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Property profile & analytics
OFF-MARKET
Estimated value
$1,275,000
Commercial real estate
355 Springfield Ave, Summit, NJ 07901-4615
Entity Owned
1-yr Hold
Free & Clear
Property ID
US59-1440998
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1900
Construction
BRICK
Total area
3,184 SF
Lot
0.07 ac (3,123 SF)
Zoning code
CRBD
APN
18 02604-0000-00004
UPID
US59-1440998
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
-
Fleet Feet Summit Clothing & Fashion Store (Bike/Boat/Book/etc) Store
-
MRY Associates Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.28M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$997k
Blend (final)
Blend
$1.28M
Owner & transaction history
Ap Summit Collection LLC · 1 yrs held
Ap Summit Collection LLC
since 2024
Last sale
$1.3M
7 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
$1,275,000
ML approach
$1,275,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.28M
Range $1.15M – $1.40M · ±10% · vs last sale $1.28M (Oct 28 2024)
Last sale anchor
$1.28M
Oct 28 2024
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
$400 / 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
$10,075
Tax year 2022
Assessed value
$225,400
Assessed 2023
Previous assessed
$225,400
+0.0% YoY
Effective rate
4.47%
On assessed value
Assessed land
$110,000
Assessed improvement
$115,400
Land market value
$110,000
Improvement market value
$115,400
Total market value
$225,400
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
1900
Construction
BRICK
Heating
NONE
Stories
2
Units
1
Total area
3,184 SF
Lot
0.07 ac (3,123 SF)
Zoning code
CRBD
APN
18 02604-0000-00004
UPID
US59-1440998
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
1900
Construction
BRICK
Heating
NONE
Stories
2
Units
1
Lot
0.07 ac
Current owner
From public records · entity-resolved
Ap Summit Collection LLC
Entity
Free & Clear · 1 yrs held
Mailing address
53 MAPLE AVE, MORRISTOWN, NJ 07960-5219
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 30, 2025
—
Ap Summit Collection LLC
—
Deed
related
$245,000,000 · Truist Bank
Oct 28, 2024
$1,275,000
Ap Summit Collection LLC
355 Springfield Owner LLC
Deed
—
Oct 11, 2019
—
355 Springfield Owner LLC
—
Deed
related
$10,089,500 · Lakeland Bk
Jul 20, 2016
—
355 Springfield Owner LLC
—
Deed
related
$10,089,500 · Lakeland Bank
Jan 29, 2014
$1,230,999
355 Springfield Owner LLC
355 Springfield Avenue LLC
Deed
—
Apr 11, 2011
$999,000
355 Springfield Avenue LLC
Efstratiou,serafim & Olga
Grant Deed
$700,000 · Somerset Hills Bank
—
—
Olga M Efstratiou
—
Deed Of Trust
related
$66,000 · Slm Financial Corp
—
—
355 Springfield Owner LLC
—
Deed Of Trust
related
$10,089,500 · Lakeland Bk
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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