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Property profile & analytics
OFF-MARKET
Estimated value
$5,505,000
Commercial real estate
3 Meridian Way Colts Neck, NJ 07722-2419
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US59-1351724
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
2003
Construction
BRICK
Total area
17,296 SF
Lot
12.54 ac (546,242 SF)
Zoning code
AG
APN
10 00046-0000-00017- 04
UPID
US59-1351724
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
$5.51M
CAP Approach
CAP
$3.59M
Comparable Approach
Comparable
$6.26M
Blend (final)
Blend
$5.51M
Owner & transaction history
Welltower Op LLC · 1 yrs held
Welltower Op LLC
since 2024
Last sale
$5.5M
3 recorded transactions
Zoning & alternative use
AG · Colts Neck, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
Building height for a single-family dwelling on a ten-acre or larger lot in the AG Agricultural Zone may increase to a maximum of 40 feet in height and 2 1/2 stories, provided that the minimum required front, each side and rear yard setback requirements shall be increased by a minimum of five feet for each foot or portion thereof by which the dwelling exceed…
Zone name
Agricultural
General category
AGRICULTURAL
Zone area
12,327.28 ac
Top alternative use upside
Apartment house (5+ units)
$4.6M
+1.9%
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 Colts Neck submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Colts Neck 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
$5,505,000
ML approach
$5,505,000
CAP Approach
CAP Return
Estimation
6%
$3,890,000
6.5%
$3,590,000
7%
$3,335,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$4,485,000
Current use
APARTMENT HOUSE (5+ UNITS)
$4,570,000
Change: +2% · Conversion: Moderate
OFFICE BUILDING
$4,265,000
Change: -5% · Conversion: Easy
Blend value · Realmo final
$5.51M
Range $4.95M – $6.06M · ±10% · vs last sale $5.51M (Nov 13 2024)
Last sale anchor
$5.51M
Nov 13 2024
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
$318 / 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
$91,456
Tax year 2022
Assessed value
$5,506,100
Assessed 2023
Previous assessed
$5,506,100
+0.0% YoY
Effective rate
1.66%
On assessed value
Assessed land
$2,880,000
Assessed improvement
$2,626,100
Land market value
$2,880,000
Improvement market value
$2,626,100
Total market value
$5,506,100
Applied tax rate
10.0000
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
2003
Construction
BRICK
Heating
NONE
Stories
1
Total area
17,296 SF
Lot
12.54 ac (546,242 SF)
Zoning code
AG
APN
10 00046-0000-00017- 04
UPID
US59-1351724
Jurisdiction
MONMOUTH
Metro division
EDISON, NJ METROPOLITAN DIVISION
Zoning & alternative use
AG · Colts Neck, NJZoning AG · permitted uses
AG · Colts Neck, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
Building height for a single-family dwelling on a ten-acre or larger lot in the AG Agricultural Zone may increase to a maximum of 40 feet in height and 2 1/2 stories, provided that the minimum required front, each side and rear yard setback requirements shall be increased by a minimum of five feet for each foot or portion thereof by which the dwelling exceeds 35 feet in building height.
Zone name
Agricultural
General category
AGRICULTURAL
Zone area
12,327.28 ac
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$4.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.6M
OFFICE BUILDING
Est. value
$4.3M
COMMERCIAL (GENERAL) Current
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
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
2003
Construction
BRICK
Heating
NONE
Stories
1
Lot
12.54 ac
Current owner
From public records · entity-resolved
Welltower Op LLC
Entity
Free & Clear · 1 yrs held
Mailing address
4500 DORR ST, TOLEDO, OH 43615-4040
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
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
Nov 13, 2024
—
Welltower Op LLC
Hcrl Emerald Holdings LLC
Deed
—
Nov 13, 2024
$5,506,100
Monarch Colts Neck Propco LLC
Welltower Op LLC
Deed
$1,000,000 · Welltower Trs Holdco LLC
Mar 29, 2000
$883,350
Riverview Health Affiliates In
Casalagre 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.
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