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

    56 Prospect St South Orange, NJ 07079-2245

    • Residential income homes
    • 19,260 SF
    • 0.48 lot acres
    OFF-MARKET
    Value Estimations
    $4,250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-1711304
    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

    • Village Court Apartments / Apartment Building

    Property Details for 56 Prospect St

    Year built
    1948
    Construction
    BRICK
    Lot size
    0.48 lot acres
    Property size
    19,260 SF
    Zone code
    R-C1
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    19 02017-0000-00020
    APU
    1902017000000020

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,370,000
      6.5%
      $4,960,000
      7%
      $4,605,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,280,000
      Market price range: $1.33M - $3.69M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $5,265,000
      Current use
      COMMERCIAL (GENERAL)
      $7,030,000
      Change: +33% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $4,350,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    South Orange
    County
    Essex
    State
    New Jersey
    Longitude
    -74.2562
    Latitude
    40.7437
    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
    $93,651
    $831,100
    $1,839,300
    $2,670,400
    -
    $831,100
    $1,839,300
    $2,670,400

    Comparable in this City

    • Value Estimation
      $6,145,000
      27,593 SF

      52 Cottage St

      APARTMENT HOUSE (UNDER 5 UNITS) • 27,593 SF
      52 Cottage St, South Orange, NJ 07079-2262
      View Details
    • Value Estimation
      $2,930,000
      5,984 SF

      132 Milligan Pl

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,984 SF
      132 Milligan Pl, South Orange, NJ 07079-1929
      View Details
    • Value Estimation
      $21,765,000
      69,090 SF

      10 Ridgewood Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 69,090 SF
      10 Ridgewood Rd, South Orange, NJ 07079-1555
      View Details
    • Value Estimation
      $14,245,000
      55,968 SF

      177 Irvington Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 55,968 SF
      177 Irvington Ave, South Orange, NJ 07079-2264
      View Details
    • Value Estimation
      $1,045,000
      4,240 SF

      1160 Orange Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,240 SF
      1160 Orange Ave, South Orange, NJ 07079
      View Details
    • Value Estimation
      $10,875,000
      2,322 SF

      320 Vly St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,322 SF
      320 Vly St, South Orange, NJ 07079-2867
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Commuter-Friendly Condo Requires Renovation

      One-bedroom condo near South Orange Train Station, priced to sell.
      372 Vly St Unit G2, South Orange, NJ 07079
      View Details
    • $1,350,000

      South Orange Mixed-Use Corner Gem

      Mixed-use building with renovated apartments and office storefronts near NYC transit.
      101 2Nd St, South Orange, NJ 07079
      View Details
    • $899,000
      3,268 SF

      South Orange Multi-Family Triplex

      Well-maintained triplex near NYC transportation, shopping, dining, and parks.
      19 Montrose St, South Orange, NJ 07079
      View Details
    • $1,000,000
      0.17 Acres

      Mixed-Use Property Near Train Station

      Mixed-use property featuring residential and commercial units near train station.
      15 4Th St, South Orange, NJ 07079
      View Details
    • $1,099,000
      Pending

      South Orange Duplex Near Train

      Side-by-side duplex near train with renovated unit.
      61 Arnold Ter, South Orange, NJ 07079
      View Details
    • $1,295,000

      Multifamily Property for Sale

      Multifamily property available for purchase.
      120 Milligan Pl, South Orange, NJ 07079
      View Details

    Similar Nearby for Lease

    • $3,300 /Mo

      Renovated Apartment Near South Orange Station

      Recently renovated apartment near train, shops, and restaurants.
      176 Valley St, South Orange, NJ 07079
      View Details
    • $1,200 /Mo

      Professional Office Space For Rent

      Professional office space with kitchenette, great visibility, convenient location.
      155 Kilburn Pl, South Orange, NJ 07079
      View Details
    • Contact for pricing
      14,063 SF

      South Orange Office Space for Lease

      Renovated Office Suites, Downtown Location
      15 Valley St, South Orange, NJ 07079
      View Details
    • $25 SF/Yr
      4,500 SF

      South Orange Office Space Available

      Office spaces for lease in South Orange, New Jersey.
      310 S Orange Ave, South Orange, NJ 07079
      View Details
    • Contact for pricing
      1,071 SF

      Retail Space Near South Orange

      Retail space for rent, one block from South Orange Station.
      9 Village Plz, South Orange, NJ 07079
      View Details
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    56 Prospect St
    South Orange, NJ 07079-2245
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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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