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

    490 Avon Ave Newark, NJ 07108-1115

    • Commercial real estate
    • 2,064 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $505,000
    Show details
    Cap Rate Potential
    8.8%
    Commercial real estate
    Location Intelligence
    Property ID
    US59-2759623
    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

    • I & S Grocery Inc. / Grocery & Convenience Store / Food Market
    • Rosario Deli Grocery / Grocery & Convenience Store / Food Market

    Property Details for 490 Avon Ave

    Construction
    FRAME
    Lot size
    0.06 lot acres
    Property size
    2,064 SF
    Property type
    Commercial real estate
    APN
    14 02642-0000-00001
    APU
    1402642000000001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $375,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $550,000
      6.5%
      $505,000
      7%
      $470,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $632,000
      Market price range: $224k - $700k

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

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2142
    Latitude
    40.7282
    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
    $8,354
    $10,200
    $213,400
    $223,600
    -
    $10,200
    $213,400
    $223,600

    Comparable in this City

    • Value Estimation by Request
      0.07 Acres

      39 Elizabeth Ave

      COMMERCIAL (GENERAL) • 0.07 Acres
      39 Elizabeth Ave, Newark, NJ 07108
      View Details
    • Value Estimation by Request

      747 Bergen St, Unit 773

      COMMERCIAL (GENERAL)
      747 Bergen St, Newark, NJ 07108-1801
      View Details
    • Value Estimation by Request
      0.06 Acres

      489 Avon Ave

      COMMERCIAL (GENERAL) • 0.06 Acres
      489 Avon Ave, Newark, NJ 07108-1104
      View Details
    • Value Estimation by Request
      0.08 Acres

      669-671 Bergen St, Unit 671

      COMMERCIAL (GENERAL) • 0.08 Acres
      669-671 Bergen St, Newark, NJ 07108-1821
      View Details
    • Value Estimation by Request
      0.13 Acres

      146-148 Hedden Ter, Unit 148

      COMMERCIAL (GENERAL) • 0.13 Acres
      146-148 Hedden Ter, Newark, NJ 07108-1763
      View Details
    • Value Estimation by Request
      0.12 Acres

      51 Homestead Park

      COMMERCIAL (GENERAL) • 0.12 Acres
      51 Homestead Park, Newark, NJ 07108
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Newark Multifamily Property for Sale

      Multifamily property in Newark, NJ, available for purchase.
      7 White Ter, Newark, NJ 07108
      View Details
    • $879,999

      Spacious Three-Family Residence in Newark

      Three-family residence near transit, highways, parks, retail, and schools.
      896 S 16Th St, Newark, NJ 07108
      View Details
    • $499,000

      Large Multi-Story Two Family House

      Two-family house with 12 bedrooms, ideal for restoration.
      44-46 Farley Ave, Newark, NJ 07108
      View Details
    • $399,000
      Pending

      Newark City Multi-Family Investment

      Three-story multi-family property in Newark City, great investment opportunity.
      783 S 13Th St, Newark, NJ 07108
      View Details
    • New
      $650,000
      0.07 Acres

      Spacious Newark City Multi-Family Home

      Well-maintained 3-family home with income potential near transportation.
      42 Seymour Ave, Newark, NJ 07108
      View Details
    • $759,000
      0.06 Acres

      Renovated Two-Family Home in Newark

      Newly constructed, renovated two-family home with modern finishes in Newark.
      884 S 17Th St, Newark, NJ 07108
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      14,540 SF

      Prime Newark Medical Office Space

      13,000 SF Available, Updated Systems
      188 Clinton Ave, Newark, NJ 07108
      View Details
    • $3,000 /Mo

      Renovated Apartment with Utilities Included

      Updated 3-bedroom, 2-bath apartment with all utilities included.
      813 S 12Th St, Newark, NJ 07108
      View Details
    • $2,250 /Mo

      Updated Three-Bedroom Apartment in Newark

      Recently updated three-bedroom apartment with modern amenities and convenient location.
      816 S 19Th St, Newark, NJ 07108
      View Details
    • Contact for pricing

      Spacious 3-Bedroom Apartment For Rent

      Bright 3-bedroom apartment with modern fixtures in prime location.
      182 Seymour Ave, Newark, NJ 07108
      View Details
    • Contact for pricing

      Spacious Three-Bedroom Apartment for Rent

      Well-maintained 3-bedroom apartment with in-unit laundry hookup.
      63 Kent St, Newark, NJ 07108
      View Details
    • $3,000 /Mo

      Spacious 4-Bedroom Apartment in Newark

      Cozy 4-bedroom, 1-bathroom apartment in a quiet Newark neighborhood.
      171 Seymour Ave, Newark, NJ 07108
      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.
    490 Avon Ave
    Newark, NJ 07108-1115
    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.