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

    228 Miller St Newark, NJ 07114

    • Commercial real estate
    • 0.06 lot acres
    For Sale
    View listing
    $899,000
    Last Sale
    Sep 13, 2023
    $850,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-1458400
    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

    • Globe Plating / Factory / Metal Fabrication Plant

    Property Details for 228 Miller St

    Construction
    CONCRETE BLOCKS
    Lot size
    0.06 lot acres
    Property type
    Commercial real estate
    APN
    14 01179-0000-00075
    APU
    1401179000000075

    Description

    This exceptional industrial property, located at 228 Miller Street in Newark, New Jersey, presents a compelling investment opportunity. The ±5,000 square foot building sits on a ±0.06-acre lot (25' x 100'), offering ample space for various industrial uses. The property features a two-story structure with a basement, providing versatile storage and operational areas. Ceiling heights range from 10 to 12 feet, accommodating a variety of equipment and processes. The building benefits from two loading bays, simplifying logistics and material handling. Heating is provided by a gas suspended system. The property is zoned I-2, allowing for a range of industrial applications. The 2022 property taxes were $5,364.90. This prime location in Essex County, New Jersey, offers easy access to major transportation routes, making it an ideal choice for businesses seeking efficient operations and strategic distribution. The property's size, features, and zoning make it suitable for a variety of manufacturing and warehousing needs. This is a rare opportunity to acquire a well-located industrial property in a thriving market. The address is 228 Miller Street, Newark, NJ 07114.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,215,000
      ML approach
      $1,125,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Essex
    State
    New Jersey
    Longitude
    -74.1768
    Latitude
    40.7178
    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
    $5,365
    $87,500
    $56,100
    $143,600
    -
    $87,500
    $56,100
    $143,600

    Comparable in this City

    • Value Estimation by Request
      0.07 Acres

      72-74 Clinton Ave, Unit 74

      COMMERCIAL (GENERAL) • 0.07 Acres
      72-74 Clinton Ave, Newark, NJ 07114-2012
      View Details
    • Value Estimation by Request
      8.80 Acres

      472-512 Us Rt 1st 9th 9

      COMMERCIAL (GENERAL) • 8.80 Acres
      472-512 Us Rt 1st 9th 9, Newark, NJ 07114
      View Details
    • Value Estimation by Request
      33.91 Acres

      334-348 Rt 1st 9th 9

      COMMERCIAL (GENERAL) • 33.91 Acres
      334-348 Rt 1st 9th 9, Newark, NJ 07114
      View Details
    • Value Estimation by Request
      2.89 Acres

      47 Bessemer St, Unit 73

      COMMERCIAL (GENERAL) • 2.89 Acres
      47 Bessemer St, Newark, NJ 07114-2202
      View Details
    • Value Estimation by Request
      0.11 Acres

      1094 Broad St, Unit 1096

      COMMERCIAL (GENERAL) • 0.11 Acres
      1094 Broad St, Newark, NJ 07114-2004
      View Details
    • Value Estimation
      $575,000
      9.83 Acres

      43-71 Olympia Dr

      COMMERCIAL (GENERAL) • 9.83 Acres
      43-71 Olympia Dr, Newark, NJ 07114-3132
      View Details

    Similar Nearby for Sale

    • $1,500,000

      Newark Commercial Land Opportunity

      Liquor Store & Building - $1.5M
      955 Frelinghuysen Ave, Newark, NJ 07114
      View Details
    • Contact for pricing
      4,500 SF

      Newark Warehouse Portfolio: Prime Industrial Space

      Multiple Warehouses, Flexible Sizes, Excellent Location
      212 Miller St, Newark, NJ 07114
      View Details
    • $895,000
      2,012 SF

      Prime Newark Auto Shop

      Profitable auto repair shop, excellent location.
      195 Miller St, Newark, NJ 07114
      View Details
    • $2,249,000
      8,593 SF

      Newark City Commercial Retail Opportunity

      Retail property for sale in Newark City, New Jersey.
      217 Frelinghuysen Ave, Newark, NJ 07114
      View Details
    • $1,850,000
      3,500 SF

      3,500 SF Warehouse For Sale

      3,500 SF warehouse with fenced-in lot in Newark, NJ.
      208 Miller St, Newark, NJ 07114
      View Details
    • $975,000
      4,250 SF

      Newark Warehouse with Loading Docks

      27,000 SF warehouse on 0.36 acres with loading docks.
      208-218 Miller St, Newark, NJ 07114
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      27,000 SF

      Miller Street Warehouse Space Available

      Essex County Industrial Warehouse - Multiple Units
      212 Miller St, Newark, NJ 07114
      View Details
    • $7,500 /Mo
      1,600 SF

      Industrial Warehouse with Fenced Parking

      1,600 SF industrial space for lease with fenced parking.
      203 Vanderpool St, Newark, NJ 07114
      View Details
    • Contact for pricing
      413,820 SF

      Newark Industrial Space For Lease

      413,820 SF industrial space available for lease in Newark.
      646 Frelinghuysen Ave, Newark, NJ 07114
      View Details
    • $8,500 /Mo

      Ironbound Warehouse with Drive-In Door

      Warehouse in Ironbound, 14 ft drive-in, 16 ft ceilings.
      372 Adams St, Newark, NJ 07114
      View Details
    • Contact for pricing
      56,000 SF

      Newark Industrial Sublease Spaces Available

      Industrial sublease spaces available in Newark, ranging from 5,000-56,000 SF.
      634 Frelinghuysen Ave, Newark, NJ 07114
      View Details
    • Contact for pricing
      2,094 SF

      Industrial Space Available For Lease

      Industrial space available for lease featuring gas heat and power.
      202 Vanderpool St, Newark, NJ 07114
      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.
    228 Miller St
    Newark, NJ 07114
    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.