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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    531-533 Harrison Ave, Unit 533 Harrison, NJ 07029-1842

    • Commercial real estate
    • 14,176 SF
    • 0.11 lot acres
    OFF-MARKET
    Last Sale
    Jan 04, 2023
    $2,750,000
    Value Estimations
    $3,145,000
    Show details
    Cap Rate Potential
    6.9%
    Commercial real estate
    Location Intelligence
    Property ID
    US59-1699454
    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 531-533 Harrison Ave

    Construction
    FRAME
    Lot size
    0.11 lot acres
    Property size
    14,176 SF
    Property type
    Commercial real estate
    APN
    04 00159-0000-00006
    APU
    400159000000006

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,385,000
      ML approach
      $3,235,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,900,000
      6.5%
      $3,600,000
      7%
      $3,340,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,137,000
      Market price range: $2.42M - $4.10M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,335,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $3,615,000
      Change: +8% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $3,005,000
      Change: -10% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Harrison
    County
    Hudson
    State
    New Jersey
    Longitude
    -74.1525
    Latitude
    40.7469
    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
    $42,137
    $770,000
    $1,077,300
    $1,847,300
    -
    $770,000
    $1,077,300
    $1,847,300

    Comparable in this City

    • Value Estimation
      $2,900,000
      21,534 SF

      111 Frank E Rodgers S Blvd

      COMMERCIAL (GENERAL) • 21,534 SF
      111 Frank E Rodgers S Blvd, Harrison, NJ 07029-1760
      View Details
    • Value Estimation
      $955,000
      5,220 SF

      735 Harrison Ave

      COMMERCIAL (GENERAL) • 5,220 SF
      735 Harrison Ave, Harrison, NJ 07029-1927
      View Details
    • Value Estimation by Request

      209 Harrison Ave

      COMMERCIAL (GENERAL)
      209 Harrison Ave, Harrison, NJ 07029
      View Details
    • Value Estimation
      $5,320,000
      40,585 SF

      217 Mnr Ave, Unit 231

      COMMERCIAL (GENERAL) • 40,585 SF
      217 Mnr Ave, Harrison, NJ 07029-2017
      View Details
    • Value Estimation
      $980,000
      5,000 SF

      915 Passaic Ave

      COMMERCIAL (GENERAL) • 5,000 SF
      915 Passaic Ave, Harrison, NJ 07029
      View Details
    • Value Estimation
      $920,000
      5,350 SF

      214 Harrison Ave

      COMMERCIAL (GENERAL) • 5,350 SF
      214 Harrison Ave, Harrison, NJ 07029-3072
      View Details

    Similar Nearby for Sale

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      Thriving Perfume, Gift & Tailor Shop
      239 Harrison Ave, Harrison, NJ 07029
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    • $909,000

      Renovated Multifamily Property Near Highways

      Turn-key multifamily property with modern updates near major transportation routes.
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      Mixed-use building featuring a restaurant and two apartments.
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    • $999,000

      Newer Two-Family Home in Harrison

      Two-family home built in 2010, convenient location.
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      View Details
    • $749,000

      Remodeled Two-Family Home Near Transit

      Remodeled two-family home with bonus room near NYC transit.
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    Similar Nearby for Lease

    • Contact for pricing
      1,200 SF

      Retail Space in Harrison Center

      1,200 SF retail space near PATH station and Route 280.
      400 Bergen St, Harrison, NJ 07029
      View Details
    • $8,500 /Mo

      Harrison Avenue Commercial Space Available

      Office and retail space for rent in Harrison, New Jersey.
      440 Harrison Ave, Harrison, NJ 07029
      View Details
    • Contact for pricing
      1,701 SF

      East Newark Retail Space Available

      Former bank branch available for lease in East Newark.
      349 John St, East Newark, NJ 07029
      View Details
    • Contact for pricing
      114,137 SF

      Harrison Warehouse with Crane Service

      Industrial warehouse space with crane service and outdoor storage.
      500 Supor Blvd, Harrison, NJ 07029
      View Details
    • $2,200 /Mo

      Spacious Apartment Near Transportation

      Three-bedroom apartment near bus and PATH, convenient for commuters.
      520 NORTH 3Rd St, East Newark, NJ 07029
      View Details
    • $1,700 /Mo

      Retail/Office Space Available For Rent

      Retail or office space in a densely populated area.
      313 Cross St, Harrison, NJ 07029
      View Details
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    Harrison, NJ 07029-1842
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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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