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    2727 State Rt 23 Newfoundland, NJ 07435
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    2727 State Rt 23 Newfoundland, NJ 07435

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    • Commercial real estate
    • 0.95 lot acres
    For Sale
    $1,300
    View Listing →
    Newfoundland Commercial Space - Prime Location For Sale
    $1,300

    Newfoundland Commercial Space - Prime Location

    High-visibility corner unit, move-in ready. Retail or office ideal.

    Green Pond, NJ 07435
    View Listing
    Property ID
    US59-1618732
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 2727 State Rt 23

    Year built
    1972
    Lot size
    0.95 lot acres
    Property type
    Commercial real estate
    APN
    15 14605-0000-00002
    APU
    1514605000000002

    Description

    This exceptional 0.95-acre commercial property, located at 2727 State Route 23, Unit 1, Newfoundland, NJ, presents a unique opportunity for a variety of businesses. The high-visibility corner unit boasts two convenient entrances, making it easily accessible to customers. The interior offers versatile space, perfect for either a single open floor plan or the creation of private suites with a dedicated reception area. A private restroom is included for added convenience. Recent upgrades include newer laminate flooring and a brand-new HVAC unit, ensuring a comfortable and modern workspace. The property's strategic location offers easy on/off access to Route 23, both north and south. Ample parking is available for tenants and customers. This thriving commercial center is anchored by a bank and post office, and is home to a diverse range of businesses including a vision center, deli, spa, vape shop, and medical and professional offices. The asking price is $1300 (monthly rent presumably, but this is not explicitly stated in the source material). This move-in ready space is an excellent opportunity for a business seeking a high-traffic location with strong neighboring businesses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Newfoundland
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.4413
    Latitude
    41.0476
    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
    2023
    $40,750
    $202,800
    $797,200
    $1,000,000
    -
    $202,800
    $797,200
    $1,000,000

    Comparable in this City

    • Value Estimation by Request
      1.00 Acre

      2719 State Rt 23

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      2719 State Rt 23, Newfoundland, NJ 07435
      View Details
    • Value Estimation
      $600,000
      2,914 SF

      3002 State Rt 23

      COMMERCIAL (GENERAL) • 2,914 SF
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      1033 Grn Pond Rd

      COMMERCIAL (GENERAL)
      1033 Grn Pond Rd, Newfoundland, NJ 07435-1213
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    • Value Estimation
      $730,000
      3,544 SF

      7 Dawson Dr

      COMMERCIAL (GENERAL) • 3,544 SF
      7 Dawson Dr, Newfoundland, NJ 07435-1116
      View Details
    • Value Estimation
      $555,000
      2,592 SF

      Grn Pond Rd

      COMMERCIAL (GENERAL) • 2,592 SF
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    • Value Estimation by Request
      1,856 SF

      12 Oak Rdg Rd

      COMMERCIAL (GENERAL) • 1,856 SF
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    Similar Nearby for Sale

    • Contact for pricing

      Newfoundland Commercial Office Space

      Prime location, ample parking, 300+ sq ft.
      2713 State Rt 23, Newfoundland, NJ 07435
      View Details
    • Contact for pricing
      0.95 Acres

      Newfoundland Commercial Space - Prime Location

      High-visibility corner unit, move-in ready. Retail or office ideal.
      2727 State Rt 23, Newfoundland, NJ 07435
      View Details

    Similar Nearby for Lease

    • $2,150 /Mo
      19,166 SF

      Route 23 Retail Opportunity

      Well-maintained retail unit with high visibility on Route 23.
      2915 State Rt 23, Newfoundland, NJ 07435
      View Details
    • $2,500 /Mo

      Renovated Office or Retail Space

      Renovated space suitable for office or retail use.
      62 Old Rt 23, Newfoundland, NJ 07435
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    • $2,500 /Mo

      Renovated Space for Office/Retail

      Renovated space suitable for office or retail use.
      62 Old Rt 23, Newfoundland, NJ 07435
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    • $2,500 /Mo
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      Renovated Commercial Space Available

      Renovated commercial space suitable for office or retail use.
      62 Old Rt 23, Newfoundland, NJ 07435
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    • $1,500 /Mo
      58,370 SF

      West Milford Turnkey Office Space

      Entry-level office space suitable for medical use in West Milford.
      7 Oak Ridge Rd, Newfoundland, NJ 07435
      View Details
    View Listing
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    Newfoundland, NJ 07435
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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.

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