Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$870,000
Turn key restaurants
283-285 Glenwood Ave 285 Bloomfield, NJ 07003-2412
Individually Owned
13-yr Hold
Free & Clear
Property ID
US59-1788707
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1900
Total area
4,742 SF
Lot
0.24 ac (10,267 SF)
Zoning code
BCR2
APN
02 00153-0000-00005
UPID
US59-1788707
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
$640k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.10M
Blend (final)
Blend
$870k
Owner & transaction history
Robert Scherer · 13 yrs held
Robert Scherer
since 2012
3 recorded transactions
Zoning & alternative use
BCR2 · Bloomfield, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$980,000
+15.9%
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 Bloomfield submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Bloomfield 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
$640,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$845,000
Current use
AUTO REPAIR, GARAGE
$980,000
Change: +16% · Conversion: Difficult
OFFICE BUILDING
$830,000
Change: -1% · Conversion: Moderate
COMMERCIAL (GENERAL)
$685,000
Change: -19% · Conversion: Easy
Blend value · Realmo final
$870k
Range $783k – $957k · ±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
$183 / 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
$53,357
Tax year 2022
Assessed value
$1,573,500
Assessed 2023
Previous assessed
$1,573,500
+0.0% YoY
Effective rate
3.39%
On assessed value
Assessed land
$359,400
Assessed improvement
$1,214,100
Land market value
$359,400
Improvement market value
$1,214,100
Total market value
$1,573,500
Applied tax rate
2.0000
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
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1900
Heating
NONE
Units
1
Total area
4,742 SF
Lot
0.24 ac (10,267 SF)
Zoning code
BCR2
APN
02 00153-0000-00005
UPID
US59-1788707
Jurisdiction
ESSEX
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
BCR2 · Bloomfield, NJ
Zoning BCR2 · permitted uses
BCR2 · Bloomfield, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Bloomfield. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$845,000
AUTO REPAIR, GARAGE
Est. value
$980,000
OFFICE BUILDING
Est. value
$830,000
COMMERCIAL (GENERAL)
Est. value
$685,000
RESTAURANT Current
AUTO REPAIR, GARAGE
OFFICE BUILDING
COMMERCIAL (GENERAL)
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
1900
Heating
NONE
Units
1
Lot
0.24 ac
Current owner
From public records · entity-resolved
Robert Scherer
Individual
Free & Clear · 13 yrs held
Mailing address
285 GLENWOOD AVE, BLOOMFIELD, NJ 07003-2412
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 11, 2012
—
Robert Scherer
Scherer Sanford
Quit Claim Deed
related
—
—
—
285 Glenwood Avenue Assocs LLC
—
Deed Of Trust
related
$300,000 · Provident Bk/cincinnati
—
—
Robert W Carroll
—
Deed Of Trust
related
$302,000 · Nj Lenders
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?”
You own 283-285 Glenwood Ave, Unit 285?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
