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Property profile & analytics
FOR LEASE
Industrial properties
2323 Randolph Ave Avenel, NJ 07001
Entity Owned
10-yr Hold
Absentee Owner
Free & Clear
Property ID
US59-1915062
For Lease
1 / 2
$5,620,000
2323 Randolph Ave, Avenel, NJ 07001
View Listing →
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1971
Total area
31,182 SF
Lot
4.72 ac (205,560 SF)
Zoning code
M-1
APN
25 00912-0000-00028
UPID
US59-1915062
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
-
Rhenus Logistics Freight Service Logistics Company
-
Society of Marine Port Engineer Ny Charitable Organization Social Service Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$5.39M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$5.62M
Owner & transaction history
Ipt Turnpike Ic LLC · 10 yrs held
Ipt Turnpike Ic LLC
since 2016
1 recorded transaction
Zoning & alternative use
M-1 · Avenel, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$8.5M
+22.8%
Apartment house (5+ units)
$7.7M
+10.7%
Commercial (general)
$7.0M
+0.7%
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 Avenel submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Avenel 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%
$5,835,000
6.5%
$5,385,000
7%
$5,000,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$6,940,000
Current use
OFFICE BUILDING
$8,525,000
Change: +23% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$7,685,000
Change: +11% · Conversion: Difficult
COMMERCIAL (GENERAL)
$6,990,000
Change: +1% · Conversion: Difficult
Blend value · Realmo final
$5.62M
Range $5.06M – $6.18M · ±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
$180 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$183,078
Tax year 2023
Assessed value
$1,561,700
Assessed 2024
Previous assessed
$1,561,700
+0.0% YoY
Effective rate
11.72%
On assessed value
Assessed land
$472,000
Assessed improvement
$1,089,700
Land market value
$472,000
Improvement market value
$1,089,700
Total market value
$1,561,700
Applied tax rate
25.0000
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
For Lease
Year built
1971
Heating
NONE
Units
1
Total area
31,182 SF
Lot
4.72 ac (205,560 SF)
Zoning code
M-1
APN
25 00912-0000-00028
UPID
US59-1915062
Jurisdiction
MIDDLESEX
Metro division
EDISON, NJ METROPOLITAN DIVISION
Zoning & alternative use
M-1 · Avenel, NJ
Zoning M-1 · permitted uses
M-1 · Avenel, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Avenel. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$6.9M
OFFICE BUILDING
Est. value
$8.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$7.7M
COMMERCIAL (GENERAL)
Est. value
$7.0M
INDUSTRIAL (GENERAL) Current
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (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
1971
Heating
NONE
Units
1
Lot
4.72 ac
Current owner
From public records · entity-resolved
Ipt Turnpike Ic LLC
Entity
Free & Clear · 10 yrs held
Mailing address
1800 WAZEE ST, DENVER, CO 80202-1577
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2016
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
May 20, 2016
$6,700,000
Ipt Turnpike Ic LLC
Bailey Industries INC
Grant Deed
—
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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