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

    623 Main Ave Passaic, NJ 07055

    • Commercial real estate
    • 28,529 SF
    • 1.03 lot acres
    OFF-MARKET
    Value Estimations
    $4,410,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-2720280
    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

    • Commercial real estate

    Property Details for 623 Main Ave

    Lot size
    1.03 lot acres
    Property size
    28,529 SF
    Zone code
    C
    Property type
    Commercial real estate
    APN
    07 02148-0000-00008
    APU
    702148000000008

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,905,000
      6.5%
      $5,450,000
      7%
      $5,060,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,204,000
      Market price range: $1.14M - $3.20M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $5,435,000
      Current use
      OFFICE BUILDING
      $5,255,000
      Change: -3% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $4,925,000
      Change: -9% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Passaic
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.126
    Latitude
    40.8597
    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
    $233,040
    $596,900
    $5,403,100
    $6,000,000
    -
    $596,900
    $5,403,100
    $6,000,000

    Comparable in this City

    • Value Estimation by Request
      0.17 Acres

      215 Washington Pl

      COMMERCIAL (GENERAL) • 0.17 Acres
      215 Washington Pl, Passaic, NJ 07055-5136
      View Details
    • Value Estimation by Request
      0.06 Acres

      116 Market St

      COMMERCIAL (GENERAL) • 0.06 Acres
      116 Market St, Passaic, NJ 07055
      View Details
    • Value Estimation by Request
      0.11 Acres

      13 Monroe St

      COMMERCIAL (GENERAL) • 0.11 Acres
      13 Monroe St, Passaic, NJ 07055-8110
      View Details
    • Value Estimation by Request
      0.18 Acres

      28 Lexington Ave

      COMMERCIAL (GENERAL) • 0.18 Acres
      28 Lexington Ave, Passaic, NJ 07055
      View Details
    • Value Estimation by Request
      0.11 Acres

      60-62 Lexington Ave

      COMMERCIAL (GENERAL) • 0.11 Acres
      60-62 Lexington Ave, Passaic, NJ 07055-5205
      View Details
    • Value Estimation by Request
      0.21 Acres

      61 Lexington Ave, Unit 91

      COMMERCIAL (GENERAL) • 0.21 Acres
      61 Lexington Ave, Passaic, NJ 07055-5204
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Prime Passaic Commercial Property

      Affordable Passaic Investment Opportunity
      245 Monroe St, Passaic, NJ 07055
      View Details
    • $399,000

      Parking Lot in Great Location

      13-spot parking lot, sold with adjacent office building.
      94-98 Lexington Ave, Passaic, NJ 07055
      View Details
    • $4,299,000

      Passaic Mixed-Use Development Opportunity

      Commercial space with approved multifamily development potential in Passaic.
      196 Jefferson St, Passaic, NJ 07055
      View Details
    • $799,000
      5,100 SF

      Versatile Office Building with OR Zoning

      5,100 sq ft office building with flexible zoning.
      111 Lexington Ave, Passaic, NJ 07055
      View Details
    • $325,000

      Established Retail Storefront on Market

      Prime retail location with high visibility and accessibility.
      139 Market St, Passaic, NJ 07055
      View Details
    • $1,550,000
      10,100 SF

      Two-Story Retail Building with Logistics Lot

      10,000 SF retail building with paved lot near Route 21.
      189 Monroe St, Passaic, NJ 07055
      View Details

    Similar Nearby for Lease

    • $2,200 /Mo
      1,000 SF

      Retail Space Near Major Routes

      Retail space with parking and private backyard near highways.
      46 High St, Passaic, NJ 07055
      View Details
    • Contact for pricing
      3,000 SF

      Former Pharmacy in Neighborhood Center

      Anchor space in a densely populated area, former Walgreens.
      78 Main Ave, Passaic, NJ 07055
      View Details
    • $2,000 /Mo

      Passaic Park Two Bedroom Apartment

      Two-bedroom apartment with bonus room in Passaic Park.
      9 Orchard St, Passaic, NJ 07055
      View Details
    • $2,525 /Mo

      Spacious 2 Bedroom Apartment

      Large 2 bedroom apartment with den in Passaic.
      30 Howe Ave, Passaic, NJ 07055
      View Details
    • $2,300 /Mo

      Renovated Apartment Near Amenities

      Move-in ready, renovated apartment near shopping, transportation, and schools.
      29 Broadway 2, Passaic, NJ 07055
      View Details
    • $2,650 /Mo

      Spectacular Two-Level Apartment For Rent

      Bright, airy two-level apartment with top-of-the-line finishes.
      196 Burgess Pl, Passaic, NJ 07055
      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.
    623 Main Ave
    Passaic, NJ 07055
    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.