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    Property profile & analytics

    55 Morris Ave Springfield, NJ 07081-1426

    • Commercial real estate
    • 21,588 SF
    • 0.53 lot acres
    OFF-MARKET
    Last Sale
    Apr 23, 2021
    $2,360,000
    Value Estimations
    $2,530,000
    Show details
    Cap Rate Potential
    9.5%
    Commercial real estate
    Location Intelligence
    Property ID
    US59-1223919
    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

    • Marc Berman, DPM / Podiatrist
    • Mark Lichtenberg, MD / Dermatologist
    • Dr. Mitchell S. Turner, MD / Dermatologist
    • Advanced Pain Management / Medical Group / Pain Management Physician
    • Marie Chen, PA / Dermatologist

    Property Details for 55 Morris Ave

    Year built
    1972
    Construction
    BRICK
    Lot size
    0.53 lot acres
    Property size
    21,588 SF
    Property type
    Commercial real estate
    APN
    17 00903-0000-00015
    APU
    1700903000000015

    Description

    This Springfield, NJ, office building at 55 Morris Ave offers versatile spaces ideal for medical or general office use. The property, built in 1972 and extensively renovated in 2017, comprises 21,588 square feet across three stories. Currently, 3,323 square feet are vacant, with suites ranging from 1,460 to 1,863 contiguous square feet available. The building features 70 parking spaces and a single elevator. Suite 204, a 1,863 square foot space on the second floor, is particularly noteworthy. It includes four plumbed rooms, two unplumbed rooms, two private restrooms, a waiting area, a large reception desk area, and storage. The space is adaptable to tenant build-outs. The building's zoning is O, and its assessed property tax is $3.94 per square foot. The building's floor area ratio (FAR) is 0.48. The property is conveniently located near Colonial Terrace in Union County, NJ, with the address 55 Morris Ave, Springfield, NJ 07081. While the building is suitable for various office uses, medical tenants are limited to Neurology, Hematology/Oncology, or OBGYN, unless they do not accept insurance. Detailed floor plans are available. This Class C building presents a compelling opportunity for businesses seeking modern, well-maintained office space in a convenient location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,000,000
      ML approach
      $2,985,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,930,000
      Market price range: $1.31M - $3.80M

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Union
    State
    New Jersey
    Longitude
    -74.3045
    Latitude
    40.7086
    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
    $76,646
    $1,942,900
    $1,511,200
    $3,454,100
    -
    $1,942,900
    $1,511,200
    $3,454,100

    Comparable in this City

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      243 Morris Ave

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    • Value Estimation
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      Morris Ave

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    • Value Estimation by Request
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      174 Mtn Ave

      COMMERCIAL (GENERAL) • 2,552 SF
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      View Details
    • Value Estimation
      $1,625,000
      10,563 SF

      222 Mtn Ave, Unit 234

      COMMERCIAL (GENERAL) • 10,563 SF
      222 Mtn Ave, Springfield, NJ 07081-2211
      View Details
    • Value Estimation
      $3,560,000
      17,988 SF

      201 Shunpike Rd

      COMMERCIAL (GENERAL) • 17,988 SF
      201 Shunpike Rd, Springfield, NJ 07081-2159
      View Details
    • Value Estimation
      $3,240,000
      19,411 SF

      75 Us Hwy 22

      COMMERCIAL (GENERAL) • 19,411 SF
      75 Us Hwy 22, Springfield, NJ 07081-3105
      View Details

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    55 Morris Ave
    Springfield, NJ 07081-1426
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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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