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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    320 Raritan Ave Highland Park, NJ 08904

    • Commercial real estate
    • 0.31 lot acres
    For Lease
    View listing
    $31 SF/Yr
    Last Sale
    Jan 19, 2023
    $3,000,000
    Value Estimations
    $3,225,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-1260599
    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.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 320 Raritan Ave

    Year built
    1962
    Construction
    BRICK
    Lot size
    0.31 lot acres
    Property type
    Commercial real estate
    APN
    07 03001-0000-00024
    APU
    703001000000024

    Description

    This exceptional executive office space in Highland Park, New Jersey, offers a total of 1,222 square feet currently available for lease. Located at 320 Raritan Ave, zip code 08904, in Middlesex County, this property is ideal for businesses seeking flexible and modern office solutions. The building features multiple tenancy options, allowing for customization to suit various needs. Individual suites range from a minimum of 134 square feet to a maximum contiguous space of 408 square feet, providing ample room for small to medium-sized businesses. The entire 1,222 square feet is currently vacant, presenting a unique opportunity for a single tenant to occupy the entire building or for multiple tenants to lease individual suites. This prime location in Highland Park offers easy access to major transportation routes, making it a convenient and attractive option for commuters. The property is classified as an office building with an executive office subtype, ensuring a professional and sophisticated work environment. Interested parties are encouraged to inquire about lease terms and availability. This is a rare opportunity to secure high-quality office space in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,450,000
      ML approach
      $3,455,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Highland Park
    County
    Middlesex
    State
    New Jersey
    Longitude
    -74.4269
    Latitude
    40.4991
    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
    $65,591
    $396,000
    $2,661,000
    $3,057,000
    -
    $396,000
    $2,661,000
    $3,057,000

    Comparable in this City

    • Value Estimation by Request
      0.11 Acres

      223 Raritan Ave

      COMMERCIAL (GENERAL) • 0.11 Acres
      223 Raritan Ave, Highland Park, NJ 08904-2447
      View Details
    • Value Estimation by Request
      0.15 Acres

      139 Raritan Ave

      COMMERCIAL (GENERAL) • 0.15 Acres
      139 Raritan Ave, Highland Park, NJ 08904-2480
      View Details
    • Value Estimation by Request
      0.02 Acres

      309 Raritan Ave

      COMMERCIAL (GENERAL) • 0.02 Acres
      309 Raritan Ave, Highland Park, NJ 08904-2701
      View Details
    • Value Estimation by Request
      0.17 Acres

      229-231 Raritan Ave, Unit 231

      COMMERCIAL (GENERAL) • 0.17 Acres
      229-231 Raritan Ave, Highland Park, NJ 08904-2403
      View Details
    • Value Estimation
      $1,500,000
      3,240 SF

      130 Woodbridge Ave

      COMMERCIAL (GENERAL) • 3,240 SF
      130 Woodbridge Ave, Highland Park, NJ 08904-3550
      View Details
    • Value Estimation by Request
      900 SF

      128 Raritan Ave

      COMMERCIAL (GENERAL) • 900 SF
      128 Raritan Ave, Highland Park, NJ 08904-2402
      View Details

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    • $31 SF/Yr
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      Highland Park Executive Office Suites

      NJ Office Space: 134-408 sq ft available
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    • $2,500 /Mo

      Highland Park Multifamily Rental

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    Highland Park, NJ 08904
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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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