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

    510 Grier Ave, Unit 522 Elizabeth, NJ 07202-3307

    • Motels
    • 12,920 SF
    • 0.71 lot acres
    OFF-MARKET
    Last Sale
    Dec 14, 2021
    $2,875,000
    Value Estimations
    $3,100,000
    Show details
    Cap Rate Potential
    2.2%
    Motels
    Location Intelligence
    Property ID
    US59-1154037
    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

    • Motels

    Property Details for 510 Grier Ave

    Year built
    1983
    Lot size
    0.71 lot acres
    Property size
    12,920 SF
    Property type
    Motels
    APN
    04 00453-0000-00001
    APU
    400453000000001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,180,000
      ML approach
      $3,470,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $2,095,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth
    County
    Union
    State
    New Jersey
    Longitude
    -74.2172
    Latitude
    40.6522
    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
    $71,861
    $42,200
    $192,800
    $235,000
    -
    $42,200
    $192,800
    $235,000

    Comparable in this City

    • Value Estimation by Request
      3,536 SF

      454-458 Maple Ave, Unit 458

      MOTEL • 3,536 SF
      454-458 Maple Ave, Elizabeth, NJ 07202-3510
      View Details
    • Value Estimation
      $950,000
      6,400 SF

      427 Allen St, Unit 447

      MOTEL • 6,400 SF
      427 Allen St, Elizabeth, NJ 07202-2901
      View Details
    • Value Estimation by Request
      11.14 Acres

      100 Bayway Ave, Unit 210

      INDUSTRIAL (GENERAL) • 11.14 Acres
      100 Bayway Ave, Elizabeth, NJ 07202-3028
      View Details
    • Value Estimation by Request
      3.60 Acres

      23 Broad St, Unit 51

      COMMERCIAL (GENERAL) • 3.60 Acres
      23 Broad St, Elizabeth, NJ 07202-3401
      View Details
    • Value Estimation by Request

      55 Rahway Ave, Unit 69

      COMMERCIAL (GENERAL)
      55 Rahway Ave, Elizabeth, NJ 07202-2103
      View Details
    • Value Estimation by Request

      55 Rahway Ave, Unit 69

      COMMERCIAL (GENERAL)
      55 Rahway Ave, Elizabeth, NJ 07202-2103
      View Details

    Similar Nearby for Sale

    • $1,200,000
      0.16 Acres

      Commercial Building with Development Potential

      Five-unit commercial building on a 71x100 lot with development potential.
      558 S Broad St, Elizabeth, NJ 07202
      View Details
    • $1,200,000
      Pending

      Elizabeth City Multifamily Investment Opportunity

      Multifamily property for sale in Elizabeth City, New Jersey.
      146 Chilton St, Elizabeth, NJ 07202
      View Details
    • $749,999

      Fully Occupied Multifamily Investment Opportunity

      Four-unit multifamily property in Elizabeth, generating consistent cash flow.
      316 John St, Elizabeth, NJ 07202
      View Details
    • $1,100,000

      Elizabeth Four-Family Property For Sale

      Well-maintained four-unit property in Elizabeth, ideal for investors or owner-occupants.
      937 39Pennington St, Elizabeth, NJ 07202
      View Details
    • $675,000

      Colonial Multifamily Property with Basement

      Two-unit multifamily property with a finished basement and private entrance.
      220 Palmer St, Elizabeth, NJ 07202
      View Details
    • $1,550,000

      Mixed-Use Property in Elizabeth City

      Mixed-use property featuring apartments and retail spaces with income potential.
      149 Elmora Ave, Elizabeth, NJ 07202
      View Details

    Similar Nearby for Lease

    • $2,400 /Mo

      Residential Income Property For Rent

      Multifamily property available for rent in Elizabeth City.
      129 Cherry St, Elizabeth, NJ 07202
      View Details
    • $2,100 /Mo

      Updated Apartment in Elizabeth City

      Second-floor apartment with updated kitchen and bathrooms for rent.
      503 Erico Ave, Elizabeth, NJ 07202
      View Details
    • $1,170,000

      Union Twp. Warehouse Space Available

      Warehouse space available for rent in Union Twp., NJ.
      325 John St, Elizabeth, NJ 07202
      View Details
    • $5,880 /Mo

      Updated Office Space Near Station

      Spacious, updated office suite near Elizabeth Train Station.
      70 west Grand St, Elizabeth, NJ 07202
      View Details
    • $25 SF/Yr
      21,816 SF

      Medical/Office Building For Lease

      Four-story medical/office building in established neighborhood near Trinitas Regional Medical Center.
      228-230 West Jersey St, Elizabeth, NJ 07202
      View Details
    • $25 SF/Yr
      21,816 SF

      Prime Elizabeth Medical Office Space

      NJ Medical Office Suites Available Now
      228-230 Jersey St, Elizabeth, NJ 07202
      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.
    510 Grier Ave, Unit 522
    Elizabeth, NJ 07202-3307
    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.