Broker opinion of value vs. appraisal
A broker opinion of value is a broker’s estimate of the price your property would bring, based on rents, cap rates and comparable sales. An appraisal is a formal valuation by a licensed appraiser, usually required by lenders. A BOV is faster and helps you decide whether to sell, lease or refinance.
Inputs we use
Market rent: Newmark 3Q 2026 submarket asking rents. Source
Cap rate and price per foot: Matthews Q3 2026, 6.36% and $214/SF. Source
Your building: size, clear height, loading, power, lot, condition, tenancy and taxes.
Northern NJ asking rents by submarket
Northern NJ overall: $16.36/SF average asking rent, NNN; 5.7% vacancy; 317.4 million SF of inventory (Newmark, 3Q 2026). Source
Bergen Central (Bergen County area): $16.58/SF average asking rent, NNN; 7.1% vacancy. Source
Bergen Northeast (Bergen County area): $13.77/SF average asking rent, NNN; 1.9% vacancy. Source
Bergen Northwest (Bergen County area): $15.77/SF average asking rent, NNN; 4.7% vacancy. Source
Newark (Essex County area): $18.37/SF average asking rent, NNN; 4.7% vacancy. Source
Route 280/Suburban Essex (Essex County area): $15.95/SF average asking rent, NNN; 5.3% vacancy. Source
Hudson Waterfront (Hudson County area): $19.50/SF average asking rent, NNN; 8.4% vacancy. Source
Meadowlands (Hudson County area): $17.78/SF average asking rent, NNN; 5.6% vacancy. Source
Morris East (Morris County area): $16.94/SF average asking rent, NNN; 6.8% vacancy. Source
Morris West (Morris County area): $17.14/SF average asking rent, NNN; 6.6% vacancy. Source
Paterson/Passaic (Passaic County area): $14.17/SF average asking rent, NNN; 5.7% vacancy. Source
Route 46/23 Corridor (Passaic County area): $14.02/SF average asking rent, NNN; 4.1% vacancy. Source
Linden/Elizabeth (Union County area): $17.38/SF average asking rent, NNN; 6.3% vacancy. Source
Union Central (Union County area): $14.77/SF average asking rent, NNN; 3.6% vacancy. Source
Frequently asked questions
How is commercial property value estimated?
Usually by the income approach (net operating income divided by a cap rate), cross-checked against comparable sales per square foot.
Is the online estimate accurate?
No automated estimate is precise. It uses averages, so treat it as a starting point and get a broker opinion of value for decisions.
What does a broker opinion of value cost?
Ask AcreX during the consultation. Pricing is not published here.
Talk to AcreX
Book a consultation with Jonathan Libock · Call (201) 694-6463 · AcreX Commercial Real Estate, 307 Bloomfield Ave, Caldwell, NJ 07006
