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Property profile & analytics
OFF-MARKET
Office Spaces
640 Franklin Ave DB Nutley, NJ 07110-1269
Individually Owned
7-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US59-1652499
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
1988
Total area
1,250 SF
Zoning code
B-1
APN
16 01900-0000-00024-0000-C0004
UPID
US59-1652499
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
-
Law Offices of Andrew J. Naideck, LLC Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Richard Sommese · 7 yrs held
Richard Sommese
since 2019
4 recorded transactions
Zoning & alternative use
B-1 · Nutley, 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 Nutley submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Nutley 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
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 2023Property tax & assessments
Tax year 2023
Tax billed
$5,505
Tax year 2023
Assessed value
$120,000
Assessed 2024
Previous assessed
$120,000
+0.0% YoY
Effective rate
4.59%
On assessed value
Assessed land
$52,500
Assessed improvement
$67,500
Land market value
$52,500
Improvement market value
$67,500
Total market value
$120,000
Applied tax rate
16.0000
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
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Year built
1988
Heating
NONE
Units
1
Total area
1,250 SF
Zoning code
B-1
APN
16 01900-0000-00024-0000-C0004
UPID
US59-1652499
Jurisdiction
ESSEX
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
B-1 · Nutley, NJ
Zoning B-1 · permitted uses
B-1 · Nutley, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Nutley. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1988
Heating
NONE
Units
1
Current owner
From public records · entity-resolved
Richard Sommese
Individual
Mailing address
678 BROAD ST APT C1, CLIFTON, NJ 07013-1604
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2019
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 2, 2019
$100
Richard Sommese
Naideck,andrew J
Grant Deed
related
—
—
—
Andrew J Naideck
—
Deed Of Trust
related
$17,308 · Richard Sommese
—
—
Andrew J Naideck
—
Deed Of Trust
related
$25,000 · Angelo & Priscilla Ferrara
—
—
Andrew J Naideck
—
Deed Of Trust
related
$50,000 · Angelo & Priscilla Ferrara
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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