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Property profile & analytics
OFF-MARKET
Estimated value
$16,715,000
Hotels
1 Convent Rd Morristown, NJ 07960-6922
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US59-1651616
Property profile
Verified
Property type
Hotels
Use group
HOTEL
Year built
1986
Total area
176,432 SF
Lot
8.04 ac (350,222 SF)
Zoning code
OL-5
APN
22 08404-0000-00006
UPID
US59-1651616
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Timbers Inc Hotel & Motel Bed & Breakfast
-
Rod's Steak & Seafood Grille Restaurant
-
GK's Red Dog Tavern Restaurant
-
The Madison Hotel Morristown, NJ Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$10.93M
CAP Approach
CAP
$15.15M
Comparable Approach
Comparable
$14.17M
Blend (final)
Blend
$16.72M
Owner & transaction history
Chc Madison Project Owner LLC · 3 yrs held
Chc Madison Project Owner LLC
since 2022
Last sale
$16.9M
3 recorded transactions
Zoning & alternative use
OL-5 · Morristown, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$20.1M
+56.9%
Industrial (general)
$18.7M
+45.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Morristown submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Morristown submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$20,445,000
ML approach
$10,925,000
CAP Approach
CAP Return
Estimation
6%
$16,405,000
6.5%
$15,145,000
7%
$14,065,000
Alternative Use
Use
Estimation
HOTEL/MOTEL
$12,805,000
Current use
COMMERCIAL (GENERAL)
$20,090,000
Change: +57% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$18,650,000
Change: +46% · Conversion: Difficult
Blend value · Realmo final
$16.72M
Range $15.04M – $18.39M · ±10% · vs last sale $16.91M (Aug 4 2022)
Last sale anchor
$16.91M
Aug 4 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$95 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$414,036
Tax year 2022
Assessed value
$21,200,000
Assessed 2023
Previous assessed
$21,200,000
+0.0% YoY
Effective rate
1.95%
On assessed value
Assessed land
$4,020,000
Assessed improvement
$17,180,000
Land market value
$4,020,000
Improvement market value
$17,180,000
Total market value
$21,200,000
Applied tax rate
22.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Hotels
Use group
HOTEL
Status
Off-Market
Year built
1986
Heating
NONE
Units
1
Total area
176,432 SF
Lot
8.04 ac (350,222 SF)
Zoning code
OL-5
APN
22 08404-0000-00006
UPID
US59-1651616
Jurisdiction
MORRIS
Metro division
NEWARK-UNION, NJ-PA METROPOLITAN DIVISION
Zoning & alternative use
OL-5 · Morristown, NJZoning OL-5 · permitted uses
OL-5 · Morristown, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$12.8M
COMMERCIAL (GENERAL)
Est. value
$20.1M
INDUSTRIAL (GENERAL)
Est. value
$18.7M
HOTEL/MOTEL Current
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1986
Heating
NONE
Units
1
Lot
8.04 ac
Current owner
From public records · entity-resolved
Chc Madison Project Owner LLC
Entity
Mailing address
1 CONVENT RD, MORRISTOWN, NJ 07960-6922
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 4, 2022
$16,907,000
Chc Madison Project Owner LLC
The Timbers INC
Deed
$15,000,000 · Georgia Banking Co
Aug 21, 2017
—
Timbers INC
—
Deed
related
$14,950,000 · Provident Bk
—
—
Timbers INC
—
Deed Of Trust
related
$14,950,000 · Provident Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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