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

    224 Rt 46 Mine Hill, NJ 07803

    • Commercial real estate
    • 1,096 SF
    • 0.40 lot acres
    OFF-MARKET
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    2.8%
    Commercial real estate
    Location Intelligence
    Property ID
    US59-2051878
    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

    • Commercial real estate

    Property Details for 224 Rt 46

    Year built
    1920
    Construction
    FRAME
    Lot size
    0.40 lot acres
    Property size
    1,096 SF
    Zone code
    C
    Property type
    Commercial real estate
    APN
    20 01304-0000-00009
    APU
    2001304000000009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $290,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $248,000
      Market price range: $138k - $250k
      AI Estimate
      $259,000
      Market price range: $94.0k - $282k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $180,000
      Current use
      OFFICE BUILDING
      $230,000
      Change: +26% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Mine Hill
    County
    Morris
    State
    New Jersey
    Longitude
    -74.5981
    Latitude
    40.8797
    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
    $8,424
    $180,400
    $110,500
    $290,900
    -
    $180,400
    $110,500
    $290,900

    Comparable in this City

    • Value Estimation
      $370,000
      1.48 Acres

      271 Rte 46

      COMMERCIAL (GENERAL) • 1.48 Acres
      271 Rte 46, Mine Hill, NJ 07803
      View Details
    • Value Estimation
      $710,000
      1,719 SF

      217 Rt 46

      COMMERCIAL (GENERAL) • 1,719 SF
      217 Rt 46, Mine Hill, NJ 07803
      View Details
    • Value Estimation
      $305,000
      0.46 Acres

      231 Rt 46

      COMMERCIAL (GENERAL) • 0.46 Acres
      231 Rt 46, Mine Hill, NJ 07803
      View Details
    • Value Estimation
      $310,000
      0.37 Acres

      153 Rt 46

      COMMERCIAL (GENERAL) • 0.37 Acres
      153 Rt 46, Mine Hill, NJ 07803
      View Details
    • Value Estimation
      $255,000
      1,711 SF

      215 Rt 46

      COMMERCIAL (GENERAL) • 1,711 SF
      215 Rt 46, Mine Hill, NJ 07803
      View Details
    • Value Estimation
      $520,000
      3,360 SF

      319 Rt 46

      COMMERCIAL (GENERAL) • 3,360 SF
      319 Rt 46, Mine Hill, NJ 07803
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.47 Acres

      Route 46 Ledgewood Commercial Space

      High-visibility storefront, excellent location.
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      0.47 Acres

      Route 46 Ledgewood Commercial Space

      High-visibility storefront, highway location. Great potential!
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    • $199,900

      Land For Sale, Mine Hill

      Land available in Mine Hill Twp., Morris County, New Jersey.
      42 5Th Ave, Mine Hill, NJ 07803
      View Details
    • Contact for pricing
      81,776 SF

      Luxury Apartment Building in Mine

      New construction apartment building with modern amenities in Morris County.
      Township Mine Hl, Mine Hill, NJ 07803
      View Details
    • $150,000
      0.30 Acres

      Residential Land in Mine Hill

      Land for sale with approved septic installation and utilities.
      223 W Randolph Ave, Mine Hill, NJ 07803
      View Details
    • $200,000
      1.00 Acre

      Land For Sale, Mine Hill

      One acre of land available in Mine Hill Township, NJ.
      42 5Th Ave, Mine Hill, NJ 07803
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      393,335 SF

      LEED Certified Distribution Facility

      Class-A distribution facility in Northern NJ, divisible from 100,000 SF.
      128 Iron Mountain Rd, Mine Hill, NJ 07803
      View Details
    • $2,650 /Mo

      Renovated Duplex Apartment For Rent

      Recently renovated 3-bedroom, 2-bathroom duplex apartment in prime location.
      173 Rt46, Mine Hill, NJ 07803
      View Details
    • $1,050 /Mo
      20,473 SF

      Route 46 Storefront Available

      Storefront on Route 46 with great visibility in Mine Hill.
      171 Route46, Mine Hill, NJ 07803
      View Details
    • Contact for pricing
      48,400 SF

      Industrial Lots for Lease

      Proposed industrial building sites available for lease.
      107 Iron Mountain Rd, Mine Hill, NJ 07803
      View Details
    • Contact for pricing
      46,400 SF

      Mine Hill Industrial Land Lease

      Industrial land available for lease in Mine Hill, New Jersey.
      109 Iron Mountain Rd, Mine Hill, NJ 07803
      View Details
    • Contact for pricing
      86,000 SF

      Proposed Industrial Building For Lease

      Proposed 86,000 SF industrial building with flexible zoning.
      118-120 Iron Mountain Rd, Mine Hill, NJ 07803
      View Details
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    224 Rt 46
    Mine Hill, NJ 07803
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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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