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    284 Springfield Ave Berkeley Heights, NJ 07922-1240
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    284 Springfield Ave Berkeley Heights, NJ 07922-1240

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    • Commercial real estate
    • 8,470 SF
    • 1.57 lot acres
    Off-Market
    Property ID
    US59-0096360
    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
    $1,085,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Taylor Rental Center of Berkeley Heights / Party Supply Store / Rental Equipment Company
    • Penske Truck Rental / Car Rental Facility
    • Janies NJ Garage Door Repair / Building Supply / General Contractor
    • Budget Truck Rental / Car Rental Facility

    Property Details for 284 Springfield Ave

    Year built
    1950
    Construction
    CONCRETE BLOCKS
    Lot size
    1.57 lot acres
    Property size
    8,470 SF
    Zone code
    HB-2
    Property type
    Commercial real estate
    APN
    01 00801-0000-00026
    APU
    100801000000026

    Description

    This exceptional 8,500 square foot freestanding retail building is located at 284 Springfield Avenue in the heart of downtown Berkeley Heights, Union County, New Jersey (zip code 07922). Currently configured as a party store with equipment sales and rental, including a dedicated service and repair area, this property offers significant versatility and potential for a wide range of businesses. The building features ample outside equipment and truck parking, with potential for expansion. The existing layout is well-suited for various uses, including but not limited to: garden centers, plumbing or electrical supply businesses, general contracting firms, medical or professional service providers, or even a childcare facility. Its central downtown location provides excellent visibility and accessibility, making it an ideal opportunity for a business seeking a high-traffic area with strong community presence. The single-tenant occupancy allows for complete control and customization of the space. This property presents a unique blend of existing infrastructure and adaptable space, making it a compelling investment opportunity in a thriving New Jersey community. The property's size and location make it a highly desirable asset for a variety of commercial ventures. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,298,000
      Market price range: $1.30M - $3.13M
      AI Estimate
      $802,000
      Market price range: $649k - $1.98M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,725,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Berkeley Heights
    County
    Union
    State
    New Jersey
    Longitude
    -74.4343
    Latitude
    40.6884
    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
    $29,456
    $442,800
    $258,700
    $701,500
    -
    $442,800
    $258,700
    $701,500

    Comparable in this City

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      1 Diamond Hl Rd

      COMMERCIAL (GENERAL) • 140,732 SF
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    • Value Estimation
      $2,300,000
      12,240 SF

      369 Springfield Ave

      COMMERCIAL (GENERAL) • 12,240 SF
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    • Value Estimation
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      230 Sherman Ave

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    Similar Nearby for Lease

    • $22 SF/Yr

      Downtown Berkeley Heights Retail Space

      Retail units available in downtown Berkeley Heights with ample parking.
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      13,500 SF

      Berkeley Heights Retail Space Available

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      Renovated Office Spaces Available

      Newly renovated office spaces with included amenities for rent.
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      3,302 SF furnished medical office for rent.
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      First-floor office suite with powder room in excellent location.
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    284 Springfield Ave
    Berkeley Heights, NJ 07922-1240
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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.

    More about this property
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