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Property profile & analytics
OFF-MARKET
Estimated value
$515,000
Office Spaces
22nd Hl Rd Parsippany, NJ 07054-1061
Entity Owned
6-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US59-1824859
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Construction
BRICK
Total area
1,892 SF
Lot
0.04 ac (1,873 SF)
Zoning code
SED5
APN
29 00136-0000-00047- 02
UPID
US59-1824859
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$560k
CAP Approach
CAP
$475k
Comparable Approach
Comparable
$367k
Blend (final)
Blend
$515k
Owner & transaction history
Hope Campus LLC · 6 yrs held
Hope Campus LLC
since 2020
Last sale
$500,000
4 recorded transactions
Zoning & alternative use
SED5 · Parsippany, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Parsippany submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Parsippany submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$550,000
ML approach
$560,000
CAP Approach
CAP Return
Estimation
6%
$515,000
6.5%
$475,000
7%
$440,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$415,000
Current use
COMMERCIAL (GENERAL)
$355,000
Change: -15% · Conversion: Easy
Blend value · Realmo final
$515k
Range $464k – $567k · ±10% · vs last sale $500k (Mar 23 2020)
Last sale anchor
$500k
Mar 23 2020
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$272 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$5,260
Tax year 2023
Assessed value
$154,400
Assessed 2024
Previous assessed
$154,400
+0.0% YoY
Effective rate
3.41%
On assessed value
Assessed land
$85,100
Assessed improvement
$69,300
Land market value
$85,100
Improvement market value
$69,300
Total market value
$154,400
Applied tax rate
29.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Construction
BRICK
Heating
NONE
Stories
1
Total area
1,892 SF
Lot
0.04 ac (1,873 SF)
Zoning code
SED5
APN
29 00136-0000-00047- 02
UPID
US59-1824859
Jurisdiction
MORRIS
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
SED5 · Parsippany, NJZoning SED5 · permitted uses
SED5 · Parsippany, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$415,000
COMMERCIAL (GENERAL)
Est. value
$355,000
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Construction
BRICK
Heating
NONE
Stories
1
Lot
0.04 ac
Current owner
From public records · entity-resolved
Hope Campus LLC
Entity
Mailing address
22 HL RD, PARSIPPANY, NJ 07054-1078
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 23, 2020
$500,000
Hope Campus LLC
22a-b Hill Road LLC
Grant Deed
$1,280,000 · Columbia Bk
Nov 18, 2011
$490,000
22a-b Hill Road LLC
International Union Of Operating
Grant Deed
$440,000 · International Union/operating
Nov 18, 2011
—
International Union Of Operating
Operating Engineers Local 825
Quit Claim Deed
related
—
—
—
22a-b Hill Road LLC
—
Deed Of Trust
related
$443,000 · Pnc Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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