Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2559 Morris Ave Union, NJ 07083-5665

    • Commercial real estate
    • 4,592 SF
    • 0.16 lot acres
    OFF-MARKET
    Last Sale
    Mar 11, 2022
    $840,000
    Value Estimations
    $910,000
    Show details
    Cap Rate Potential
    6%
    Commercial real estate
    Location Intelligence
    Property ID
    US59-2981083
    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 2559 Morris Ave

    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.16 lot acres
    Property size
    4,592 SF
    Property type
    Commercial real estate
    APN
    19 04416-0000-00005
    APU
    1904416000000005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,015,000
      ML approach
      $1,015,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,010,000
      6.5%
      $935,000
      7%
      $865,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $827,000
      Market price range: $820k - $1.46M
      AI Estimate
      $624,000
      Market price range: $297k - $1.21M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,065,000
      Current use
      OFFICE BUILDING
      $935,000
      Change: -12% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Union
    County
    Union
    State
    New Jersey
    Longitude
    -74.291
    Latitude
    40.7032
    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
    $16,712
    $28,800
    $51,100
    $79,900
    -
    $28,800
    $51,100
    $79,900

    Comparable in this City

    • Value Estimation by Request
      35,962 SF

      2365 Rte

      Retail properties • 35,962 SF
      2365 Rte, Union, NJ 07083
      View Details
    • Value Estimation by Request
      0.43 Acres

      1030 Salem Rd

      COMMERCIAL (GENERAL) • 0.43 Acres
      1030 Salem Rd, Union, NJ 07083-7058
      View Details
    • Value Estimation by Request
      25.19 Acres

      900 Springfield Rd, Unit 930

      COMMERCIAL (GENERAL) • 25.19 Acres
      900 Springfield Rd, Union, NJ 07083-8617
      View Details
    • Value Estimation by Request
      1.47 Acres

      20 Stahuber Ave

      COMMERCIAL (GENERAL) • 1.47 Acres
      20 Stahuber Ave, Union, NJ 07083-5023
      View Details
    • Value Estimation by Request
      0.15 Acres

      1390 Stuyvesant Ave

      COMMERCIAL (GENERAL) • 0.15 Acres
      1390 Stuyvesant Ave, Union, NJ 07083-5360
      View Details
    • Value Estimation by Request
      0.40 Acres

      1568 Stuyvesant Ave

      COMMERCIAL (GENERAL) • 0.40 Acres
      1568 Stuyvesant Ave, Union, NJ 07083-5300
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.55 Acres

      Union, NJ Retail Space - Prime Location

      Busy Strip Mall, 1450 sq ft, Excellent Visibility
      1331 Magie Ave Store Front, Union, NJ 07083
      View Details
    • Contact for pricing

      Union, NJ Office Space for Sale

      Prime Union location, affordable office space.
      477 Chestnut St, Union, NJ 07083
      View Details
    • $950,000

      Spacious Duplex in Union Twp.

      Large side-by-side duplex with updated features and convenient location.
      159 Wyoming Ave, Union, NJ 07083
      View Details
    • $275,000

      Liquor License in Union Twp.

      Liquor license available for sale in Union Township, New Jersey.
      1200 Morris Ave, Union, NJ 07083
      View Details
    • $1,200,000
      3,000 SF

      Freestanding Commercial Building For Sale

      3,000 sq ft commercial building in high-traffic location.
      2535 Us Highway 22 Ctr, Union, NJ 07083
      View Details
    • $184,900

      Affordable 55+ Living

      Secure, walkable 55+ community near Five Points Shopping Center.
      255 Tucker Ave, Union, NJ 07083
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      37,970 SF

      Route 22 Retail Center Opportunity

      Union, NJ: 16,707 SF Retail Space Available
      2700 Us Highway 22, Union, NJ 07083
      View Details
    • Contact for pricing

      Industrial Facility with Highway Access

      Industrial facility for rent with easy highway access.
      650 Liberty Ave, Union, NJ 07083
      View Details
    • Contact for pricing
      2,466 SF

      Former Restaurant Opportunity on Route 22

      Former restaurant space available on a high-traffic retail corridor.
      2317 Us Highway 22 Ctr, Union, NJ 07083
      View Details
    • $1,000 /Mo
      3,000 SF

      Union Twp. Office Space Available

      Professional office suites for lease in a well-maintained building.
      1460 Morris Ave, Union, NJ 07083
      View Details
    • $3,500 /Mo

      Renovated 3-Bedroom Apartment For Rent

      Recently renovated 3-bedroom apartment with modern finishes and convenient location.
      2429 Vauxhall Rd, Union, NJ 07083
      View Details
    • Contact for pricing
      3,250 SF

      Route 22 Retail Space For Lease

      Prime Union, NJ Retail Opportunity
      2460 Us Highway 22, Union, NJ 07083
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2559 Morris Ave
    Union, NJ 07083-5665
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.