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Property profile & analytics
OFF-MARKET
Estimated value
$6,185,000
Office buildings
2 Paragon Way Freehold, NJ 07728-7897
Individually Owned
9-yr Hold
Absentee Owner
Free & Clear
Property ID
US59-0051151
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1988
Total area
45,225 SF
Lot
5.74 ac (250,034 SF)
Zoning code
LI-3
APN
17 00072- 11-00001- 02
UPID
US59-0051151
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$6.46M
Blend (final)
Blend
$6.19M
Owner & transaction history
Willowbrook Paragon Mantrose L · 9 yrs held
Willowbrook Paragon Mantrose L
since 2016
3 recorded transactions
Zoning & alternative use
LI-3 · Freehold, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$9.3M
+13.9%
Commercial (general)
$9.2M
+12.8%
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 Freehold submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Freehold 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$8,185,000
Current use
INDUSTRIAL (GENERAL)
$9,320,000
Change: +14% · Conversion: Difficult
COMMERCIAL (GENERAL)
$9,230,000
Change: +13% · Conversion: Easy
Blend value · Realmo final
$6.19M
Range $5.57M – $6.80M · ±10%
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
$137 / 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
$76,258
Tax year 2022
Assessed value
$4,007,200
Assessed 2023
Previous assessed
$4,007,200
+0.0% YoY
Effective rate
1.90%
On assessed value
Assessed land
$2,583,000
Assessed improvement
$1,424,200
Land market value
$2,583,000
Improvement market value
$1,424,200
Total market value
$4,007,200
Applied tax rate
17.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1988
Heating
NONE
Buildings
1
Total area
45,225 SF
Lot
5.74 ac (250,034 SF)
Zoning code
LI-3
APN
17 00072- 11-00001- 02
UPID
US59-0051151
Jurisdiction
MONMOUTH
Metro division
EDISON, NJ METROPOLITAN DIVISION
Zoning & alternative use
LI-3 · Freehold, NJ
Zoning LI-3 · permitted uses
LI-3 · Freehold, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Freehold. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$8.2M
INDUSTRIAL (GENERAL)
Est. value
$9.3M
COMMERCIAL (GENERAL)
Est. value
$9.2M
OFFICE BUILDING Current
INDUSTRIAL (GENERAL)
COMMERCIAL (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
1988
Heating
NONE
Buildings
1
Lot
5.74 ac
Current owner
From public records · entity-resolved
Willowbrook Paragon Mantrose L
Individual
Free & Clear · 9 yrs held
Mailing address
685 RIV AVE, LAKEWOOD, NJ 08701-5288
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2016
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
Jan 23, 2019
—
Willowbrook Paragon Mantrose L
—
Grant Deed
related
$15,000,000 · Td Bk NA
Nov 15, 2016
$2,945,000
Willowbrook Paragon Mantrose L
2 Paragon Realty LLC
Grant Deed
—
Nov 21, 1998
$3,875,000
Freehold Two Paragon
Two Paragon Way
Grant Deed
related
—
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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