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Property profile & analytics
OFF-MARKET
Estimated value
$14,025,000
Commercial real estate
570 Springfield Ave, Summit, NJ 07901-4501
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US59-1806597
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Construction
BRICK
Total area
33,260 SF
Lot
4.3 ac (187,308 SF)
Zoning code
MF
APN
18 01809-0000-00001
UPID
US59-1806597
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
-
Majestic Entertainment Nightclub Music Venue
-
Tesla Destination Charger Electric Vehicle Charging Station
-
Liquor (Bike/Boat/Book/etc) Store Wine and Liquor Store
-
Cheap Heating & Air Conditioning HVAC Service General Contractor
-
Summit/New Providence Rotary Club Employment Agency Advocacy Group
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$8.81M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$13.63M
Blend (final)
Blend
$14.03M
Owner & transaction history
570 Springfield Ave Property LLC · 3 yrs held
570 Springfield Ave Property LLC
since 2023
Last sale
$16.3M
7 recorded transactions
Zoning & alternative use
MF · Summit, NJ
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 Summit submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Summit 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
$15,100,000
ML approach
$8,805,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$14.03M
Range $12.62M – $15.43M · ±10% · vs last sale $16.30M (Jun 20 2023)
Last sale anchor
$16.30M
Jun 20 2023
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
$422 / 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
$169,684
Tax year 2022
Assessed value
$3,961,800
Assessed 2023
Previous assessed
$3,961,800
+0.0% YoY
Effective rate
4.28%
On assessed value
Assessed land
$3,225,000
Assessed improvement
$736,800
Land market value
$3,225,000
Improvement market value
$736,800
Total market value
$3,961,800
Applied tax rate
18.0000
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
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Construction
BRICK
Heating
NONE
Stories
4
Total area
33,260 SF
Lot
4.3 ac (187,308 SF)
Zoning code
MF
APN
18 01809-0000-00001
UPID
US59-1806597
Jurisdiction
UNION
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
MF · Summit, NJ
Zoning MF · permitted uses
MF · Summit, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Summit. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Construction
BRICK
Heating
NONE
Stories
4
Lot
4.3 ac
Current owner
From public records · entity-resolved
570 Springfield Ave Property LLC
Entity
Mailing address
537 NN AVE, PLAINFIELD, NJ 07060-1416
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 20, 2023
$16,300,000
570 Springfield Ave Property LLC
Summit Suburban Hotel
Deed
$11,900,000 · Unity Bank
Jun 20, 2023
—
570 Springfield Ave Property LLC
—
Deed
related
$4,900,000 · Unity Bank
Nov 13, 2020
—
Columbia Bk
—
Deed
related
$11,102,254 · Summit Suburban Hotel
Oct 23, 2020
—
Marshall Weinerman
—
Deed
related
$1,000,000 · Columbia Bank
—
—
Summit Suburban Hotel
—
Deed Of Trust
related
$13,000 · Columbia Bk
—
—
Summit Suburban Hotel
—
Deed Of Trust
related
$5,918,000 · Columbia Bank
—
—
Summit Suburban Hotel
—
Deed Of Trust
related
$9,750,000 · Columbia Bank
—
—
Summit Suburban Hotel
—
Deed Of Trust
related
$1,000,000 · Columbia Bk
—
—
Columbia Bk
—
Loan Modification
related
$11,102,254 · Summit Suburban Hotel
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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