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    Property profile & analytics

    232 Main St West Creek, NJ 08092-9705

    • Commercial real estate
    • 2,990 SF
    • 0.46 lot acres
    OFF-MARKET
    Last Sale
    Jun 12, 2024
    $475,000
    Value Estimations
    $480,000
    Show details
    Cap Rate Potential
    7.3%
    Commercial real estate
    Location Intelligence
    Property ID
    US59-2186693
    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 232 Main St

    Year built
    1900
    Construction
    FRAME
    Lot size
    0.46 lot acres
    Property size
    2,990 SF
    Zone code
    C-3
    Property type
    Commercial real estate
    APN
    09 00004-0000-00148
    APU
    900004000000148

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $475,000
      ML approach
      $475,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $675,000
      6.5%
      $620,000
      7%
      $575,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $551,000
      Market price range: $511k - $1.32M
      AI Estimate
      $290,000
      Market price range: $287k - $634k

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

    Location Insight

    • Map
    • Local Demand
    City
    West Creek
    County
    Ocean
    State
    New Jersey
    Longitude
    -74.3058
    Latitude
    39.6358
    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
    $7,824
    $121,300
    $171,400
    $292,700
    -
    $121,300
    $171,400
    $292,700

    Comparable in this City

    • Value Estimation
      $395,000
      4,117 SF

      524 Main St

      COMMERCIAL (GENERAL) • 4,117 SF
      524 Main St, West Creek, NJ 08092-3123
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    • Value Estimation
      $600,000
      3,000 SF

      556 Main St

      COMMERCIAL (GENERAL) • 3,000 SF
      556 Main St, West Creek, NJ 08092-3123
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    • Value Estimation
      $315,000
      5,945 SF

      415 Pfeiffer Ave

      COMMERCIAL (GENERAL) • 5,945 SF
      415 Pfeiffer Ave, West Creek, NJ 08092-9658
      View Details
    • Value Estimation
      $275,000
      940 SF

      177 Main St

      COMMERCIAL (GENERAL) • 940 SF
      177 Main St, West Creek, NJ 08092
      View Details
    • Value Estimation
      $325,000
      2,618 SF

      316 Main St

      COMMERCIAL (GENERAL) • 2,618 SF
      316 Main St, West Creek, NJ 08092-9754
      View Details
    • Value Estimation
      $330,000
      1,548 SF

      430 Main St

      COMMERCIAL (GENERAL) • 1,548 SF
      430 Main St, West Creek, NJ 08092-3209
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      21 SF

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      Land parcels in Stafford Township, easily accessible to major routes.
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      West Creek Land For Sale

      Three lots available in West Creek, New Jersey.
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      Eagleswood Land: Build Your Estate

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      West Creek Land: Build Your Dream

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      Three lots available for sale in West Creek, New Jersey.
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    Similar Nearby for Lease

    • Contact for pricing
      103,237 SF

      Professional Office Space in West Creek

      Upscale 1,000 sq ft office space near Long Beach Island.
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    • $2,000 /Mo

      West Creek Commercial Space For Rent

      Commercial space in West Creek with retail or office potential.
      191 Main St, West Creek, NJ 08092
      View Details
    • $2,000 /Mo
      1,484 SF

      West Creek Commercial Space For Rent

      Commercial space in West Creek suitable for retail or office.
      191 Main St, West Creek, NJ 08092
      View Details
    • $1,900 /Mo
      850 SF

      Retail/Office Space on Route 9

      Retail or office space available for rent on Route 9.
      387 Main St, West Creek, NJ 08092
      View Details
    • New
      $2,250 /Mo
      700 SF

      West Creek Commercial Space Available

      Commercial space in Stafford Township with frontage on Rte. 9.
      400 S Main St, West Creek, NJ 08092
      View Details
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    232 Main St
    West Creek, NJ 08092-9705
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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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