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

    940 Main Ave Passaic, NJ 07055

    • Commercial real estate
    • 2,975 SF
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    Aug 01, 2022
    $478,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-0339714
    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 940 Main Ave

    Construction
    BRICK
    Lot size
    0.19 lot acres
    Property size
    2,975 SF
    Zone code
    U
    Property type
    Commercial real estate
    APN
    07 04103- 01-00019
    APU
    7041030100019

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Passaic
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.1335
    Latitude
    40.8694
    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
    $13,726
    $231,100
    $122,300
    $353,400
    -
    $231,100
    $122,300
    $353,400

    Comparable in this City

    • Value Estimation by Request
      0.23 Acres

      278 Monroe St

      COMMERCIAL (GENERAL) • 0.23 Acres
      278 Monroe St, Passaic, NJ 07055-5208
      View Details
    • Value Estimation by Request

      204 Monroe St

      COMMERCIAL (GENERAL)
      204 Monroe St, Passaic, NJ 07055-5949
      View Details
    • Value Estimation by Request

      172 Monroe St

      COMMERCIAL (GENERAL)
      172 Monroe St, Passaic, NJ 07055
      View Details
    • Value Estimation by Request

      80 Passaic Ave, Unit 96

      COMMERCIAL (GENERAL)
      80 Passaic Ave, Passaic, NJ 07055-4860
      View Details
    • Value Estimation by Request
      0.01 Acres

      269-271 Passaic St, Unit 271

      COMMERCIAL (GENERAL) • 0.01 Acres
      269-271 Passaic St, Passaic, NJ 07055
      View Details
    • Value Estimation by Request
      0.49 Acres

      15-31 Central Ave

      COMMERCIAL (GENERAL) • 0.49 Acres
      15-31 Central Ave, Passaic, NJ 07055-8409
      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
    • $127,000

      Prime Passaic Retail Space

      High-potential retail space in Passaic, NJ
      54 Exchange Pl, Passaic, NJ 07055
      View Details
    • $1,425,000
      6,000 SF

      Renovated Multifamily Building in Passaic

      Fully renovated 6-unit building with strong cash flow potential.
      109 10Th St, Passaic, NJ 07055
      View Details
    • $649,000

      Renovated Two-Family Home

      Newly renovated two-family home with modern apartments.
      262 Sherman St, Passaic, NJ 07055
      View Details
    • $849,999

      Oversized Lot in Residential Neighborhood

      Oversized lot with development potential in a residential neighborhood.
      247 Hope Ave, Passaic, NJ 07055
      View Details
    • $150,000

      Passaic Park Studio Apartment

      Studio apartment in Passaic Park, near transportation and amenities.
      5-13 Ascension St, Passaic, NJ 07055
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      36,000 SF

      Prime Passaic Medical Office Space

      3,300 SF Vacant Medical Office in Passaic, NJ
      615 Main Ave, Passaic, NJ 07055
      View Details
    • $4,042,580
      4,490 SF

      Passaic Office Space For Rent

      Office space available for lease in Passaic, New Jersey.
      145 Main Ave, Passaic, NJ 07055
      View Details
    • Contact for pricing
      13,000 SF

      Industrial Space with Included Utilities

      13,000 sq ft industrial space for lease, utilities included.
      9 Falstrom Ct, Passaic, NJ 07055
      View Details
    • Contact for pricing
      2,400 SF

      Passaic Office Space Available

      2400 square feet of office space for rent.
      23 Howe Ave, Passaic, NJ 07055
      View Details
    • Contact for pricing
      13,850 SF

      Commercial Kitchen and Warehouse Space

      13,850 SF commercial space with kitchen, office, and warehouse.
      90 Dayton Ave, Passaic, NJ 07055
      View Details
    • $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
    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.
    940 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.