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    212 3rd Ave Asbury Park, NJ 07712-6083
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    Property profile & analytics

    212 3rd Ave, Asbury Park, NJ 07712-6083

    View on Map
    • Residential income homes
    • 16,968 SF
    • 0.36 lot acres
    Off-Market
    Last Sale May 17, 2023
    $3,410,000
    Property ID
    US59-2024184
    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.
    Value Estimations
    $3,375,000
    Show details
    Cap Rate Potential
    8.5%
    Residential income homes
    Location Intelligence

    Current Use by Public Records

    • Residential income homes

    Property Details for 212 3rd Ave

    Year built
    1964
    Lot size
    0.36 lot acres
    Zone code
    WPRA
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    04 04003-0000-00003
    APU
    404003000000003

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 17, 2023 — K Hovnanians Aegean At Asbury Park K Hovnanians Aegean At Asbury Park Intrafamily Transfer · related —
    Jul 22, 2019 $3,410,000 212 3rd Ave LLC Seaview Properties Grant Deed $2.6M · Amboy Bk
    — — Jerry Birenz — Deed Of Trust · related $425k · Columbia Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,325,000
      ML approach
      $3,350,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,735,000
      6.5%
      $4,370,000
      7%
      $4,055,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,077,000
      Market price range: $3.73M - $5.09M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $4,485,000
      Current use
      COMMERCIAL (GENERAL)
      $4,325,000
      Change: -4% Conversion: Moderate
      OFFICE BUILDING
      $4,185,000
      Change: -7% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Asbury Park
    County
    Monmouth
    State
    New Jersey
    Longitude
    -74.0031
    Latitude
    40.2216
    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
    $33,181
    $1,640,100
    $1,657,500
    $3,297,600
    -
    $1,640,100
    $1,657,500
    $3,297,600

    Comparable in this City

    • Value Estimation
      $730,000
      3,939 SF

      303 8th Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      303 8th Ave, Asbury Park, NJ 07712-5252
      View Details
    • Value Estimation
      $920,000
      3,824 SF

      411 3rd Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      411 3rd Ave, Asbury Park, NJ 07712-6089
      View Details
    • Value Estimation by Request
      1,884 SF

      403 4th Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      403 4th Ave, Asbury Park, NJ 07712-9104
      View Details
    • Value Estimation
      $1,720,000
      6,576 SF

      1004 5th Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      1004 5th Ave, Asbury Park, NJ 07712-5000
      View Details
    • Value Estimation
      $515,000
      8,031 SF

      503 8th Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      503 8th Ave, Asbury Park, NJ 07712-5287
      View Details
    • Value Estimation
      $735,000
      4,193 SF

      1309 Langford St

      APARTMENT HOUSE (UNDER 5 UNITS)
      1309 Langford St, Asbury Park, NJ 07712-5055
      View Details

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      Luxury Condo Near the Ocean

      Well-maintained condo with ocean views, chef's kitchen, and parking.
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      Two structures offer flexibility in Asbury Park's growing market.
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      Asbury Park Three-Family Home

      Spacious three-family home near the beach and boardwalk.
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    Similar Nearby for Lease

    • Contact for pricing

      Spacious Apartment Near the Beach

      Bright, renovated 1BR apartment with utilities and garage included.
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      View Details
    • Contact for pricing
      3,534 SF

      Cookman Avenue Retail/Restaurant Space

      Vanilla box space suitable for bar or restaurant.
      614 Cookman Ave, Asbury Park, NJ 07712
      View Details
    • $15 SF/Yr

      Office Space in Sunset Park

      Office space available in Sunset Industrial Park for rent.
      1750 Brielle Ave, Ocean, NJ 07712
      View Details
    • $3,825 /Mo

      Prime Corner Commercial Space

      Corner commercial space in Asbury Park, ready for your business.
      1400 Main St, Asbury Park, NJ 07712
      View Details
    • Contact for pricing
      1,656 SF

      Ground Floor Storefront Office Space

      Prime visibility office space in Asbury Park's professional corridor.
      501 Grand Ave #103, Asbury Park, NJ 07712
      View Details
    • $2,450 /Mo
      880 SF

      Main Street Storefront in Asbury

      Renovated storefront space in historic building, close to beach.
      1408 Main St, Asbury Park, NJ 07712
      View Details
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    Asbury Park, NJ 07712-6083
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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.

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