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

    223 Park Ave Scotch Plains, NJ 07076-1040

    • Commercial real estate
    • 2,866 SF
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    Apr 14, 2021
    $490,000
    Value Estimations
    $610,000
    Show details
    Cap Rate Potential
    6.1%
    Commercial real estate
    Location Intelligence
    Property ID
    US59-1597819
    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

    • CENTURY 21 Louis Pompilio , Inc. / Real Estate Agency / Commercial Real Estate Agency
    • Urban Smiles Dental P.A / Dentist

    Property Details for 223 Park Ave

    Year built
    1958
    Construction
    FRAME
    Lot size
    0.23 lot acres
    Property size
    2,866 SF
    Zone code
    B-2
    Property type
    Commercial real estate
    APN
    16 01802-0000-00012
    APU
    1601802000000012

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $625,000
      ML approach
      $580,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $630,000
      6.5%
      $580,000
      7%
      $540,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $612,000
      Market price range: $428k - $998k
      AI Estimate
      $397,000
      Market price range: $245k - $698k

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

    Location Insight

    • Map
    • Local Demand
    City
    Scotch Plains
    County
    Union
    State
    New Jersey
    Longitude
    -74.402
    Latitude
    40.6538
    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
    2023
    $15,487
    $59,400
    $76,200
    $135,600
    -
    $59,400
    $76,200
    $135,600

    Comparable in this City

    • Value Estimation
      $355,000
      1.00 Acres

      4 Goodmans N Xing

      COMMERCIAL (GENERAL) • 1.00 Acres
      4 Goodmans N Xing, Scotch Plains, NJ 07076
      View Details
    • Value Estimation
      $345,000
      0.12 Acres

      1590 2nd St

      COMMERCIAL (GENERAL) • 0.12 Acres
      1590 2nd St, Scotch Plains, NJ 07076-1626
      View Details
    • Value Estimation
      $400,000
      0.09 Acres

      387 Park Ave

      COMMERCIAL (GENERAL) • 0.09 Acres
      387 Park Ave, Scotch Plains, NJ 07076-1155
      View Details
    • Value Estimation
      $400,000
      0.15 Acres

      2420 Us Hwy 22

      COMMERCIAL (GENERAL) • 0.15 Acres
      2420 Us Hwy 22, Scotch Plains, NJ 07076
      View Details
    • Value Estimation
      $375,000
      0.13 Acres

      1926 Westfield Ave

      COMMERCIAL (GENERAL) • 0.13 Acres
      1926 Westfield Ave, Scotch Plains, NJ 07076-1763
      View Details
    • Value Estimation
      $310,000
      1,080 SF

      1761 2nd St

      COMMERCIAL (GENERAL) • 1,080 SF
      1761 2nd St, Scotch Plains, NJ 07076-1781
      View Details

    Similar Nearby for Sale

    • $349,900
      0.17 Acres

      Scotch Plains Commercial Land - $349,900

      0.17-acre lot, B-1 zoning, ready to build.
      349 Terrill Rd, Scotch Plains, NJ 07076
      View Details
    • Contact for pricing
      2,400 SF

      Move-in Ready Office Space

      Contractor-owned office space, clean, high visibility, seller leaseback option.
      1594 E 2Nd St, Scotch Plains, NJ 07076
      View Details
    • $625,000
      1,800 SF

      Freestanding Brick and Stone Building

      Professional building with off-street parking; first floor delivered vacant.
      1790 Front St, Scotch Plains, NJ 07076
      View Details
    • $5,800,000
      4,400 SF

      Industrial Warehouse For Sale

      4,400 SF industrial warehouse property available for purchase.
      725 Jerusalem Rd, Scotch Plains, NJ 07076
      View Details
    • $850,000
      3,500 SF

      Commercial Building in Scotch Plains

      Commercial building in a residential area with easy highway access.
      301 Forest Rd, Scotch Plains, NJ 07076
      View Details
    • $299,999
      0.07 Acres

      Residential Land in Prime Location

      Land in desirable area, close to transportation, schools, and shopping.
      Twp Scotch Pln, Scotch Plains, NJ 07076
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Professional Office Space for Rent

      Office space with natural light, hardwood floors, and private restroom.
      460 Park Ave, Scotch Plains, NJ 07076
      View Details
    • $955 /Mo

      High-End Executive Office Suite

      Shared executive office suite with included amenities and utilities.
      210 Haven Ave, Scotch Plains, NJ 07076
      View Details
    • $2,200 /Mo

      High-Visibility Retail Space on Route 22

      Prime retail space with high traffic and flexible layout.
      1943 Us Highway 22, Scotch Plains, NJ 07076
      View Details
    • Contact for pricing
      1,800 SF

      Scotch Plains Office Space Available

      Office unit for lease in Scotch Plains, New Jersey.
      223 Park Ave, Scotch Plains, NJ 07076
      View Details
    • Contact for pricing
      3,000 SF

      Versatile Flex Space with Office

      3000 SF flex space with office, drive-in doors, parking.
      2362 Waldheim Ave, Scotch Plains, NJ 07076
      View Details
    • $2,800 /Mo

      Office and Retail Space Available

      Office and retail spaces for rent.
      2253 South Ave, Scotch Plains, NJ 07076
      View Details
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    223 Park Ave
    Scotch Plains, NJ 07076-1040
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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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