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Property profile & analytics
OFF-MARKET
Estimated value
$580,000
Banks
2 Hanover Rd, Florham Park, NJ 07932-1819
Entity Owned
18-yr Hold
Absentee Owner
Free & Clear
Property ID
US59-3193217
Property profile
Verified
Property type
Banks
Use group
FINANCIAL BUILDING
Year built
2007
Total area
3,049 SF
Lot
0.81 ac (35,284 SF)
Zoning code
PB-2
APN
11 00905-0000-00030- 01
UPID
US59-3193217
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
-
The Afton of Morris Condominium Complex
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$445k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$718k
Blend (final)
Blend
$580k
Owner & transaction history
2 Hanover Road LLC · 18 yrs held
2 Hanover Road LLC
since 2008
7 recorded transactions
Zoning & alternative use
PB-2 · Florham Park, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$675,000
+38.8%
Office building
$535,000
+9.6%
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 Florham Park submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Florham Park 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
$445,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
FINANCIAL BUILDING
$485,000
Current use
COMMERCIAL (GENERAL)
$675,000
Change: +39% · Conversion: Difficult
OFFICE BUILDING
$535,000
Change: +10% · Conversion: Difficult
Blend value · Realmo final
$580k
Range $522k – $638k · ±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
$190 / 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
$20,360
Tax year 2022
Assessed value
$1,263,000
Assessed 2023
Previous assessed
$1,263,000
+0.0% YoY
Effective rate
1.61%
On assessed value
Assessed land
$702,500
Assessed improvement
$560,500
Land market value
$702,500
Improvement market value
$560,500
Total market value
$1,263,000
Applied tax rate
11.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Banks
Use group
FINANCIAL BUILDING
Status
Off-Market
Year built
2007
Heating
NONE
Stories
2
Total area
3,049 SF
Lot
0.81 ac (35,284 SF)
Zoning code
PB-2
APN
11 00905-0000-00030- 01
UPID
US59-3193217
Jurisdiction
MORRIS
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
PB-2 · Florham Park, NJ
Zoning PB-2 · permitted uses
PB-2 · Florham Park, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Florham Park. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
FINANCIAL BUILDING Current
Est. value
$485,000
COMMERCIAL (GENERAL)
Est. value
$675,000
OFFICE BUILDING
Est. value
$535,000
FINANCIAL BUILDING Current
COMMERCIAL (GENERAL)
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
2007
Heating
NONE
Stories
2
Lot
0.81 ac
Current owner
From public records · entity-resolved
2 Hanover Road LLC
Entity
Free & Clear · 18 yrs held
Mailing address
1075 STATE RTE 34TH G STE G, ABERDEEN, NJ 07747-2169
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 18, 2024
—
Afton One LLC
—
Deed
related
$1,500,000 · Lakeland Bank
Feb 25, 2008
$1,250,000
2 Hanover Road LLC
The Orchards At Florham Park L
Grant Deed
related
—
Oct 30, 2006
$1
Afton One LLC
Orchards At Florham Park LLC
Grant Deed
—
Feb 24, 2006
$1
County Of Morris
Orchards At Florham Park LLC
Grant Deed
—
Mar 2, 2005
$2,450,000
Orchards Of Florham Park LLC
Wessling,edwin C SR
Grant Deed
related
—
—
—
Afton One LLC
—
Deed Of Trust
related
$1,600,000 · Sovereign Bank
—
—
Afton One LLC
—
Deed Of Trust
related
$1,565,000 · Lakeland Bank
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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