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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    47 Raritan Ave Highland Park, NJ 08904-2440

    • Office buildings
    • 8,488 SF
    • 0.39 lot acres
    OFF-MARKET
    Last Sale
    Sep 02, 2022
    $2,600,000
    Value Estimations
    $2,625,000
    Show details
    Cap Rate Potential
    5%
    Office buildings
    Location Intelligence
    Property ID
    US59-2126751
    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

    • Office buildings

    Property Details for 47 Raritan Ave

    Year built
    1999
    Construction
    FRAME
    Lot size
    0.39 lot acres
    Property size
    8,488 SF
    Property type
    Office buildings
    APN
    07 01704-0000-00054
    APU
    701704000000054

    Description

    This exceptional commercial property, located at 47 Raritan Avenue, presents a unique opportunity for a single tenant seeking a highly efficient and conveniently located executive office space. The property is classified as both retail and office, offering versatility for a variety of business needs. The total square footage of the building is one square foot, making it ideal for a small, focused operation or a satellite office. The space is currently vacant and ready for immediate occupancy. Given its single-tenant configuration, the property offers complete privacy and control over the environment. The address, 47 Raritan Avenue, provides excellent visibility and accessibility, contributing to a strong business presence. This listing represents a rare chance to secure a highly desirable, compact, and strategically positioned executive office space in a prime location. The property's classification as both retail and office suggests potential flexibility in its usage, subject to local zoning regulations. Interested parties are encouraged to conduct their own due diligence regarding permitted uses. The compact size of the property makes it an economical choice for businesses with minimal space requirements. The "For Lease" status indicates immediate availability. Further details regarding lease terms and conditions are available upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,745,000
      ML approach
      $2,730,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,310,000
      6.5%
      $2,130,000
      7%
      $1,980,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,012,000
      Market price range: $1.65M - $3.01M
      AI Estimate
      $2,447,000
      Market price range: $1.21M - $2.45M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,320,000
      Current use
      COMMERCIAL (GENERAL)
      $2,380,000
      Change: +3% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $2,090,000
      Change: -10% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,890,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Highland Park
    County
    Middlesex
    State
    New Jersey
    Longitude
    -74.4346
    Latitude
    40.4983
    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
    $41,472
    $800,000
    $1,600,000
    $2,400,000
    -
    $800,000
    $1,600,000
    $2,400,000

    Comparable in this City

    • Value Estimation by Request
      0.23 Acres

      168 Woodbridge Ave

      OFFICE BUILDING • 0.23 Acres
      168 Woodbridge Ave, Highland Park, NJ 08904-3556
      View Details
    • Value Estimation by Request
      1,647 SF

      304 Raritan Ave

      OFFICE BUILDING • 1,647 SF
      304 Raritan Ave, Highland Park, NJ 08904-2763
      View Details
    • Value Estimation by Request
      0.09 Acres

      307 Raritan Ave

      OFFICE BUILDING • 0.09 Acres
      307 Raritan Ave, Highland Park, NJ 08904-2757
      View Details
    • Value Estimation by Request
      0.17 Acres

      73 Woodbridge Ave

      OFFICE BUILDING • 0.17 Acres
      73 Woodbridge Ave, Highland Park, NJ 08904-3242
      View Details
    • Value Estimation
      $3,030,000
      11,838 SF

      24 3rd Ave

      OFFICE BUILDING • 11,838 SF
      24 3rd Ave, Highland Park, NJ 08904-2429
      View Details
    • Value Estimation by Request
      0.42 Acres

      318 Cleveland Ave

      OFFICE BUILDING • 0.42 Acres
      318 Cleveland Ave, Highland Park, NJ 08904-1845
      View Details

    Similar Nearby for Sale

    • $1,400,000
      6,454 SF

      Highland Park Commercial Office Building

      Commercial office building suitable for medical, professional, or administrative use.
      1001 Raritan Ave, Highland Park, NJ 08904
      View Details
    • Contact for pricing
      3,000 SF

      Highland Park Office Building

      Office building in premier location, suitable for professional business.
      24 N 3Rd Ave, Highland Park, NJ 08904
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    • Contact for pricing
      0.29 Acres

      Highland Park Commercial Office Space

      Prime commercial office space suitable for medical or professional use.
      1001 Raritan Ave, Highland Park, NJ 08904
      View Details
    • $2,450,000
      12,000 SF

      Highland Park Mixed-Use Investment

      Mixed-use property with office, retail, and coffee shop tenants.
      300 Raritan Ave, Highland Park, NJ 08904
      View Details
    • Contact for pricing
      2,000 SF

      Highland Park Retail/Office Space

      Corner location suitable for retail or office use.
      822 Raritan Ave, Highland Park, NJ 08904
      View Details
    • Contact for pricing
      1,500 SF

      Highland Park Commercial Space Available

      Commercial space in Highland Park business area, new floor, kitchen.
      223 Raritan Ave, Highland Park, NJ 08904
      View Details

    Similar Nearby for Lease

    • $31 SF/Yr
      1,222 SF

      Highland Park Executive Office Suites

      NJ Office Space: 134-408 sq ft available
      320 Raritan Ave, Highland Park, NJ 08904
      View Details
    • $20 SF/Yr
      635 SF

      Highland Park Office Space Available

      Office space for rent in Highland Park, New Jersey.
      317 Cleveland Ave, Highland Park, NJ 08904
      View Details
    • Contact for pricing
      9,000 SF

      Highland Park Retail Space For Lease

      Prime Retail Strip Center, 1,773 SF Available
      55 Raritan Ave, Highland Park, NJ 08904
      View Details
    • $2,500 /Mo

      Highland Park Multifamily Rental

      Multifamily property available for rent in Highland Park.
      319 Felton Ave, Highland Park, NJ 08904
      View Details
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    47 Raritan Ave
    Highland Park, NJ 08904-2440
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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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