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

    1878 Springfield Ave, Unit 80 Maplewood, NJ 07040-2951

    • Commercial real estate
    • 6,000 SF
    • 0.11 lot acres
    OFF-MARKET
    Value Estimations
    $1,090,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-1210487
    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

    • Woulibam Restaurant - Fine Haitian & Caribbean Cuisine / Restaurant
    • City Professional Nails / Nail Salon

    Property Details for 1878 Springfield Ave

    Year built
    1927
    Lot size
    0.11 lot acres
    Property size
    6,000 SF
    Zone code
    PRB
    Property type
    Commercial real estate
    APN
    11 00028- 03-00179
    APU
    11000280300179

    Description

    This exceptional investment opportunity presents a 6,000 square foot mixed-use building situated on a 0.11-acre lot in Maplewood, NJ's thriving commercial district. The property boasts a prime location on a busy, high-visibility street, ensuring excellent exposure for its tenants. Currently 100% leased, the building comprises two long-term storefront tenants (a restaurant and a nail salon) with built-in annual rental increases, and four residential apartments (three two-bedroom units and one studio). Four parking spaces are included, along with a finished basement. The residential units are currently leased below market value, presenting significant upside potential for future rental income. The property's convenient location offers easy access to the Maplewood business district, downtown Maplewood, parks, the Maplewood Country Club, the Garden State Parkway (GSP), Route 78, Newark International Airport (within 10 miles), and various public transportation options. Recent upgrades and improvements include a new roof (2021), three newer hot water tanks (2021), updated bathroom and paint in Apartment A (2021), new kitchen cabinets in Apartment B (2022), a complete repaint of the building and basement (2022), and a new security system with cameras (2022). This meticulously maintained property represents a rare opportunity to acquire a high-performing mixed-use asset in a highly desirable location. Each unit is separately metered.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,380,000
      6.5%
      $1,275,000
      7%
      $1,185,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $810,000
      Market price range: $516k - $1.26M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,640,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Maplewood
    County
    Essex
    State
    New Jersey
    Longitude
    -74.27
    Latitude
    40.7209
    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
    $38,461
    $150,000
    $899,700
    $1,049,700
    -
    $150,000
    $899,700
    $1,049,700

    Comparable in this City

    • Value Estimation by Request

      1885 Springfield Ave

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      6,513 SF

      97 Baker St

      COMMERCIAL (GENERAL) • 6,513 SF
      97 Baker St, Maplewood, NJ 07040-2691
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    • Value Estimation
      $3,995,000
      25,106 SF

      155 Maplewood Ave

      COMMERCIAL (GENERAL) • 25,106 SF
      155 Maplewood Ave, Maplewood, NJ 07040-2572
      View Details
    • Value Estimation
      $1,595,000
      7,948 SF

      1465 Springfield Ave

      COMMERCIAL (GENERAL) • 7,948 SF
      1465 Springfield Ave, Maplewood, NJ 07040
      View Details
    • Value Estimation
      $1,565,000
      7,096 SF

      697 Vly St

      COMMERCIAL (GENERAL) • 7,096 SF
      697 Vly St, Maplewood, NJ 07040-2641
      View Details
    • Value Estimation
      $865,000
      2,502 SF

      108 Baker St

      COMMERCIAL (GENERAL) • 2,502 SF
      108 Baker St, Maplewood, NJ 07040-2531
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,000 SF

      1747 Springfield Ave, Maplewood, NJ 07040

      Commercial real estate • 5,000 SF
      1747 Springfield Ave, Maplewood, NJ 07040
      View Details
    • $1,100,000
      0.14 Acres

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      6,016 SF

      Retail Building in Central District

      6,323 SF retail building with leasing and development potential.
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      Development Opportunity Near Maplewood Village

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    Similar Nearby for Lease

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      Handicap accessible medical office space for rent near medical centers.
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      Maplewood Retail, Office, Warehouse Space

      High-visibility retail, office, or warehouse space available for lease.
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      View Details
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      View Details
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      Maplewood Twp Multifamily Rental

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      View Details
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    Maplewood, NJ 07040-2951
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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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