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    372 Park Ave East Orange, NJ 07017-3721
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    Property profile & analytics

    372 Park Ave, East Orange, NJ 07017-3721

    View on Map
    • Residential income homes
    • 25,239 SF
    • 0.19 lot acres
    Off-Market
    Property ID
    US59-3103290
    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
    $3,875,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • DailyHeatChecc / Film Production / Television Studio

    Property Details for 372 Park Ave

    Year built
    1918
    Construction
    WOOD
    Lot size
    0.19 lot acres
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    05 00350-0000-00031
    APU
    500350000000031

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 12, 2016 $1,575,000 372 Park Avenue East Orange LLC Jmj 372 Park Ave LLC Deed $1.2M · Northfield Bank
    Nov 3, 2014 $1,390,000 Jmj 372 Park Ave LLC 372 Park Avenue Eo LLC Dual Purpose Document · related $1M · Northfield Bk
    Jan 15, 2010 — 372 Park Avenue Eo LLC Klein,steven & Chava Quit Claim Deed $834k · Spencer Savings Bank Sla
    Jun 24, 2009 $1,000,000 Steven Klein 372 Park Avenue LLC Grant Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $5,700,000

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

    Location Insight

    • Map
    • Local Demand
    City
    East Orange
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2076
    Latitude
    40.7683
    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
    $64,458
    $546,000
    $1,672,100
    $2,218,100
    -
    $546,000
    $1,672,100
    $2,218,100

    Comparable in this City

    • Value Estimation
      $4,665,000
      28,360 SF

      50 Munn Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      50 Munn Ave, East Orange, NJ 07017-4131
      View Details
    • Value Estimation
      $8,495,000
      43,560 SF

      107 New St

      APARTMENT HOUSE (UNDER 5 UNITS)
      107 New St, East Orange, NJ 07017-4164
      View Details
    • Value Estimation
      $2,335,000
      9,718 SF

      10 Ellington St, Unit 46A

      APARTMENT HOUSE (UNDER 5 UNITS)
      10 Ellington St, East Orange, NJ 07017-5534
      View Details
    • Value Estimation by Request
      405 SF

      500 Walnut St

      APARTMENT HOUSE (UNDER 5 UNITS)
      500 Walnut St, East Orange, NJ 07017-4026
      View Details
    • Value Estimation
      $7,605,000
      62,020 SF

      60 Arlington Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      60 Arlington Ave, East Orange, NJ 07017-4159
      View Details
    • Value Estimation
      $9,575,000
      70,962 SF

      174 Grv St

      APARTMENT HOUSE (UNDER 5 UNITS)
      174 Grv St, East Orange, NJ 07017-4436
      View Details

    Similar Nearby for Sale

    • $675,000

      Renovated Mixed-Use Building For Sale

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      View Details
    • $5,174,000

      East Orange Multifamily Investment Opportunity

      41-unit apartment building in East Orange, near transit.
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    • Contact for pricing
      1,239 SF

      Mixed-Use Building in East Orange

      Mixed-use property with retail spaces and residential unit for sale.
      97 4Th Ave, East Orange, NJ 07017
      View Details
    • $4,299,000
      Pending

      East Orange Multifamily Investment Opportunity

      Well-maintained 26-unit building near transportation and redevelopment.
      481 William St, East Orange, NJ 07017
      View Details

    Similar Nearby for Lease

    • $3,200 /Mo

      New Construction Three-Bedroom Apartment

      New construction 3-bedroom, 2-bath apartment in East Orange.
      139 N 15Th St, East Orange, NJ 07017
      View Details
    • $1,900 /Mo

      Updated Apartment with Enclosed Porch

      Bright, updated 2-bedroom apartment with enclosed porch near transportation.
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      View Details
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    372 Park Ave
    East Orange, NJ 07017-3721
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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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