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Property profile & analytics
OFF-MARKET
Estimated value
$18,335,000
Industrial properties
556 Progress St 600, Elizabeth, NJ 07201-2018
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US59-0995397
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1957
Total area
2,550,000 SF
Lot
2.09 ac (91,040 SF)
APN
04 00832-0000-00010
UPID
US59-0995397
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$18.34M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$11.67M
Blend (final)
Blend
$18.34M
Owner & transaction history
Thor 600 Progress Street LLC · 2 yrs held
Thor 600 Progress Street LLC
since 2024
Last sale
$18.3M
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Elizabeth submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Elizabeth submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$18,335,000
ML approach
$18,335,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$18.34M
Range $16.50M – $20.17M · ±10% · vs last sale $18.33M (Jun 6 2024)
Last sale anchor
$18.33M
Jun 6 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$7 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$270,777
Tax year 2022
Assessed value
$885,500
Assessed 2023
Previous assessed
$885,500
+0.0% YoY
Effective rate
30.58%
On assessed value
Assessed land
$174,600
Assessed improvement
$710,900
Land market value
$174,600
Improvement market value
$710,900
Total market value
$885,500
Applied tax rate
4.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
Off-Market
Year built
1957
Heating
NONE
Total area
2,550,000 SF
Lot
2.09 ac (91,040 SF)
APN
04 00832-0000-00010
UPID
US59-0995397
Jurisdiction
UNION
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1957
Heating
NONE
Lot
2.09 ac
Current owner
From public records · entity-resolved
Thor 600 Progress Street LLC
Entity
Mailing address
25 W 39TH ST, ELIZABETH, NJ
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 6, 2024
$18,333,333
Thor 600 Progress Street LLC
Arc Industries LLC
Deed
$10,800,000 · Wintrust Bank NA
Jun 5, 2024
$14,000,000
Arc Industries LLC
Spci Realty LLC
Deed
—
Dec 14, 2005
$4,600,000
Spci Realty LLC
Julius Realty Corp
Grant Deed
—
—
—
Spci Realty LLC
—
Deed Of Trust
related
$3,500,000 · New Jersey Economic Dev Auth
—
—
Spci Realty LLC
—
Deed Of Trust
related
$1,500,000 · Td Bank NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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