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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    151 Bodman Pl Red Bank, NJ 07701

    • Office buildings
    • 29,178 SF
    • 1.15 lot acres
    For Lease
    View listing
    Last Sale
    Apr 27, 2020
    $6,200,000
    Value Estimations
    $7,530,000
    Cap Rate Potential
    6.2%
    Office buildings
    Location Intelligence
    Property ID
    US59-1133854
    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

    • Navesink Investment LLC / Investment Service
    • Lynn Occhipinti, LLP. / Law Firm
    • Monmouth County NJ Divorce Mediator and Attorney, Family Law--Anna Mae Perillo, Esq. / Law Firm / Estate Planning Attorney
    • Sunnymeath Asset Management / Business Management Consultant
    • FedEx Drop Box / Mailing Service

    Property Details for 151 Bodman Pl

    Year built
    1982
    Lot size
    1.15 lot acres
    Property size
    29,178 SF
    Zone code
    WD
    Property type
    Office buildings
    APN
    39 00003-0000-00001- 01
    APU
    390000300000000101

    Description

    The Coastal Building, located at 151 Bodman Place in Red Bank, New Jersey (zip code 07701), offers exceptional executive and traditional office spaces. This Monmouth County property boasts a total of 29,178 square feet, currently 100% occupied with multiple tenants. The building provides a range of suite sizes, accommodating businesses seeking spaces from 512 square feet to 3,900 square feet. The address is conveniently situated in Red Bank, offering easy access to local amenities and transportation. The building's classification as both executive and traditional office space caters to a diverse range of professional needs, providing a flexible and adaptable environment for various business models. This prime location in Monmouth County, New Jersey, presents a unique opportunity for businesses seeking a well-established and highly sought-after office space. The building's current occupancy reflects its desirability and the high quality of its offerings. Interested parties are encouraged to inquire about leasing opportunities. The building's precise layout and specific amenities are available upon request. This is a fully occupied building, presenting a strong investment opportunity for those seeking a stable and well-located commercial property. Further details regarding lease terms and conditions can be provided upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,690,000
      ML approach
      $7,560,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,935,000
      6.5%
      $7,325,000
      7%
      $6,805,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,400,000
      Market price range: $5.07M - $10.6M
      AI Estimate
      $5,234,000
      Market price range: $1.33M - $8.66M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $7,195,000
      Current use
      COMMERCIAL (GENERAL)
      $8,680,000
      Change: +21% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $7,710,000
      Change: +7% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $6,015,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Red Bank
    County
    Monmouth
    State
    New Jersey
    Longitude
    -74.0755
    Latitude
    40.355
    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
    $134,475
    $1,595,000
    $5,421,000
    $7,016,000
    -
    $1,595,000
    $5,421,000
    $7,016,000

    Comparable in this City

    • Value Estimation
      $505,000
      12,000 SF

      68 Monmouth St

      OFFICE BUILDING • 12,000 SF
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      View Details
    • Value Estimation
      $595,000
      14,235 SF

      1 Executive Dr

      OFFICE BUILDING • 14,235 SF
      1 Executive Dr, Tinton Falls, NJ 07701-4933
      View Details
    • Value Estimation
      $575,000
      17,235 SF

      628 Shrewsbury Ave

      OFFICE BUILDING • 17,235 SF
      628 Shrewsbury Ave, Tinton Falls, NJ 07701-4932
      View Details
    • Value Estimation
      $485,000
      16,650 SF

      73 Broad St

      OFFICE BUILDING • 16,650 SF
      73 Broad St, Red Bank, NJ 07701-1950
      View Details
    • Value Estimation
      $1,080,000
      54,356 SF

      55 Gilbert St

      OFFICE BUILDING • 54,356 SF
      55 Gilbert St, Tinton Falls, NJ 07701-4955
      View Details
    • Value Estimation
      $440,000
      7,812 SF

      709 Sycamore Ave

      OFFICE BUILDING • 7,812 SF
      709 Sycamore Ave, Red Bank, NJ 07701-4946
      View Details

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    • Contact for pricing

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    • Contact for pricing
      29,178 SF

      Red Bank Executive Office Space

      Prestigious Office Suites in Red Bank, NJ
      151 Bodman Pl, Red Bank, NJ 07701
      View Details
    • $625 /Mo

      Renovated Office Space Available

      Renovated office suite in Red Bank, utilities included.
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    151 Bodman Pl
    Red Bank, NJ 07701
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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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