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Property profile & analytics
OFF-MARKET
Estimated value
$15,335,000
Residential income homes
222 Groveland Ave Somers Point, NJ 08244
Entity Owned
4-yr Hold
Free & Clear
Property ID
US59-1062856
Property profile
Verified
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Year built
1972
Construction
BRICK
Lot
4.43 ac (193,088 SF)
Zoning code
R-MF
APN
21 00915-0000-00001
UPID
US59-1062856
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
-
Groveland Manor Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$11.74M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$15.34M
Owner & transaction history
Groveland Manor 2022 LLC · 4 yrs held
Groveland Manor 2022 LLC
since 2022
Last sale
$15.5M
3 recorded transactions
Zoning & alternative use
R-MF · Somers Point, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
-12 Area and bulk requirements. § 114-13 Exceptions to area and bulk requirements. § 114-14 Projections into required yards. § 114-15 Landscaping; fences and walls. § 114-16 Off-street parking. § 114-17 Signs. Article V R-MF Multifamily Residential District § 114-18 Intent; applicable regulations. § 114-19 Permitted uses. § 114-20 Area and bulk requirements.…
Zone name
Residential Multifamily
General category
RESIDENTIAL
Zone area
85.44 ac
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 Somers Point submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Somers Point 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
$18,650,000
ML approach
$11,735,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$15.34M
Range $13.80M – $16.87M · ±10% · vs last sale $15.48M (May 5 2022)
Last sale anchor
$15.48M
May 5 2022
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
—
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
$155,924
Tax year 2022
Assessed value
$6,000,000
Assessed 2023
Previous assessed
$6,000,000
+0.0% YoY
Effective rate
2.60%
On assessed value
Assessed land
$1,560,000
Assessed improvement
$4,440,000
Land market value
$1,560,000
Improvement market value
$4,440,000
Total market value
$6,000,000
Applied tax rate
21.0000
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
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Status
Off-Market
Year built
1972
Construction
BRICK
Heating
NONE
Stories
2
Units
1
Lot
4.43 ac (193,088 SF)
Zoning code
R-MF
APN
21 00915-0000-00001
UPID
US59-1062856
Jurisdiction
ATLANTIC
Zoning & alternative use
R-MF · Somers Point, NJZoning R-MF · permitted uses
R-MF · Somers Point, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
-12 Area and bulk requirements. § 114-13 Exceptions to area and bulk requirements. § 114-14 Projections into required yards. § 114-15 Landscaping; fences and walls. § 114-16 Off-street parking. § 114-17 Signs. Article V R-MF Multifamily Residential District § 114-18 Intent; applicable regulations. § 114-19 Permitted uses. § 114-20 Area and bulk requirements. § 114-21 Area and bulk requirements for two-family dwellings. § 114-22 Exceptions t
Zone name
Residential Multifamily
General category
RESIDENTIAL
Zone area
85.44 ac
Building & site characteristics
From public records
Year built
1972
Construction
BRICK
Heating
NONE
Stories
2
Units
1
Lot
4.43 ac
Current owner
From public records · entity-resolved
Groveland Manor 2022 LLC
Entity
Free & Clear · 4 yrs held
Mailing address
PO BOX 958, LAKEWOOD, NJ 08701-0958
Ownership since
2022
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
May 5, 2022
$15,480,000
Groveland Manor 2022 LLC
Groveland Manor Apartments LLC
Deed
—
Dec 6, 2006
$1
Groveland Manor Apartments LLC
Trocki,ira M & Shari L
Quit Claim Deed
related
$6,250,000 · Principal Life Insurance Co
—
—
Groveland Manor Apartments LLC
—
Deed Of Trust
related
$7,000,000 · Sturdy Savings 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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