Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    373 State Rt 23 Sussex, NJ 07461-3106

    • Commercial real estate
    • 720 SF
    • 0.92 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-1260215
    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 373 State Rt 23

    Year built
    2018
    Construction
    FRAME
    Lot size
    0.92 lot acres
    Property size
    720 SF
    Zone code
    HWCO
    Property type
    Commercial real estate
    APN
    24 00002-0000-00053
    APU
    2400002000000053

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Sussex
    County
    Sussex
    State
    New Jersey
    Longitude
    -74.5931
    Latitude
    41.1977
    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
    $9,431
    $255,800
    $72,000
    $327,800
    -
    $255,800
    $72,000
    $327,800

    Comparable in this City

    • Value Estimation by Request
      8,635 SF

      766 Rte 23

      Commercial real estate • 8,635 SF
      766 Rte 23, Sussex, NJ 07461
      View Details
    • Value Estimation by Request

      Rte 23

      COMMERCIAL (GENERAL)
      Rte 23, Sussex, NJ 07461
      View Details
    • Value Estimation by Request

      Rt 23

      COMMERCIAL (GENERAL)
      Rt 23, Sussex, NJ 07461
      View Details
    • Value Estimation
      $2,270,000
      16,989 SF

      64 County Rd 639

      COMMERCIAL (GENERAL) • 16,989 SF
      64 County Rd 639, Sussex, NJ 07461-3119
      View Details
    • Value Estimation by Request
      9.73 Acres

      00 Pond School Rte 23

      Commercial real estate • 9.73 Acres
      00 Pond School Rte 23, Sussex, NJ 07461
      View Details
    • Value Estimation by Request

      Rte 519

      COMMERCIAL (GENERAL)
      Rte 519, Sussex, NJ 07461
      View Details

    Similar Nearby for Sale

    • $550,000
      8,635 SF

      High-Visibility Route 23 Commercial Property

      Sussex, NJ: Prime Commercial Space, 8,635 sq ft
      766 Rte 23, Sussex, NJ 07461
      View Details
    • Contact for pricing
      0.05 Acres

      Downtown Sussex Commercial Space

      High-visibility retail office, great rental!
      75 Main St, Sussex, NJ 07461
      View Details
    • $899,000
      6,090 SF

      Sussex Warehouse: Prime CBD Location

      Spacious warehouse, new roof, near ShopRite.
      30-38 Mill St, Sussex, NJ 07461
      View Details
    • $500,000
      15.96 Acres

      15.96 Acres Wantage, NJ Land

      Prime Sussex County commercial land, 15.96 acres.
      17 Roy Rd, Wantage, NJ 07461-2609
      View Details
    • Contact for pricing
      1.43 Acres

      Sussex NJ Garage Space For Sale

      Spacious Single-Bay Garage, Excellent Location
      178 Rte, Sussex, NJ 07461
      View Details

    Similar Nearby for Lease

    • $1,250 /Mo
      2,178 SF

      Prime Retail Office Space Available

      Desirable downtown Sussex location with high visibility and open floorplan.
      75 Main St, Sussex, NJ 07461
      View Details
    • $1,295 /Mo
      20,473 SF

      Sussex Boro Office Space Available

      Five office suites, reception area, waiting room, highway location.
      2-4 Hamburg Ave, Sussex, NJ 07461
      View Details
    • $195 SF/Yr
      62,291 SF

      Wantage Twp. Garage For Rent

      Garage with electric for rent in Wantage Twp., NJ.
      178 Rte 628, Wantage Twp, NJ 07461
      View Details
    • $575 /Mo
      20,473 SF

      Office Space in Sussex Boro

      Two separate office suites available for rent in Sussex Boro.
      2-4 Hamburg Ave, Sussex, NJ 07461
      View Details
    • $7,000 /Mo
      872,071 SF

      20 Acres of Farmland Lease

      20 acres of farmland available for lease in Wantage Twp.
      Pond School Rd, Wantage Twp, NJ 07461
      View Details
    • Contact for pricing
      1,515 SF

      Main Street Office Space Available

      Office space for rent on Main Street in Sussex.
      70 E Main St, Sussex, NJ 07461
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    373 State Rt 23
    Sussex, NJ 07461-3106
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.