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    52 Millburn Ave Springfield, NJ 07081
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    Property profile & analytics

    52 Millburn Ave, Springfield, NJ 07081

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    • Commercial real estate
    • 4,908 SF
    • 0.36 lot acres
    For Lease
    $970,000
    View Listing →
    Springfield Commercial Space Available For Lease
    $970,000

    Springfield Commercial Space Available

    Commercial space available for lease in Springfield, New Jersey.

    52 Millburn Ave, Springfield, NJ 7081
    View Listing
    Property ID
    US59-2046322
    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.
    Value Estimations
    $970,000
    Cap Rate Potential
    7%
    Commercial real estate
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 52 Millburn Ave

    Year built
    1976
    Construction
    CONCRETE BLOCKS
    Lot size
    0.36 lot acres
    Property type
    Commercial real estate
    APN
    17 00101-0000-00044
    APU
    1700101000000044

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 10, 2023 — 52 Millburn Investors LLC — Deed · related $750k · Manasquan Bank
    Jan 6, 2023 $999,999 52 Millburn Investors LLC 52 Millburn Ave LLC Deed —
    Apr 8, 2014 — 52 Millburn Ave LLC Term Security Corp Deed $2.2M
    Jan 23, 2014 $3,550,000 Term Security Corp 52 Millburn Management LLC Grant Deed · related —
    Nov 27, 2013 $241,158 52 Millburn Management LLC First Estates Properties 48 L Grant Deed $2.2M · Agatha Uberoi

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $925,000
      ML approach
      $935,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,080,000
      6.5%
      $995,000
      7%
      $925,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $863,000
      Market price range: $297k - $864k

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Union
    State
    New Jersey
    Longitude
    -74.3232
    Latitude
    40.718
    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
    $54,454
    $1,227,000
    $1,227,000
    $2,454,000
    -
    $1,227,000
    $1,227,000
    $2,454,000

    Comparable in this City

    • Value Estimation
      $1,120,000
      8,858 SF

      243 Morris Ave

      COMMERCIAL (GENERAL)
      243 Morris Ave, Springfield, NJ 07081-1234
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    • Value Estimation
      $2,585,000
      13,148 SF

      Morris Ave

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    • Value Estimation by Request
      2,552 SF

      174 Mtn Ave

      COMMERCIAL (GENERAL)
      174 Mtn Ave, Springfield, NJ 07081-1705
      View Details
    • Value Estimation
      $1,625,000
      10,563 SF

      222 Mtn Ave, Unit 234

      COMMERCIAL (GENERAL)
      222 Mtn Ave, Springfield, NJ 07081-2211
      View Details
    • Value Estimation
      $3,560,000
      17,988 SF

      201 Shunpike Rd

      COMMERCIAL (GENERAL)
      201 Shunpike Rd, Springfield, NJ 07081-2159
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    • Value Estimation
      $3,240,000
      19,411 SF

      75 Us Hwy 22

      COMMERCIAL (GENERAL)
      75 Us Hwy 22, Springfield, NJ 07081-3105
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      Springfield Office Building Auction

      Office building for sale via live bid auction.
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      Commercial Property for Sale

      3000 sqft commercial space suitable for office or retail.
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      4,000 SF

      Retail Space Available For Sale

      Retail space for sale in Springfield, NJ with 4000 SF.
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    • $475,000

      Commercial Building in Business District

      Free-standing building in a commercial district, close to Morris Avenue.
      15 Center St, Springfield, NJ 07081
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    Similar Nearby for Lease

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      21,614 SF

      Professional Office Building in Springfield

      Versatile office spaces available in Springfield, New Jersey.
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      7,000 SF

      Retail, Restaurant, Medical, Office Space

      Space available for retail, restaurant, medical, and office tenants.
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      1,510 SF

      Retail Space Available For Rent

      Retail space for rent featuring vanilla box delivery.
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    • $1,000 /Mo

      Renovated Office Suite For Rent

      Move-in ready office suite with utilities included and convenient location.
      26 Millburn Ave, Springfield, NJ 07081
      View Details
    • Contact for pricing

      Springfield Office Unit For Rent

      Office unit for rent in Springfield, NJ. Utilities included.
      91 Morris Ave, Springfield, NJ 07081
      View Details
    View Listing
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    Springfield, NJ 07081
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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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