
      View Details
    • $399,000
      Pending

      Turnkey Medical/Dental Office Condo

      Ready-to-operate medical/dental office with existing infrastructure and equipment.
      504 Hamburg Tpke, Wayne, NJ 07470
      View Details
    • $550,000
      68,900 SF

      Turn-Key Medical Office Condominium

      Furnished medical office near St. Joseph's University Medical Center.
      246 Hamburg Tpke, Wayne, NJ 07470
      View Details
    • $449,000
      2,654 SF

      Medical Building Near St. Joe's

      Medical building with gym equipment and proximity to St. Joe's.
      342 Hamburg Tpke, Wayne, NJ 07470
      View Details
    • Contact for pricing
      20,000 SF

      Medical Office Condo For Sale

      1000 sq ft office condo, previously medical use.
      220 Hamburg Tpke, Wayne, NJ 07470
      View Details
    • $399,000

      Medical Office Condo For Sale

      Well-appointed medical office condo with existing infrastructure and scenic views.
      504 Hamburg Tpke, Wayne, NJ 07470
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      29,000 SF

      Wayne Office Building For Rent

      415,000 SF office building in Wayne, New Jersey.
      1 Geoffrey Way, Wayne, NJ 07470
      View Details
    • $3,350 /Mo
      18,334 SF

      Professional Office Space For Rent

      1,900 Sq Ft office space in excellent condition.
      573 Valley Rd, Wayne, NJ 07470
      View Details
    • $3,350 /Mo
      18,334 SF

      Professional Office Space For Rent

      Professional office space in excellent condition, convenient location.
      573 Valley Rd, Wayne, NJ 07470
      View Details
    • $1,950 /Mo

      Furnished Corner Office Condo

      Turnkey office condo suitable for medical or professional use.
      508 Hamburg Tpke, Wayne, NJ 07470
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1578 State Rte 23
    Wayne, NJ 07470-7516
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!