Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    614-616 Newark Ave, Unit 616 Elizabeth, NJ 07208-3539

    • Office buildings
    • 5,042 SF
    • 0.16 lot acres
    OFF-MARKET
    Last Sale
    Dec 27, 2023
    $825,000
    Value Estimations
    $790,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-1446190
    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

    • Office buildings

    Property Details for 614-616 Newark Ave

    Year built
    1920
    Lot size
    0.16 lot acres
    Property size
    5,042 SF
    Property type
    Office buildings
    APN
    04 00145-0000-00026
    APU
    400145000000026

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $750,000
      ML approach
      $755,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $609,000
      Market price range: $609k - $1.24M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $965,000
      Current use
      COMMERCIAL (GENERAL)
      $1,080,000
      Change: +12% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $875,000
      Change: -9% Conversion: Difficult
      RESTAURANT
      $840,000
      Change: -13% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth
    County
    Union
    State
    New Jersey
    Longitude
    -74.212
    Latitude
    40.6773
    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
    $14,678
    $12,000
    $36,000
    $48,000
    -
    $12,000
    $36,000
    $48,000

    Comparable in this City

    • Value Estimation by Request
      2,417 SF

      521-525 Westfield Ave, Unit 525

      OFFICE BUILDING • 2,417 SF
      521-525 Westfield Ave, Elizabeth, NJ 07208-1622
      View Details
    • Value Estimation
      $3,220,000
      24,552 SF

      452 Westminster Ave, Unit 460

      OFFICE BUILDING • 24,552 SF
      452 Westminster Ave, Elizabeth, NJ 07208-3207
      View Details
    • Value Estimation by Request
      5,136 SF

      411 Morris Ave, Unit 419

      OFFICE BUILDING • 5,136 SF
      411 Morris Ave, Elizabeth, NJ 07208-3612
      View Details
    • Value Estimation
      $660,000
      7,456 SF

      467-469 Morris Ave, Unit 469

      OFFICE BUILDING • 7,456 SF
      467-469 Morris Ave, Elizabeth, NJ 07208-1967
      View Details
    • Value Estimation
      $565,000
      6,096 SF

      419 Broad St, Unit 21

      OFFICE BUILDING • 6,096 SF
      419 Broad St, Elizabeth, NJ 07208-3366
      View Details
    • Value Estimation
      $910,000
      3,874 SF

      617 Westfield Ave, Unit 19

      OFFICE BUILDING • 3,874 SF
      617 Westfield Ave, Elizabeth, NJ 07208
      View Details

    Similar Nearby for Sale

    • $799,000

      Spacious Two-Family Home in Elizabeth

      Two-family home with finished attic/basement and ample parking.
      48 Orchard St, Elizabeth, NJ 07208
      View Details
    • $610,000

      Land For Sale Elizabeth City

      Land available for sale in Elizabeth City, New Jersey.
      1041 Galloping Hill Rd, Elizabeth, NJ 07208
      View Details
    • $1,230,000

      New Multifamily Property with Recreation

      Three new apartments with recreation room to be built.
      301 Chilton St, Elizabeth, NJ 07208
      View Details
    • $149,999
      1,500 SF

      Established Business Near Train Station

      Profitable business opportunity in central location near train station.
      280 Morris Ave, Elizabeth, NJ 07208
      View Details
    • $400,000

      Elizabeth City Property For Sale

      Property for sale in Elizabeth City, New Jersey.
      1349 Hamilton St, Elizabeth, NJ 07208
      View Details
    • $1,750,000

      Elizabeth Restaurant & Bar for Sale

      Thriving Colombian eatery, turnkey operation.
      427 Morris Ave, Elizabeth, NJ 07208
      View Details

    Similar Nearby for Lease

    • $1,200 /Mo

      Medical/Office Space Available

      Office space suitable for medical or general use.
      286 Morris Ave, Elizabeth, NJ 07208
      View Details
    • $2,999 /Mo

      Prime Storefront in Elizabeth City

      High-traffic location ideal for retail or office use.
      280 Morris Ave, Elizabeth, NJ 07208
      View Details
    • $2,800 /Mo
      5,227 SF

      Versatile Commercial Space For Rent

      Open-concept commercial space suitable for retail, office, or service businesses.
      551 Westminster Ave, Elizabeth, NJ 07208
      View Details
    • $2,400 /Mo

      Modern Apartment with Convenient Location

      Recently updated 3-bedroom apartment near amenities and transportation.
      304 Morris Ave, Elizabeth, NJ 07208
      View Details
    • $1,600 /Mo

      Specialty Property for Rent

      Specialty property available for rent.
      426 Morris Ave, Elizabeth, NJ 07208
      View Details
    • Contact for pricing
      299,999 SF

      Elizabeth Logistics Center: Prime Space Available

      Modern Refrigerated Warehouse, Port Market Access
      891 Newark Ave, Elizabeth, NJ 07208
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    614-616 Newark Ave, Unit 616
    Elizabeth, NJ 07208-3539
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.