Sign Up Successful!
You now have access to more from Realmo!
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

    224 Lorraine Ave Montclair, NJ 07043-1991

    • Commercial real estate
    • 4,641 SF
    • 0.16 lot acres
    OFF-MARKET
    Value Estimations
    $935,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-1640398
    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

    • Hecker Frances PHD / Psychologist
    • Gordon William M PhD / Psychologist
    • Glamour Dolls Makeup / Beauty Product Supplier
    • Hello Honey Hair Co. / Hair Salon
    • Rabbit Rabbit / Home Goods Store

    Property Details for 224 Lorraine Ave

    Year built
    1880
    Construction
    FRAME
    Lot size
    0.16 lot acres
    Property size
    4,641 SF
    Zone code
    NC
    Property type
    Commercial real estate
    APN
    13 02602-0000-00035
    APU
    1302602000000035

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,065,000
      6.5%
      $985,000
      7%
      $915,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $614,000
      Market price range: $409k - $1.37M

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

    Location Insight

    • Map
    • Local Demand
    City
    Montclair
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2075
    Latitude
    40.8421
    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
    $28,172
    $602,400
    $254,400
    $856,800
    -
    $602,400
    $254,400
    $856,800

    Comparable in this City

    • Value Estimation by Request

      248 Lorraine Suite 10

      Commercial real estate
      248 Lorraine Suite 10, Montclair, NJ 07043
      View Details
    • Value Estimation
      $630,000
      2,392 SF

      256 Park St

      COMMERCIAL (GENERAL) • 2,392 SF
      256 Park St, Montclair, NJ 07043-1968
      View Details
    • Value Estimation
      $3,755,000
      18,972 SF

      560 Vly Rd

      COMMERCIAL (GENERAL) • 18,972 SF
      560 Vly Rd, Montclair, NJ 07043-1874
      View Details
    • Value Estimation
      $880,000
      5,162 SF

      204 Bellevue Ave

      COMMERCIAL (GENERAL) • 5,162 SF
      204 Bellevue Ave, Montclair, NJ 07043-1893
      View Details
    • Value Estimation
      $1,665,000
      1,736 SF

      120 Watchung Ave

      COMMERCIAL (GENERAL) • 1,736 SF
      120 Watchung Ave, Montclair, NJ 07043-1711
      View Details
    • Value Estimation
      $1,815,000
      7,618 SF

      123 Watchung Ave

      COMMERCIAL (GENERAL) • 7,618 SF
      123 Watchung Ave, Montclair, NJ 07043-1740
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Montclair Office Suite - $650/Month

      Prime Montclair location, all utilities included. Perfect small office.
      248 Lorraine Suite 10, Montclair, NJ 07043
      View Details
    • Contact for pricing

      Montclair Office Suite - $650/Month

      Prime Montclair location, 120 sq ft office, all utilities included.
      248 Lorraine Ave Suite 4, Montclair, NJ 07043
      View Details
    • Contact for pricing
      0.13 Acres

      Montclair Office Suite - $650/Month

      Prime Montclair location, 120 sq ft office, all utilities included.
      248 Lorraine Ave Suite 9, Montclair, NJ 07043
      View Details
    • $220,000

      Montclair Specialty Property For Sale

      Specialty property available for purchase in Montclair, New Jersey.
      1283 Valley Rd, Montclair, NJ 07043
      View Details
    • New
      $199,000
      1,000 SF

      Floral & Gift Boutique

      Turnkey floral and gift boutique in Montclair's shopping district.
      590 Valley Rd, Montclair, NJ 07043
      View Details
    • Contact for pricing
      0.23 Acres

      Montclair Office Space: Prime Location

      Upscale Office, All Utilities Included
      543 Vly Rd Unit 9, Montclair, NJ 07043
      View Details

    Similar Nearby for Lease

    • $2,500 /Mo

      Upper Montclair Office Space Available

      Second floor office space in prime Upper Montclair location.
      543 Valley Rd, Montclair, NJ 07043
      View Details
    • $1,800 /Mo

      Upper Montclair Village Office Space

      Office space in prime location, near transportation and amenities.
      543 Valley Rd, Montclair, NJ 07043
      View Details
    • $4,000 /Mo

      Renovated Apartment in Upper Montclair

      Spacious 3-bedroom apartment near train, shopping, and dining.
      547 Valley Rd, Montclair, NJ 07043
      View Details
    • New
      $550 /Mo

      Montclair Office Space For Rent

      Office space in an elevator building with utilities included.
      248 Lorraine Ave, Montclair, NJ 07043
      View Details
    • $2,500 /Mo

      Upper Montclair Office Space Available

      Office space in prime location near Upper Montclair Village.
      543 Valley Rd, Montclair, NJ 07043
      View Details
    • New
      $550 /Mo

      Montclair Office Space For Rent

      Office suite in landmark building near transportation.
      248 Lorraine Ave, Montclair, NJ 07043
      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.
    224 Lorraine Ave
    Montclair, NJ 07043-1991
    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.