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

    45 Park St Montclair, NJ 07042-3439

    • Commercial real estate
    • 2,864 SF
    • 0.13 lot acres
    OFF-MARKET
    Last Sale
    Apr 24, 2024
    $1,050,000
    Value Estimations
    $870,000
    Show details
    Cap Rate Potential
    8.1%
    Commercial real estate
    Location Intelligence
    Property ID
    US59-1533737
    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

    • Mido Advertising Group / Advertising Agency / Appliances Customer Service
    • Dr. Avianne Waithe / Chiropractor

    Property Details for 45 Park St

    Year built
    1892
    Construction
    FRAME
    Lot size
    0.13 lot acres
    Property size
    2,864 SF
    Zone code
    OR3
    Property type
    Commercial real estate
    APN
    13 02309-0000-00001
    APU
    1302309000000001

    Description

    The Siena, located at 45 Park Street in Montclair, New Jersey (zip code 07042), presents a unique mixed-use retail investment opportunity in Essex County. This property boasts a total of 35,947 square feet, currently featuring two suites. A significant portion of the building, totaling 20,755 square feet, is currently vacant and available for lease. The minimum leasable space is 2,686 square feet, while the maximum contiguous space available is 18,069 square feet, offering flexibility for various business needs. The property is conveniently situated and benefits from on-site parking in a dedicated parking deck. This prime location in Montclair offers excellent visibility and accessibility for businesses seeking a vibrant and thriving market. The property's mixed-use zoning allows for a diverse range of retail concepts. Interested parties are encouraged to inquire about lease terms and availability for this exceptional retail space. The property is classified as retail with a mixed-use subtype and multiple tenancy. The address is easily accessible via major roadways and offers convenient access to public transportation. This presents a rare opportunity to establish a presence in a highly desirable Montclair location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $660,000
      6.5%
      $610,000
      7%
      $565,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $606,000
      Market price range: $224k - $644k

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

    Location Insight

    • Map
    • Local Demand
    City
    Montclair
    County
    Essex
    State
    New Jersey
    Longitude
    -74.217
    Latitude
    40.8168
    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
    $25,101
    $265,800
    $497,600
    $763,400
    -
    $265,800
    $497,600
    $763,400

    Comparable in this City

    • Value Estimation
      $635,000
      0.81 Acres

      36 Vly Rd

      COMMERCIAL (GENERAL) • 0.81 Acres
      36 Vly Rd, Montclair, NJ 07042-2873
      View Details
    • Value Estimation by Request
      0.07 Acres

      Willow St

      COMMERCIAL (GENERAL) • 0.07 Acres
      Willow St, Montclair, NJ 07042
      View Details
    • Value Estimation
      $3,360,000
      17,747 SF

      105 Grv St

      COMMERCIAL (GENERAL) • 17,747 SF
      105 Grv St, Montclair, NJ 07042-4051
      View Details
    • Value Estimation
      $2,380,000
      15,890 SF

      26 Park St

      COMMERCIAL (GENERAL) • 15,890 SF
      26 Park St, Montclair, NJ 07042-3434
      View Details
    • Value Estimation
      $2,570,000
      10,895 SF

      56 Park St

      COMMERCIAL (GENERAL) • 10,895 SF
      56 Park St, Montclair, NJ 07042-2904
      View Details
    • Value Estimation
      $1,065,000
      5,248 SF

      145th Vly Rdb

      COMMERCIAL (GENERAL) • 5,248 SF
      145th Vly Rdb, Montclair, NJ 07042-2332
      View Details

    Similar Nearby for Sale

    • $1,600,000
      4,945 SF

      Montclair Multifamily Investment Opportunity

      Prime Montclair location, 5-unit property, huge potential.
      163 Park St, Montclair, NJ 07042
      View Details
    • Contact for pricing

      Montclair Office Space: Bloomfield Ave

      Bright, updated 4-room office suite.
      557 Bloomfield Ave, Montclair, NJ 07042
      View Details
    • Contact for pricing
      1.30 Acres

      Montclair Office Space: Downtown Gem

      Prime Montclair office, all utilities included.
      46 Park St, Montclair, NJ 07042
      View Details
    • $1,099,000

      Land For Sale Montclair

      Land available for sale in Montclair, New Jersey.
      99 Valley Rd, Montclair, NJ 07042
      View Details
    • $1,200,000

      Montclair Four-Unit Multifamily Property

      Four-unit property in Downtown Montclair near shopping and transportation.
      20 Monroe Pl, Montclair, NJ 07042
      View Details
    • $569,000

      Updated Corner Unit in Montclair

      Modern 2-bedroom condo with NYC views and parking.
      5 Roosevelt Pl, Montclair, NJ 07042
      View Details

    Similar Nearby for Lease

    • $4,250 /Mo

      Montclair Office Space For Rent

      Office space with private offices, waiting area, and parking.
      92 Church St, Montclair, NJ 07042
      View Details
    • $3,850 /Mo

      Renovated Apartment Near Walnut Street

      Renovated 2-bedroom apartment near Montclair's Walnut Street hub.
      74 Forest St, Montclair, NJ 07042
      View Details
    • Contact for pricing
      4,785 SF

      Retail Space on Valley Road

      Retail space available for lease or sale in Montclair, NJ.
      629 Valley Rd, Montclair, NJ 07042
      View Details
    • Contact for pricing
      8,000 SF

      Montclair Retail Space For Rent

      8,000 SF retail building in downtown Montclair.
      653-679 Bloomfield Ave, Montclair, NJ 07042
      View Details
    • $4,400 /Mo

      Spacious Montclair Apartment with Amenities

      Bright, airy 2-bedroom apartment near train, shops, and market.
      141 Walnut St, Montclair, NJ 07042
      View Details
    • Contact for pricing
      4,545 SF

      Retail Space on Church Street

      Retail space available for lease with 4,545 square feet.
      34 Church St, Montclair, NJ 07042
      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.
    45 Park St
    Montclair, NJ 07042-3439
    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.