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

    228 Washington Ave Belleville, NJ 07109-3169

    • Office buildings
    • 2,525 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-1425254
    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

    • Fine Touch Nails Spa Belleville / Nail Salon

    Property Details for 228 Washington Ave

    Year built
    1917
    Construction
    BRICK
    Lot size
    0.07 lot acres
    Property size
    2,525 SF
    Property type
    Office buildings
    APN
    01 08701-0000-00002
    APU
    108701000000002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Belleville
    County
    Essex
    State
    New Jersey
    Longitude
    -74.152
    Latitude
    40.7887
    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
    $10,163
    $108,800
    $155,100
    $263,900
    -
    $108,800
    $155,100
    $263,900

    Comparable in this City

    • Value Estimation
      $505,000
      2,025 SF

      484 Washington Ave

      OFFICE BUILDING • 2,025 SF
      484 Washington Ave, Belleville, NJ 07109-2688
      View Details
    • Value Estimation
      $1,945,000
      8,124 SF

      412 Washington Ave, Unit 420

      OFFICE BUILDING • 8,124 SF
      412 Washington Ave, Belleville, NJ 07109-2617
      View Details
    • Value Estimation
      $1,570,000
      11,605 SF

      230-234 Washington Ave, Unit 234

      OFFICE BUILDING • 11,605 SF
      230-234 Washington Ave, Belleville, NJ 07109-3169
      View Details
    • Value Estimation
      $1,005,000
      4,980 SF

      313 Washington Ave

      OFFICE BUILDING • 4,980 SF
      313 Washington Ave, Belleville, NJ 07109
      View Details
    • Value Estimation
      $1,045,000
      6,312 SF

      14-18 Franklin St, Unit 18

      OFFICE BUILDING • 6,312 SF
      14-18 Franklin St, Belleville, NJ 07109-2294
      View Details
    • Value Estimation
      $555,000
      2,304 SF

      858-860 Joralemon St, Unit 860

      OFFICE BUILDING • 2,304 SF
      858-860 Joralemon St, Belleville, NJ 07109-1440
      View Details

    Similar Nearby for Sale

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      6,660 SF

      Proposed Mixed-Use Development Project

      Proposed mixed-use development with commercial, office, and residential spaces.
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      Renovated Commercial Property on Washington

      Meticulously renovated office space with historic charm and modern functionality.
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      Cleared, buildable lot with approved plans for immediate construction.
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      Two-Family Home on Double Lot

      Two-family home in Belleville, NJ, with modern finishes.
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    • $899,999
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      Turnkey Six-Unit Multifamily Property

      Six-unit property in Belleville with value-add potential.
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      Belleville Specialty Property for Sale

      Specialty property available for purchase in Belleville, New Jersey.
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    Similar Nearby for Lease

    • Contact for pricing
      3,476 SF

      Belleville Office Space for Lease

      3,476 SF office space ideal for medical or professional use.
      727 Joralemon St, Belleville, NJ 07109
      View Details
    • Contact for pricing
      47,842 SF

      Medical Office Space Available

      6,139 SF medical space in accredited acute care facility.
      36 Newark Ave, Belleville, NJ 07109
      View Details
    • $1,200 /Mo

      Belleville Commercial Space For Lease

      Storefront suitable for various businesses in Belleville Twp., NJ.
      528 Union Ave, Belleville, NJ 07109
      View Details
    • $1,500 /Mo

      Professional Space in Wellness Center

      Professional space ideal for acupuncturist within established wellness center.
      858 Joralemon St, Belleville, NJ 07109
      View Details
    • $3,900 /Mo
      10,000 SF

      Office Space Near Medical Center

      Second-floor office space with elevator access, approximately 1,100 sq.ft.
      15 Newark Ave, Belleville, NJ 07109
      View Details
    • $1,800 /Mo
      587 SF

      Belleville Twp. Office/Retail Space

      Renovated office/retail space available for immediate occupancy in Belleville Twp.
      268 Washington Ave, Belleville, NJ 07109
      View Details
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    228 Washington Ave
    Belleville, NJ 07109-3169
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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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