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Property profile & analytics
OFF-MARKET
Estimated value
$1,575,000
Commercial real estate
3238 State Rte 35 Hazlet, NJ 07730
Entity Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US59-1637565
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1945
Construction
CONCRETE BLOCKS
Total area
7,000 SF
Lot
0.68 ac (29,547 SF)
Zoning code
BH
APN
18 00217-0000-00003
UPID
US59-1637565
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
by Request
CAP Approach
CAP
$1.46M
Comparable Approach
Comparable
$1.79M
Blend (final)
Blend
$1.58M
Owner & transaction history
Leepan & Associates Real Property L · 3 yrs held
Leepan & Associates Real Property L
since 2023
3 recorded transactions
Zoning & alternative use
BH · Hazlet, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$1.9M
+10.3%
Office building
$1.7M
+2.9%
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 Hazlet submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hazlet 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%
$1,575,000
6.5%
$1,455,000
7%
$1,350,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,675,000
Current use
APARTMENT HOUSE (5+ UNITS)
$1,850,000
Change: +10% · Conversion: Moderate
OFFICE BUILDING
$1,725,000
Change: +3% · Conversion: Easy
INDUSTRIAL (GENERAL)
$1,445,000
Change: -14% · Conversion: Moderate
Blend value · Realmo final
$1.58M
Range $1.42M – $1.73M · ±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
$225 / 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
$32,552
Tax year 2022
Assessed value
$1,413,000
Assessed 2023
Previous assessed
$1,413,000
+0.0% YoY
Effective rate
2.30%
On assessed value
Assessed land
$1,282,000
Assessed improvement
$131,000
Land market value
$1,282,000
Improvement market value
$131,000
Total market value
$1,413,000
Applied tax rate
18.0000
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
1945
Construction
CONCRETE BLOCKS
Heating
NONE
Buildings
1
Stories
1
Total area
7,000 SF
Lot
0.68 ac (29,547 SF)
Zoning code
BH
APN
18 00217-0000-00003
UPID
US59-1637565
Jurisdiction
MONMOUTH
Metro division
EDISON, NJ METROPOLITAN DIVISION
Zoning & alternative use
BH · Hazlet, NJ
Zoning BH · permitted uses
BH · Hazlet, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Hazlet. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.9M
OFFICE BUILDING
Est. value
$1.7M
INDUSTRIAL (GENERAL)
Est. value
$1.4M
COMMERCIAL (GENERAL) Current
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
INDUSTRIAL (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
1945
Construction
CONCRETE BLOCKS
Heating
NONE
Stories
1
Buildings
1
Lot
0.68 ac
Current owner
From public records · entity-resolved
Leepan & Associates Real Property L
Entity
Free & Clear · 3 yrs held
Mailing address
4907 KISSENA BLVD, FLUSHING, NY 11355-4158
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 6, 2023
—
Leepan & Associates Real Property L
Leepan & Associates LLC
Intrafamily Transfer
related
—
Jan 26, 2007
$1,850,000
Leepan & Associates LLC
Hazlet Plaza LLC
Grant Deed
$1,096,125 · Somerset Valley Bank
Jul 18, 2006
$1,480,000
Hazlet Plaza LLC
Charlie John LLC
Grant Deed
$1,110,000 · Somerset Valley 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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