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Property profile & analytics
OFF-MARKET
Estimated value
$16,555,000
Hotels
2 Whippany Rd Morristown, NJ 07960-4768
Entity Owned
18-yr Hold
Free & Clear
Property ID
US59-0069846
Property profile
Verified
Property type
Hotels
Use group
HOTEL
Year built
1963
Construction
BRICK
Total area
184,675 SF
Lot
7.2 ac (313,632 SF)
Zoning code
OL-5
APN
22 10001-0000-00006
UPID
US59-0069846
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
-
Blue Morel Restaurant and Wine Bar Restaurant
-
The Westin Governor Morris, Morristown Wedding Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$15.86M
Comparable Approach
Comparable
$17.26M
Blend (final)
Blend
$16.56M
Owner & transaction history
Grand Prix Morristown LLC · 18 yrs held
Grand Prix Morristown LLC
since 2007
7 recorded transactions
Zoning & alternative use
OL-5 · Morristown, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$21.0M
+56.9%
Industrial (general)
$19.5M
+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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$17,175,000
6.5%
$15,855,000
7%
$14,720,000
Alternative Use
Use
Estimation
HOTEL/MOTEL
$13,400,000
Current use
COMMERCIAL (GENERAL)
$21,030,000
Change: +57% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$19,525,000
Change: +46% · Conversion: Difficult
Blend value · Realmo final
$16.56M
Range $14.90M – $18.21M · ±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
$90 / 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
$504,378
Tax year 2022
Assessed value
$25,825,800
Assessed 2023
Previous assessed
$25,825,800
+0.0% YoY
Effective rate
1.95%
On assessed value
Assessed land
$3,600,000
Assessed improvement
$22,225,800
Land market value
$3,600,000
Improvement market value
$22,225,800
Total market value
$25,825,800
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
1963
Construction
BRICK
Heating
NONE
Stories
5
Units
1
Total area
184,675 SF
Lot
7.2 ac (313,632 SF)
Zoning code
OL-5
APN
22 10001-0000-00006
UPID
US59-0069846
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
$13.4M
COMMERCIAL (GENERAL)
Est. value
$21.0M
INDUSTRIAL (GENERAL)
Est. value
$19.5M
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
1963
Construction
BRICK
Heating
NONE
Stories
5
Units
1
Lot
7.2 ac
Current owner
From public records · entity-resolved
Grand Prix Morristown LLC
Entity
Free & Clear · 18 yrs held
Mailing address
545 E JOHN CARPENTER FWY STE #1400, IRVING, TX 75062-3933
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 18, 2019
—
Grand Prix Morristown LLC
—
Deed
related
$755,000,000 · Morgan Stanley Bk
May 17, 2017
—
Grand Prix Morristown LLC
—
Trust Deed
related
$754,000,000 · Morgan Stanley Bk
Jul 30, 2007
—
Grand Prix Morristown LLC
Innkeepers Morristown LLC
Grant Deed
—
May 24, 2005
$29,900,000
Innkeepers Morristown LLC
Morris Hospitality LLC
Grant Deed
related
—
—
—
Grand Prix Morristown LLC
—
Deed Of Trust
related
$575,000,000 · Jp Morgan Chase Bank NA
—
—
Grand Prix Morristown LLC
—
Deed Of Trust
related
—
—
—
Grand Prix Morristown LLC
—
Deed Of Trust
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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