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Property profile & analytics
OFF-MARKET
Estimated value
$550,000
Commercial real estate
228 Ww Ave Ocean City, NJ 08226
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US59-1922700
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1950
Construction
TYPE NOT SPECIFIED
Total area
2,648 SF
Lot
0.1 ac (4,434 SF)
Zoning code
NB1
APN
08 00212-0000-00017
UPID
US59-1922700
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
$510k
CAP Approach
CAP
$365k
Comparable Approach
Comparable
$553k
Blend (final)
Blend
$550k
Owner & transaction history
Relax Holdings LLC · 3 yrs held
Relax Holdings LLC
since 2023
Last sale
$550,000
1 recorded transaction
Zoning & alternative use
NB1 · Ocean City, 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 City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Ocean City 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
$540,000
ML approach
$510,000
CAP Approach
CAP Return
Estimation
6%
$395,000
6.5%
$365,000
7%
$340,000
Blend value · Realmo final
$550k
Range $495k – $605k · ±10% · vs last sale $550k (Mar 8 2023)
Last sale anchor
$550k
Mar 8 2023
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
$208 / 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
$3,150
Tax year 2022
Assessed value
$306,100
Assessed 2023
Previous assessed
$306,100
+0.0% YoY
Effective rate
1.03%
On assessed value
Assessed land
$214,900
Assessed improvement
$91,200
Land market value
$214,900
Improvement market value
$91,200
Total market value
$306,100
Applied tax rate
8.0000
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
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
1950
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Units
1
Total area
2,648 SF
Lot
0.1 ac (4,434 SF)
Zoning code
NB1
APN
08 00212-0000-00017
UPID
US59-1922700
Jurisdiction
CAPE MAY
Zoning & alternative use
NB1 · Ocean City, NJZoning NB1 · permitted uses
NB1 · Ocean City, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1950
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Units
1
Lot
0.1 ac
Current owner
From public records · entity-resolved
Relax Holdings LLC
Entity
Mailing address
2131 SAWMILL LN, ALLENWOOD, NJ 08720-7032
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 8, 2023
$550,000
Relax Holdings LLC
Robert K Cardwell
Deed
$500,000 · Robert Cardwell
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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