Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    502 Bloomfield Ave Verona, NJ 07044

    • Commercial real estate
    • 1,208 SF
    • 0.03 lot acres
    OFF-MARKET
    Value Estimations
    $380,000
    Show details
    Cap Rate Potential
    4.4%
    Commercial real estate
    Location Intelligence
    Property ID
    US59-0915663
    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

    • Commercial real estate

    Property Details for 502 Bloomfield Ave

    Year built
    1920
    Lot size
    0.03 lot acres
    Property size
    1,208 SF
    Property type
    Commercial real estate
    APN
    20 01703-0000-00050
    APU
    2001703000000050

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $380,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $270,000
      6.5%
      $250,000
      7%
      $235,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $546,000
      Market price range: $269k - $546k
      AI Estimate
      $284,000
      Market price range: $113k - $284k

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

    Location Insight

    • Map
    • Local Demand
    City
    Verona
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2435
    Latitude
    40.831
    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
    2023
    $11,152
    $149,300
    $214,900
    $364,200
    -
    $149,300
    $214,900
    $364,200

    Comparable in this City

    • Value Estimation
      $840,000
      17,430 SF

      342 Claremont Ave

      COMMERCIAL (GENERAL) • 17,430 SF
      342 Claremont Ave, Verona, NJ 07044-2140
      View Details
    • Value Estimation
      $530,000
      6,884 SF

      641 Bloomfield Ave

      COMMERCIAL (GENERAL) • 6,884 SF
      641 Bloomfield Ave, Verona, NJ 07044
      View Details
    • Value Estimation by Request
      6,098 SF

      640 Bloomfield Ave

      COMMERCIAL (GENERAL) • 6,098 SF
      640 Bloomfield Ave, Verona, NJ 07044-1804
      View Details
    • Value Estimation
      $495,000
      5,886 SF

      630 Bloomfield Ave

      COMMERCIAL (GENERAL) • 5,886 SF
      630 Bloomfield Ave, Verona, NJ 07044-1823
      View Details
    • Value Estimation
      $475,000
      1,350 SF

      676 Bloomfield Ave

      COMMERCIAL (GENERAL) • 1,350 SF
      676 Bloomfield Ave, Verona, NJ 07044-1601
      View Details
    • Value Estimation
      $870,000
      4,470 SF

      770 Bloomfield Ave

      COMMERCIAL (GENERAL) • 4,470 SF
      770 Bloomfield Ave, Verona, NJ 07044-1302
      View Details

    Similar Nearby for Sale

    • $950,000
      2,997 SF

      Verona Commercial Property - High Potential

      Mixed-use building, redevelopment opportunity.
      820 Bloomfield Ave, Verona, NJ 07044
      View Details
    • $4,200,000

      Verona Professional Building For Sale

      30,249 SF professional building in Verona, NJ for sale.
      60 Pompton Ave, Verona, NJ 07044
      View Details
    • Contact for pricing
      5 SF

      Approved Assisted Living Site

      5.54 acres approved for assisted living in Verona, NJ.
      251 Grove Ave, Verona, NJ 07044
      View Details
    • $485,000

      Spacious Multi-Level Unit Near Shops

      Three-level unit with modern features, close to transportation and shops.
      352 Bloomfield Ave, Verona, NJ 07044
      View Details
    • $599,900

      Well-Maintained Three-Family Property

      Fully rented three-family property near schools, shopping, and highways.
      142 Pompton Ave, Verona, NJ 07044
      View Details
    • $950,000

      Mixed-Use Development Opportunity

      Mixed-use property with development potential in a desirable location.
      820 Bloomfield Ave, Verona, NJ 07044
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      20,000 SF

      Bloomfield Ave Medical Office Suite

      Sublease Opportunity: 2,250 SF Medical Office
      825 Bloomfield Ave, Verona, NJ 07044
      View Details
    • Contact for pricing
      12,857 SF

      Verona Medical Office Space For Lease

      Class A Office, Ample Parking, 3,170 SF Available
      799 Bloomfield Ave, Verona, NJ 07044
      View Details
    • Contact for pricing
      2,400 SF

      Retail Space with Drive Thru

      Available retail spaces with high traffic and drive-thru.
      14 Pompton Ave, Verona, NJ 07044
      View Details
    • Contact for pricing
      3,666 SF

      Bloomfield Avenue Retail Space Available

      Retail space for rent in Verona, New Jersey.
      599 Bloomfield Ave, Verona, NJ 07044
      View Details
    • Contact for pricing
      209,331 SF

      Pilgrim Shopping Center: Verona, NJ

      Verona Warehouse Space: Retail & Industrial
      265-345 Pompton Ave, Verona, NJ 07044
      View Details
    • Contact for pricing
      3,437 SF

      Retail Space with Drive Thru

      Former bank and learning center spaces available for lease.
      30 Pompton Ave, Verona, NJ 07044
      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.
    502 Bloomfield Ave
    Verona, NJ 07044
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.