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

    921-923 Elizabeth Ave, Unit 923 Elizabeth, NJ 07201-2991

    • Office buildings
    • 31,665 SF
    OFF-MARKET
    Last Sale
    Mar 17, 2023
    $6,367,549
    Value Estimations
    $6,065,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-0784105
    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 921-923 Elizabeth Ave

    Year built
    2003
    Property size
    31,665 SF
    Property type
    Office buildings
    APN
    04 00555-0000-00045
    APU
    400555000000045

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,805,000
      ML approach
      $5,715,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,827,000
      Market price range: $3.83M - $7.81M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $6,050,000
      Current use
      COMMERCIAL (GENERAL)
      $7,135,000
      Change: +18% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $5,480,000
      Change: -9% Conversion: Difficult
      RESTAURANT
      $5,285,000
      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
    -74.2058
    Latitude
    40.6601
    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
    $97,719
    $26,100
    $273,900
    $300,000
    -
    $26,100
    $273,900
    $300,000

    Comparable in this City

    • Value Estimation by Request
      1,760,000 SF

      39 Broad St, Unit 49

      OFFICE BUILDING • 1,760,000 SF
      39 Broad St, Elizabeth, NJ 07201-2205
      View Details
    • Value Estimation
      $875,000
      12,378 SF

      813-815 Elizabeth Ave, Unit 815

      OFFICE BUILDING • 12,378 SF
      813-815 Elizabeth Ave, Elizabeth, NJ 07201-2708
      View Details
    • Value Estimation
      $575,000
      7,786 SF

      953-955 Elizabeth Ave, Unit 955

      OFFICE BUILDING • 7,786 SF
      953-955 Elizabeth Ave, Elizabeth, NJ 07201-2645
      View Details
    • Value Estimation
      $2,535,000
      14,116 SF

      722 Division St, Unit 734

      OFFICE BUILDING • 14,116 SF
      722 Division St, Elizabeth, NJ 07201-2005
      View Details
    • Value Estimation
      $705,000
      9,720 SF

      149-151 Jefferson Ave, Unit 151

      OFFICE BUILDING • 9,720 SF
      149-151 Jefferson Ave, Elizabeth, NJ 07201-2423
      View Details
    • Value Estimation by Request
      680 SF

      223-225 Jefferson Ave, Unit 225

      OFFICE BUILDING • 680 SF
      223-225 Jefferson Ave, Elizabeth, NJ 07201-2402
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.21 Acres

      Elizabeth Office Space: Prime Location

      Spacious Office, High Ceilings, Abundant Light
      6 Caldwell Pl, Elizabeth, NJ 07201
      View Details
    • $1,399,000
      1,500 SF

      Downtown Elizabeth Mixed-Use Property

      1,500 SF space in downtown Elizabeth near train station.
      233 Broad 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
    • $1,500,000

      Mixed-Use Building with Four Units

      Four-unit mixed-use building with apartments and bakeries in Opportunity Zone.
      1166 E Jersey St, Elizabeth, NJ 07201
      View Details
    • $1,050,000

      New Construction Two-Family Home

      New construction duplex with warranty and tax abatement.
      164 Jacques St, Elizabeth, NJ 07201
      View Details
    • $1,800,000
      4,950 SF

      Renovated Six-Unit Multifamily Building

      Turnkey six-unit building fully renovated in 2023.
      167 Smith St, Elizabeth, NJ 07201
      View Details

    Similar Nearby for Lease

    • $3,000 /Mo

      Spacious Second-Floor Office/Religious Space

      Versatile second-floor space with natural light, suitable for various uses.
      6 Caldwell Pl, Elizabeth, NJ 07201
      View Details
    • $16 SF/Yr
      50,000 SF

      Industrial Space with Office Component

      50,000 SF industrial space with office in Elizabeth, NJ.
      670-708 Dowd Ave, Elizabeth, NJ 07201
      View Details
    • Contact for pricing
      2,827 SF

      Newly Renovated Elizabeth Office Space

      Available office space in a newly renovated building.
      800 Woodruff Ln, Elizabeth, NJ 07201
      View Details
    • $4,000 /Mo
      2,614 SF

      Elizabeth Avenue Storefront For Rent

      High-visibility retail or office space in Elizabeth's business district.
      905 Elizabeth Ave, Elizabeth, NJ 07201
      View Details
    • $2,000 /Mo

      Retail/Office Space in Elizabeth

      Retail or office space for lease in revitalized Elizabeth.
      708 E Jersey St, Elizabeth, NJ 07201
      View Details
    • Contact for pricing
      1,348 SF

      Office Space in Elizabeth, NJ

      Office spaces available for lease in Elizabeth, New Jersey.
      1201 Corbin 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.
    921-923 Elizabeth Ave, Unit 923
    Elizabeth, NJ 07201-2991
    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.