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Property profile & analytics
OFF-MARKET
Hotels
20 Pitman Ave Ocean Grove, NJ 07756-1623
Entity Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US59-1383266
Property profile
Verified
Property type
Hotels
Use group
HOTEL
Year built
1910
Total area
8,746 SF
Lot
0.07 ac (2,940 SF)
Zoning code
HD-O
APN
35 00146-0000-00002
UPID
US59-1383266
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
-
Pitman Place at Ocean Grove Bed & Breakfast Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Pitman Acquisition LLC · 3 yrs held
Pitman Acquisition LLC
since 2023
2 recorded transactions
Zoning & alternative use
HD-O · Ocean Grove, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Ocean Grove submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ocean Grove 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
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 2023Property tax & assessments
Tax year 2023
Tax billed
$15,292
Tax year 2023
Assessed value
$956,800
Assessed 2024
Previous assessed
$956,800
+0.0% YoY
Effective rate
1.60%
On assessed value
Assessed land
$620,400
Assessed improvement
$336,400
Land market value
$620,400
Improvement market value
$336,400
Total market value
$956,800
Applied tax rate
35.0000
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
1910
Heating
NONE
Buildings
1
Stories
4
Rooms
16
Total area
8,746 SF
Lot
0.07 ac (2,940 SF)
Zoning code
HD-O
APN
35 00146-0000-00002
UPID
US59-1383266
Jurisdiction
MONMOUTH
Metro division
EDISON, NJ METROPOLITAN DIVISION
Zoning & alternative use
HD-O · Ocean Grove, NJ
Zoning HD-O · permitted uses
HD-O · Ocean Grove, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Ocean Grove. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1910
Heating
NONE
Stories
4
Buildings
1
Rooms
16
Lot
0.07 ac
Current owner
From public records · entity-resolved
Pitman Acquisition LLC
Entity
Mailing address
225 CROSSWAYS PARK DR, WOODBURY, NY 11797-2083
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 16, 2023
—
Pitman Acquisition LLC
—
Deed
related
$450,000 · Lakeland Bank
Sep 21, 2021
—
20 Pitman Acquisition LLC
—
Deed
related
$700,000 · 1st Constitution Bank
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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