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Property profile & analytics
OFF-MARKET
Estimated value
$1,675,000
Commercial real estate
490 Morris Ave, Summit, NJ 07901-7500
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US59-2159724
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1948
Construction
BRICK
Total area
5,041 SF
Lot
0.4 ac (17,498 SF)
Zoning code
B
APN
18 00505-0000-00001
UPID
US59-2159724
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
The Wine Rack (Bike/Boat/Book/etc) Store Wine and Liquor Store
-
Schatten & Locker Law Firm
-
Eagan Clyne Associates Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.65M
CAP Approach
CAP
$1.03M
Comparable Approach
Comparable
$1.76M
Blend (final)
Blend
$1.68M
Owner & transaction history
490 Morris Group LLC · 3 yrs held
490 Morris Group LLC
since 2023
Last sale
$1.7M
3 recorded transactions
Zoning & alternative use
B · Summit, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Summit submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Summit submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,575,000
ML approach
$1,645,000
CAP Approach
CAP Return
Estimation
6%
$1,110,000
6.5%
$1,025,000
7%
$950,000
Blend value · Realmo final
$1.68M
Range $1.51M – $1.84M · ±10% · vs last sale $1.70M (Jun 21 2023)
Last sale anchor
$1.70M
Jun 21 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$332 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$21,895
Tax year 2022
Assessed value
$511,200
Assessed 2023
Previous assessed
$511,200
+0.0% YoY
Effective rate
4.28%
On assessed value
Assessed land
$240,000
Assessed improvement
$271,200
Land market value
$240,000
Improvement market value
$271,200
Total market value
$511,200
Applied tax rate
18.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
1948
Construction
BRICK
Heating
NONE
Stories
1
Total area
5,041 SF
Lot
0.4 ac (17,498 SF)
Zoning code
B
APN
18 00505-0000-00001
UPID
US59-2159724
Jurisdiction
UNION
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
B · Summit, NJ
Zoning B · permitted uses
B · Summit, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Summit. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1948
Construction
BRICK
Heating
NONE
Stories
1
Lot
0.4 ac
Current owner
From public records · entity-resolved
490 Morris Group LLC
Entity
Mailing address
490 MORRIS AVE, SUMMIT, NJ 07901-7500
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 21, 2023
$1,700,000
490 Morris Group LLC
Osm Group LLC
Deed
$3,250,000 · Republic First Bank
Apr 7, 2022
—
Osm Gorup LLC
—
Deed
related
$1,000,000 · Haven Savings Bank
Jan 6, 2022
$1,350,000
Osm Group LLC
Chans LLC
Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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