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Property profile & analytics
FOR LEASE
Industrial properties
2461 Iorio Ct, Union, NJ 07083
Entity Owned
1-yr Hold
Free & Clear
Property ID
US59-1108705
For Lease
1 / 3
$1,920,000
2461 Iorio Ct, Union, NJ 07083
View Listing →
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1952
Construction
BRICK
Total area
9,672 SF
Lot
2.48 ac (107,959 SF)
APN
19 03701-0000-00009- 01
UPID
US59-1108705
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
by Request
CAP Approach
CAP
$1.67M
Comparable Approach
Comparable
$2.15M
Blend (final)
Blend
$1.92M
Owner & transaction history
Lorio Owner LLC · 1 yrs held
Lorio Owner LLC
since 2025
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.2M
+34.2%
Office building
$2.0M
+17.7%
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 Union submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Union 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%
$1,810,000
6.5%
$1,670,000
7%
$1,550,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$1,675,000
Current use
COMMERCIAL (GENERAL)
$2,245,000
Change: +34% · Conversion: Difficult
OFFICE BUILDING
$1,970,000
Change: +18% · Conversion: Difficult
RESTAURANT
$1,540,000
Change: -8% · Conversion: Difficult
Blend value · Realmo final
$1.92M
Range $1.73M – $2.11M · ±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
$199 / 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
$35,557
Tax year 2022
Assessed value
$170,000
Assessed 2023
Previous assessed
$170,000
+0.0% YoY
Effective rate
20.92%
On assessed value
Assessed land
$114,000
Assessed improvement
$56,000
Land market value
$114,000
Improvement market value
$56,000
Total market value
$170,000
Applied tax rate
19.0000
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
For Lease
Year built
1952
Construction
BRICK
Heating
NONE
Stories
1
Total area
9,672 SF
Lot
2.48 ac (107,959 SF)
APN
19 03701-0000-00009- 01
UPID
US59-1108705
Jurisdiction
UNION
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
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
INDUSTRIAL (GENERAL) Current
Est. value
$1.7M
COMMERCIAL (GENERAL)
Est. value
$2.2M
OFFICE BUILDING
Est. value
$2.0M
RESTAURANT
Est. value
$1.5M
INDUSTRIAL (GENERAL) Current
COMMERCIAL (GENERAL)
OFFICE BUILDING
RESTAURANT
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
1952
Construction
BRICK
Heating
NONE
Stories
1
Lot
2.48 ac
Current owner
From public records · entity-resolved
Lorio Owner LLC
Entity
Free & Clear · 1 yrs held
Mailing address
136 MARKET ST, KENILWORTH, NJ 07033-2065
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 30, 2025
—
Lorio Owner LLC
Lorio Owner LLC
Deed
related
—
Nov 26, 2024
—
2461 Iorio Owner LLC
Rcg Realty LLC
Deed
$6,750,000 · Wintrust Bank NA
Mar 25, 2021
$3,250,000
Rcg Realty LLC
Jacqueline Tomasella
Deed
$2,600,000 · M & T Bank
Feb 6, 2014
$490,000
Jacqueline Tomasella
Toma Realty LLC
Quit Claim Deed
related
—
Feb 3, 2006
$1
Toma Realty LLC
Toma Realty LLC
Grant Deed
related
—
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.
Try Rey
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