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    Property profile & analytics

    468 Morris Ave Springfield, NJ 07081-1130

    • Office buildings
    • 3,528 SF
    • 0.24 lot acres
    OFF-MARKET
    Value Estimations
    $930,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-3014892
    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

    • Echo Associates / Advertising Agency / Marketing & Advertising

    Property Details for 468 Morris Ave

    Year built
    1965
    Lot size
    0.24 lot acres
    Property size
    3,528 SF
    Property type
    Office buildings
    APN
    17 00108-0000-00006
    APU
    1700108000000006

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $960,000
      6.5%
      $885,000
      7%
      $825,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,033,000
      Market price range: $526k - $1.03M
      AI Estimate
      $869,000
      Market price range: $271k - $870k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $720,000
      Current use
      COMMERCIAL (GENERAL)
      $920,000
      Change: +28% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Union
    State
    New Jersey
    Longitude
    -74.3201
    Latitude
    40.7152
    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
    $14,091
    $317,500
    $317,500
    $635,000
    -
    $317,500
    $317,500
    $635,000

    Comparable in this City

    • Value Estimation
      $1,865,000
      11,270 SF

      30 Hillside Ave

      OFFICE BUILDING • 11,270 SF
      30 Hillside Ave, Springfield, NJ 07081-3000
      View Details
    • Value Estimation
      $755,000
      2,856 SF

      374 Morris Ave

      OFFICE BUILDING • 2,856 SF
      374 Morris Ave, Springfield, NJ 07081-1106
      View Details
    • Value Estimation
      $695,000
      2,604 SF

      492 Mtn Ave

      OFFICE BUILDING • 2,604 SF
      492 Mtn Ave, Springfield, NJ 07081-2517
      View Details
    • Value Estimation
      $3,720,000
      14,112 SF

      105 Morris Ave

      OFFICE BUILDING • 14,112 SF
      105 Morris Ave, Springfield, NJ 07081-1327
      View Details
    • Value Estimation
      $745,000
      4.40 Acres

      190 Riverside Dr

      OFFICE BUILDING • 4.40 Acres
      190 Riverside Dr, Springfield, NJ 07081-1914
      View Details
    • Value Estimation by Request
      3,000 SF

      175 Morris Ave

      Medical offices • 3,000 SF
      175 Morris Ave, Springfield, NJ 07081
      View Details

    Similar Nearby for Sale

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      3,000 SF

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      Residential income property available for purchase.
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      Turnkey Gas Station & Store

      Fully operating gas station, convenience store, and three-bay garage.
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    • $475,000

      Commercial Building in Business District

      Free-standing building in a commercial district, close to Morris Avenue.
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      1,848 SF

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    Similar Nearby for Lease

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      2,911 SF

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      5,321 SF

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      Office building with parking and convenient access to public transit.
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      4,152 SF

      Class A Office Space Available

      Class A office space for lease in Union County, NJ.
      899 Mountain Ave, Springfield, NJ 07081
      View Details
    • $2,500 /Mo
      11,000 SF

      Renovated Office Suite For Rent

      Move-in ready, furnished or unfurnished office suite with utilities included.
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      View Details
    • Contact for pricing
      3,000 SF

      Springfield NJ Medical Office Space

      Prime Medical Office, 3,000 SF Available
      175 Morris Ave, Springfield, NJ 07081
      View Details
    • Contact for pricing
      2,581 SF

      Renovated Springfield Commercial Space Available

      Newly renovated commercial space with drive-thru access in Springfield, NJ.
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      View Details
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    468 Morris Ave
    Springfield, NJ 07081-1130
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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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