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Property profile & analytics
OFF-MARKET
Estimated value
$2,730,000
Commercial real estate
353 Springfield Ave, Summit, NJ 07901-4603
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US59-1359696
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1920
Construction
BRICK
Total area
8,430 SF
Lot
0.11 ac (5,001 SF)
Zoning code
CRBD
APN
18 02604-0000-00003
UPID
US59-1359696
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
-
Summit Ski & Sport (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.68M
CAP Approach
CAP
$1.71M
Comparable Approach
Comparable
$2.64M
Blend (final)
Blend
$2.73M
Owner & transaction history
353 Springfield Redev LLC · 2 yrs held
353 Springfield Redev LLC
since 2023
Last sale
$2.9M
4 recorded transactions
Zoning & alternative use
CRBD · Summit, 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 Summit submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Summit 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
$2,640,000
ML approach
$2,680,000
CAP Approach
CAP Return
Estimation
6%
$1,855,000
6.5%
$1,710,000
7%
$1,590,000
Blend value · Realmo final
$2.73M
Range $2.46M – $3.00M · ±10% · vs last sale $2.85M (Dec 22 2023)
Last sale anchor
$2.85M
Dec 22 2023
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
$324 / 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
$26,194
Tax year 2022
Assessed value
$586,000
Assessed 2023
Previous assessed
$586,000
+0.0% YoY
Effective rate
4.47%
On assessed value
Assessed land
$176,000
Assessed improvement
$410,000
Land market value
$176,000
Improvement market value
$410,000
Total market value
$586,000
Applied tax rate
18.0000
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
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
1920
Construction
BRICK
Heating
NONE
Stories
2
Units
2
Total area
8,430 SF
Lot
0.11 ac (5,001 SF)
Zoning code
CRBD
APN
18 02604-0000-00003
UPID
US59-1359696
Jurisdiction
UNION
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
CRBD · Summit, NJ
Zoning CRBD · permitted uses
CRBD · Summit, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Summit. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1920
Construction
BRICK
Heating
NONE
Stories
2
Units
2
Lot
0.11 ac
Current owner
From public records · entity-resolved
353 Springfield Redev LLC
Entity
Mailing address
159 2ND ST, SOMERSET, NJ 08873-1323
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 22, 2023
$2,850,000
353 Springfield Redev LLC
351 Springfield Avenue LLC
Deed
$2,137,500 · M & T Bank
Apr 23, 2020
—
351 Springfield Avenue LLC
Anthony Scotti
Grant Deed
—
Apr 14, 2020
—
Anthony Scotti
Article V Trust
Grant Deed
related
—
May 31, 2002
—
Elsie M Scotti
Scotti,anthony M & Elsie M
Quit Claim Deed
related
—
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.
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