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Property profile & analytics
OFF-MARKET
Estimated value
$4,250,000
Residential income homes
56 Prospect St South Orange, NJ 07079-2245
Entity Owned
12-yr Hold
Property ID
US59-1711304
Property profile
Verified
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Year built
1948
Construction
BRICK
Total area
19,260 SF
Lot
0.48 ac (20,778 SF)
Zoning code
R-C1
APN
19 02017-0000-00020
UPID
US59-1711304
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
-
Village Court Apartments Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.96M
Comparable Approach
Comparable
$3.28M
Blend (final)
Blend
$4.25M
Owner & transaction history
Village Court Apartments LLC · 12 yrs held
Village Court Apartments LLC
since 2014
4 recorded transactions
Zoning & alternative use
R-C1 · South Orange, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$7.0M
+33.5%
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 South Orange submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs South Orange 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$5,370,000
6.5%
$4,960,000
7%
$4,605,000
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
Blend value · Realmo final
$4.25M
Range $3.83M – $4.68M · ±10%
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
$221 / 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
$93,651
Tax year 2022
Assessed value
$2,670,400
Assessed 2023
Previous assessed
$2,670,400
+0.0% YoY
Effective rate
3.51%
On assessed value
Assessed land
$831,100
Assessed improvement
$1,839,300
Land market value
$831,100
Improvement market value
$1,839,300
Total market value
$2,670,400
Applied tax rate
19.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Status
Off-Market
Year built
1948
Construction
BRICK
Heating
NONE
Stories
3
Units
1
Total area
19,260 SF
Lot
0.48 ac (20,778 SF)
Zoning code
R-C1
APN
19 02017-0000-00020
UPID
US59-1711304
Jurisdiction
ESSEX
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
R-C1 · South Orange, NJ
Zoning R-C1 · permitted uses
R-C1 · South Orange, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
South Orange. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$5.3M
COMMERCIAL (GENERAL)
Est. value
$7.0M
INDUSTRIAL (GENERAL)
Est. value
$4.4M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1948
Construction
BRICK
Heating
NONE
Stories
3
Units
1
Lot
0.48 ac
Current owner
From public records · entity-resolved
Village Court Apartments LLC
Entity
Mailing address
316 EISENHOWER PKWY, LIVINGSTON, NJ 07039-1718
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 13, 2026
—
Village Court Apartments Limit
—
Deed
related
$4,120,000 · Connectone Bank
Apr 7, 2014
$3,750,000
Village Court Apartments LLC
Village Court INC
Dual Purpose Document
related
$2,812,500 · Peapack Gladstone Bk
—
—
Village Court INC
—
Deed Of Trust
related
$150,000 · First Hope Bank
—
—
Village Court INC
—
Deed Of Trust
related
$100,000 · First Hope Bank
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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