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Property profile & analytics
OFF-MARKET Estimated value $2,530,000
Commercial real estate

55 Morris Ave Springfield, NJ 07081-1426

21,588 SF 0.53 ac lot Built 1972
Entity Owned 5-yr Hold ~ Est. High Equity
Property ID
US59-1223919
Property summary
AI-generated overview

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.

Property profile
Verified
Property type Commercial real estate
Use group COMMERCIAL (GENERAL)
Year built 1972
Construction BRICK
Total area 21,588 SF
Lot 0.53 ac (23,040 SF)
APN 17 00903-0000-00015
UPID US59-1223919
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Marc Berman, DPM Physician
  • Mark Lichtenberg, MD Physician Medical Clinic
  • Dr. Mitchell S. Turner, MD Physician Medical Clinic
  • Advanced Pain Management Physician
  • Marie Chen, PA Physician Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
$2.99M
CAP Approach CAP
by Request
Comparable Approach Comparable
$1.93M
Blend (final) Blend
$2.53M
Owner & transaction history
Moko Springfield LLC · 5 yrs held
Moko Springfield LLC
since 2021
Last sale
$2.4M
1 recorded transaction
2021
$2.4M
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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