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Property profile & analytics
OFF-MARKET
Estimated value
$18,540,000
Office buildings
161 Madison Ave Morristown, NJ 07960-7364
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US59-3117609
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Total area
84,240 SF
Lot
6.6 ac (287,496 SF)
Zoning code
R-2
APN
24 01402-0000-00003
UPID
US59-3117609
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
-
Cornerstone Financial Associates Financial Advisor
-
Community Federal Savings Bank Bank Loan Service
-
Cornerstone Real Estate Group Real Estate Agency
-
PNC Mortgage Loan Service Bank
-
Alterra Home Loans Loan Service Bank
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$11.88M
CAP Approach
CAP
$21.15M
Comparable Approach
Comparable
$14.29M
Blend (final)
Blend
$18.54M
Owner & transaction history
Eli Madison LLC · 3 yrs held
Eli Madison LLC
since 2023
Last sale
$21.5M
7 recorded transactions
Zoning & alternative use
R-2 · Morristown, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$27.4M
+55.3%
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
$11,880,000
CAP Approach
CAP Return
Estimation
6%
$22,915,000
6.5%
$21,150,000
7%
$19,640,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$17,640,000
Current use
COMMERCIAL (GENERAL)
$27,405,000
Change: +55% · Conversion: Easy
INDUSTRIAL (GENERAL)
$15,060,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$18.54M
Range $16.69M – $20.39M · ±10% · vs last sale $21.50M (Jun 14 2023)
Last sale anchor
$21.50M
Jun 14 2023
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
$220 / 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
$389,090
Tax year 2022
Assessed value
$13,000,000
Assessed 2023
Previous assessed
$13,000,000
+0.0% YoY
Effective rate
2.99%
On assessed value
Assessed land
$5,862,000
Assessed improvement
$7,138,000
Land market value
$5,862,000
Improvement market value
$7,138,000
Total market value
$13,000,000
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
Heating
NONE
Total area
84,240 SF
Lot
6.6 ac (287,496 SF)
Zoning code
R-2
APN
24 01402-0000-00003
UPID
US59-3117609
Jurisdiction
MORRIS
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
R-2 · Morristown, NJZoning R-2 · permitted uses
R-2 · Morristown, NJ
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
OFFICE BUILDING Current
Est. value
$17.6M
COMMERCIAL (GENERAL)
Est. value
$27.4M
INDUSTRIAL (GENERAL)
Est. value
$15.1M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
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
Heating
NONE
Lot
6.6 ac
Current owner
From public records · entity-resolved
Eli Madison LLC
Entity
Mailing address
200 SHEFFIELD ST, MOUNTAINSIDE, NJ 07092-2314
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 14, 2023
$21,500,000
Eli Madison LLC
161 163 Madison Avenue LLC
Deed
$15,000,000 · Peapack Gladstone Bank
Jul 14, 2017
—
Turtle Road LLC
Town Of Morristown
Grant Deed
related
—
Jul 29, 2009
—
161-163 Madison Avenue LLC
Northeast Office Assocs LLC
Deed In Lieu Of Foreclosure
related
—
Dec 1, 2008
—
Northeast Office Assocs LLC
Northeast Office Assocs LLC
Quit Claim Deed
related
—
Nov 3, 2006
$1,524,600
Northeast Office Associates Ll
Brounell,lois
Grant Deed
—
Nov 3, 2006
$5,838,525
Northeast Office Associates Ll
Richard,lisa B
Grant Deed
—
Nov 3, 2006
$462,459
Lois Brounell
Morristown Plaza Associates Ll
Grant Deed
—
Nov 3, 2006
$788,282
Rita K Waldor
Morrstown Plaza Associates LLC
Grant Deed
—
Nov 3, 2006
$1,771,008
Lisa B Richards
Morristown Plaza Associates Ll
Grant Deed
—
Nov 3, 2006
$7,363,125
Northeast Office Associates Ll
Morristown Plaza Asscates LLC
Grant Deed
—
Nov 3, 2006
$2,598,750
Northeast Office Assciates LLC
Waldor,rita K
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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