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Property profile & analytics
FOR LEASE
Commercial real estate
230 Sherman Ave, Glen Ridge, NJ 07028
Individually Owned
20-yr Hold
Free & Clear
Property ID
US59-0079543
For Lease
1 / 10
$2,900/Mo
230 Sherman Ave, Glen Ridge, NJ 07028
View Listing →
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1980
Construction
BRICK
Total area
9,144 SF
Lot
0.85 ac (36,817 SF)
Zoning code
R2
APN
08 00092-0000-00017
UPID
US59-0079543
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
Current use
Occupant on record · Public records
-
M. Shuja Shafqat, MD Physician Medical Clinic
-
Dr. John A. Difilippo, MD Physician
-
Shiveindra Jeyamohan, M.D. Physician
-
NYBG Colorectal Physician
-
Dr. Mina Shaker Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.94M
Comparable Approach
Comparable
$2.27M
Blend (final)
Blend
$2.32M
Owner & transaction history
Sherman Avenue Investors L 230 · 20 yrs held
Sherman Avenue Investors L 230
since 2006
1 recorded transaction
Zoning & alternative use
R2 · Glen Ridge, 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 Glen Ridge submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Glen Ridge 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,105,000
6.5%
$1,940,000
7%
$1,805,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,695,000
Current use
APARTMENT HOUSE (5+ UNITS)
$2,500,000
Change: -7% · Conversion: Moderate
Blend value · Realmo final
$2.32M
Range $2.09M – $2.55M · ±10%
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
$254 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$77,004
Tax year 2022
Assessed value
$2,338,400
Assessed 2023
Previous assessed
$2,338,400
+0.0% YoY
Effective rate
3.29%
On assessed value
Assessed land
$1,053,000
Assessed improvement
$1,285,400
Land market value
$1,053,000
Improvement market value
$1,285,400
Total market value
$2,338,400
Applied tax rate
8.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
For Lease
Year built
1980
Construction
BRICK
Heating
NONE
Stories
2
Units
1
Total area
9,144 SF
Lot
0.85 ac (36,817 SF)
Zoning code
R2
APN
08 00092-0000-00017
UPID
US59-0079543
Jurisdiction
ESSEX
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
R2 · Glen Ridge, NJ
Zoning R2 · permitted uses
R2 · Glen Ridge, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Glen Ridge. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$2.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.5M
COMMERCIAL (GENERAL) Current
APARTMENT HOUSE (5+ UNITS)
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
Year built
1980
Construction
BRICK
Heating
NONE
Stories
2
Units
1
Lot
0.85 ac
Current owner
From public records · entity-resolved
Sherman Avenue Investors L 230
Individual
Free & Clear · 20 yrs held
Mailing address
3 JASMINE PL, NORTH CALDWELL, NJ 07006-4180
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 3, 2006
$198,580
Sherman Avenue Investors L 230
Ballem,ramamohanarao V & Aruna J K
Grant Deed
—
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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