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Property profile & analytics
OFF-MARKET
Estimated value
$1,425,000
Office buildings
32 Brower Ln Hillsborough, NJ 08844-1270
Individually Owned
6-yr Hold
Free & Clear
Property ID
US59-3032799
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1850
Construction
FRAME
Total area
5,284 SF
Lot
6.41 ac (279,263 SF)
Zoning code
GC
APN
10 00199-0000-00034- 01
UPID
US59-3032799
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
by Request
CAP Approach
CAP
$1.33M
Comparable Approach
Comparable
$1.60M
Blend (final)
Blend
$1.43M
Owner & transaction history
Cornelius I Van Cleef III · 6 yrs held
Cornelius I Van Cleef III
since 2019
5 recorded transactions
Zoning & alternative use
GC · Hillsborough, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$1.8M
+63.2%
Commercial (general)
$1.5M
+33.0%
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 Hillsborough submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hillsborough 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
by Request
CAP Approach
CAP Return
Estimation
6%
$1,435,000
6.5%
$1,325,000
7%
$1,230,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,090,000
Current use
INDUSTRIAL (GENERAL)
$1,780,000
Change: +63% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,450,000
Change: +33% · Conversion: Easy
Blend value · Realmo final
$1.43M
Range $1.28M – $1.57M · ±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
$270 / 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
$52,953
Tax year 2022
Assessed value
$2,371,400
Assessed 2023
Previous assessed
$2,371,400
+0.0% YoY
Effective rate
2.23%
On assessed value
Assessed land
$1,298,000
Assessed improvement
$1,073,400
Land market value
$1,298,000
Improvement market value
$1,073,400
Total market value
$2,371,400
Applied tax rate
10.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1850
Construction
FRAME
Heating
NONE
Stories
2
Units
1
Rooms
11
Total area
5,284 SF
Lot
6.41 ac (279,263 SF)
Zoning code
GC
APN
10 00199-0000-00034- 01
UPID
US59-3032799
Jurisdiction
SOMERSET
Metro division
EDISON, NJ METROPOLITAN DIVISION
Zoning & alternative use
GC · Hillsborough, NJ
Zoning GC · permitted uses
GC · Hillsborough, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Hillsborough. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.1M
INDUSTRIAL (GENERAL)
Est. value
$1.8M
COMMERCIAL (GENERAL)
Est. value
$1.5M
OFFICE BUILDING Current
INDUSTRIAL (GENERAL)
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
1850
Construction
FRAME
Heating
NONE
Stories
2
Units
1
Rooms
11
Lot
6.41 ac
Current owner
From public records · entity-resolved
Cornelius I Van Cleef III
Individual
Free & Clear · 6 yrs held
Mailing address
32 BROWER LN, HILLSBOROUGH, NJ 08844-1270
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
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 14, 2019
—
Cornelius I Van Cleef III
Neil Van Cleef
Correction Deed
related
—
Mar 17, 1998
$369,500
Smv Associates
Guarino,john
Grant Deed
—
Nov 26, 1997
$200,000
Neil Van Cleef
Summit Bank
Grant Deed
—
—
—
Neil I Vancleef
—
Deed Of Trust
related
$100,000 · Skylands Community Bank
—
—
Country Classics INC
—
Deed Of Trust
related
$371,118 · Skylands Community Bank
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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