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    999 Riverview Dr, Unit 2ND Paterson, NJ 07512
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    Property profile & analytics

    999 Riverview Dr, Unit 2ND Paterson, NJ 07512

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    • Commercial real estate
    • 50,144 SF
    • 3.02 lot acres
    For Lease
    $22 SF/Yr
    View Listing →
    Accessible Office Space for Rent For Lease
    $22 SF/Yr

    Accessible Office Space for Rent

    Easily accessible office space in a commercial hub.

    999 Riverview Drive 2nd Floor, Paterson, NJ 7512
    View Listing
    Property ID
    US59-1605392
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 999 Riverview Dr

    Year built
    1990
    Lot size
    3.02 lot acres
    Property size
    50,144 SF
    Property type
    Commercial real estate
    APN
    12 00166- 04-00001
    APU
    12001660400001

    Description

    This exceptional Class A office space at 999 Riverview Drive, 2nd Floor, Totowa, NJ 07512, offers a variety of flexible workspace solutions. Located in Passaic County, this contemporary building boasts 13,503 total square feet, with 5,970 square feet currently vacant. The property features 350 suites, offering spaces ranging from a minimum of 10 square feet to a maximum contiguous space of 1,300 square feet, perfect for businesses of all sizes. Multiple tenancy options are available. The building underwent renovations in 2019 and includes modern amenities such as elevators. Its prime location provides easy access to a commercial hub, less than 30 minutes from Newark International Airport and Jersey City, ideal for attracting both local and international clients. The building is surrounded by landscaped gardens and is conveniently located near parks and restaurants. This property is perfect for businesses seeking a modern, well-maintained, and easily accessible office space in a vibrant location. The property type includes Executive Office, Coworking, and Creative Office spaces.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,739,000
      Market price range: $2.26M - $7.03M

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

    Location Insight

    • Map
    • Local Demand
    City
    Totowa
    County
    Passaic
    State
    New Jersey
    Longitude
    -74.2404
    Latitude
    40.9094
    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
    $160,908
    $2,947,400
    $3,652,600
    $6,600,000
    -
    $2,947,400
    $3,652,600
    $6,600,000

    Comparable in this City

    • Value Estimation
      $2,250,000
      19,378 SF

      754 Totowa Rd

      COMMERCIAL (GENERAL) • 19,378 SF
      754 Totowa Rd, Totowa, NJ 07512-1507
      View Details
    • Value Estimation
      $1,040,000
      7,742 SF

      131 Un Blvd

      COMMERCIAL (GENERAL) • 7,742 SF
      131 Un Blvd, Totowa, NJ 07512
      View Details
    • Value Estimation
      $1,590,000
      11,100 SF

      69 Un Blvd

      COMMERCIAL (GENERAL) • 11,100 SF
      69 Un Blvd, Totowa, NJ 07512
      View Details
    • Value Estimation
      $4,955,000
      24,200 SF

      465 Us Hwy 46

      COMMERCIAL (GENERAL) • 24,200 SF
      465 Us Hwy 46, Totowa, NJ 07512-1840
      View Details
    • Value Estimation
      $7,165,000
      35,010 SF

      255 Us Hwy 46

      COMMERCIAL (GENERAL) • 35,010 SF
      255 Us Hwy 46, Totowa, NJ 07512-1900
      View Details
    • Value Estimation
      $12,660,000
      140,095 SF

      12 Vreeland Ave

      COMMERCIAL (GENERAL) • 140,095 SF
      12 Vreeland Ave, Totowa, NJ 07512-1121
      View Details

    Similar Nearby for Sale

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      2,009 SF

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      High-visibility office building suitable for diverse professional and commercial activities.
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    • New
      $1,049,000
      2,500 SF

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      Office building for sale in Totowa Boro, New Jersey.
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      View Details
    • $749,000

      Totowa Office Building For Sale

      Two-story office building in Totowa with flexible zoning.
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    • Contact for pricing
      45,800 SF

      Flex R&D Space Available

      Flex R&D space for lease in Totowa Technology Campus.
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      View Details

    Similar Nearby for Lease

    • $1,450 /Mo

      Totowa Office Space For Lease

      800 sqft office space in a prime Totowa location.
      418 Union Blvd, Totowa Boro, NJ 07512
      View Details
    • $2,000 /Mo

      Totowa First-Floor Office Space

      First-floor office space in Totowa with high visibility.
      410 Union Blvd, Totowa Boro, NJ 07512
      View Details
    • Contact for pricing

      Newly Built Second Floor Apartment

      Recently completed second-floor apartment with washer and dryer included.
      77 Shepherds Ln, Totowa, NJ 07512
      View Details
    • Contact for pricing

      Accessible Office Space for Rent

      Easily accessible office space in a commercial hub.
      999 Riverview Dr, Paterson, NJ 07512
      View Details
    • Contact for pricing
      2,400 SF

      Retail and Professional Offices Available

      Retail and professional office spaces for lease in Totowa, NJ.
      79 Union Blvd, Totowa, NJ 07512
      View Details
    • New
      $1,600 /Mo
      3,920 SF

      Commercial Space in Totowa

      Office or retail space in a busy Totowa location.
      Totowa Boro, NJ 07512
      View Details
    View Listing
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    Paterson, NJ 07512
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    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
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