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Property profile & analytics
FOR LEASE
Banks
28 Park Pl, Morristown, NJ 07960-4099
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US59-1661958
For Lease
1 / 40
$3,200/Mo
28 Park Pl, Morristown, NJ 07960-4099
View Listing →
Property profile
Verified
Property type
Banks
Use group
FINANCIAL BUILDING
Total area
7,776 SF
Lot
0.05 ac (2,348 SF)
Zoning code
CBD
APN
24 06001-0000-00003
UPID
US59-1661958
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
-
The Committed Pig Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$425k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$667k
Blend (final)
Blend
$545k
Owner & transaction history
West Park Holdings LLC · 7 yrs held
West Park Holdings LLC
since 2019
2 recorded transactions
Zoning & alternative use
CBD · Morristown, 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 Morristown submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Morristown 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
$425,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$545k
Range $491k – $600k · ±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
$70 / 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
$14,965
Tax year 2022
Assessed value
$500,000
Assessed 2023
Previous assessed
$500,000
+0.0% YoY
Effective rate
2.99%
On assessed value
Assessed land
$285,000
Assessed improvement
$215,000
Land market value
$285,000
Improvement market value
$215,000
Total market value
$500,000
Applied tax rate
24.0000
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
Banks
Use group
FINANCIAL BUILDING
Status
For Lease
Heating
NONE
Stories
3
Total area
7,776 SF
Lot
0.05 ac (2,348 SF)
Zoning code
CBD
APN
24 06001-0000-00003
UPID
US59-1661958
Jurisdiction
MORRIS
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
CBD · Morristown, NJ
Zoning CBD · permitted uses
CBD · Morristown, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Morristown. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Heating
NONE
Stories
3
Lot
0.05 ac
Current owner
From public records · entity-resolved
West Park Holdings LLC
Entity
Mailing address
28 W PARK PL, MORRISTOWN, NJ 07960-4099
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 11, 2019
$1,800,000
West Park Holdings LLC
28 West Park Place LLC
Deed
$1,440,000 · Connectone Bank
Feb 4, 2013
$1,220,000
28 West Park Place LLC
Morristown Blues LLC
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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