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

    701-703 Monroe Ave, Unit 703 Elizabeth, NJ 07201-1640

    • Commercial real estate
    • 5,055 SF
    • 0.17 lot acres
    OFF-MARKET
    Value Estimations
    $730,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-2039046
    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 701-703 Monroe Ave

    Year built
    1926
    Lot size
    0.17 lot acres
    Property size
    5,055 SF
    Property type
    Commercial real estate
    APN
    04 00225-0000-00001
    APU
    400225000000001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $982,000
      Market price range: $747k - $1.67M
      AI Estimate
      $475,000
      Market price range: $336k - $808k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,140,000
      Current use
      OFFICE BUILDING
      $965,000
      Change: -15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth
    County
    Union
    State
    New Jersey
    Longitude
    -74.2031
    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
    $18,959
    $15,600
    $46,400
    $62,000
    -
    $15,600
    $46,400
    $62,000

    Comparable in this City

    • Value Estimation by Request
      7,435 SF

      Grand & Division St

      Retail properties • 7,435 SF
      0 Grand & Division St, Elizabeth, NJ 07201
      View Details
    • Value Estimation by Request
      13,000 SF

      717 New Point Rd

      Commercial real estate • 13,000 SF
      717 New Point Rd, Elizabeth, NJ 07201
      View Details
    • Value Estimation by Request

      18 Grand St, Unit 20

      COMMERCIAL (GENERAL)
      18 Grand St, Elizabeth, NJ 07201-2312
      View Details
    • Value Estimation by Request

      18 Grand St, Unit 20

      COMMERCIAL (GENERAL)
      18 Grand St, Elizabeth, NJ 07201-2312
      View Details
    • Value Estimation by Request

      18 Grand St, Unit 20

      COMMERCIAL (GENERAL)
      18 Grand St, Elizabeth, NJ 07201-2312
      View Details
    • Value Estimation by Request

      12-24 Jersey St

      COMMERCIAL (GENERAL)
      12-24 Jersey St, Elizabeth, NJ 07201-2318
      View Details

    Similar Nearby for Sale

    • $1,990,000
      13,000 SF

      Elizabeth City Commercial Property

      13,000 SF, Liquor License Included
      717 New Point Rd, Elizabeth, NJ 07201-2861
      View Details
    • $999,999
      7,000 SF

      Elizabeth Warehouse: Prime Location

      7,000 SF Warehouse, Ideal for Diverse Uses
      43 Spring St, Elizabeth, NJ 07201
      View Details
    • Contact for pricing
      0.21 Acres

      Downtown Elizabeth Office Space

      Prime Elizabeth location, ideal office space.
      1137 Jersey St, Elizabeth, NJ 07201
      View Details
    • $1,990,000
      13,000 SF

      Elizabeth Nightclub - Huge Potential

      Established Nightclub, Liquor License Included
      717 New Point Rd, Elizabeth, NJ 07201
      View Details
    • $1,595,000
      2,534 SF

      Profitable Restaurant & Mixed-Use Property

      Turnkey restaurant and income-producing apartment in a high-traffic location.
      945 Elizabeth Ave, Elizabeth, NJ 07201
      View Details
    • $950,000
      3,885 SF

      Renovated Mixed-Use Investment Opportunity

      Fully renovated mixed-use property in central Elizabeth, NJ with income potential.
      930 E Grand St, Elizabeth, NJ 07201
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      47,000 SF

      Elizabeth Warehouse: Industrial Space Available

      Prime Union County warehouse, flexible space options.
      1101 Jefferson Ave, Elizabeth, NJ 07201
      View Details
    • $16 SF/Yr
      143,756 SF

      Warehouse Space For Sublease

      50,000 SF warehouse space available for sublease.
      560 Bercik St, Elizabeth, NJ 07201
      View Details
    • $2,000 /Mo

      Spacious Apartment with Extra Room

      Two-bedroom apartment with extra room, updated features, convenient location.
      145 Smith St, Elizabeth, NJ 07201
      View Details
    • Contact for pricing
      171,128 SF

      Elizabeth Industrial Space For Lease

      171,128 SF industrial space available for lease in Elizabeth.
      561 Bay Ave, Elizabeth, NJ 07201
      View Details
    • Contact for pricing
      58,240 SF

      Modern Industrial Facility Near Port

      New construction industrial facility near Newark Liberty International Airport.
      585 Kapkowski Rd, Elizabeth, NJ 07201
      View Details
    • $2,500 /Mo

      Spacious Apartment with Fenced Backyard

      First-floor apartment with 3 bedrooms, backyard, near Route 1-9.
      1059 Lafayette St, Elizabeth, NJ 07201
      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.
    701-703 Monroe Ave, Unit 703
    Elizabeth, NJ 07201-1640
    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.