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Property profile & analytics
OFF-MARKET
Estimated value
$14,350,000
Commercial real estate
407 Lk Ave Asbury Park, NJ 07712-6619
Individually Owned
Free & Clear
Property ID
US59-2866510
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Lot
2.25 ac (98,010 SF)
Zoning code
WPRA
APN
04 03103-0000-00001
UPID
US59-2866510
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
$9.31M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$14.35M
Owner & transaction history
Keith Martorana
Keith Martorana
since 2026
Last sale
$14.6M
6 recorded transactions
Zoning & alternative use
WPRA · Asbury Park, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zone name
Waterfront Prime Renewal Area
General category
UNKNOWN
Zone area
115.02 ac
Source
Realmo
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 Asbury Park submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Asbury Park 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
$13,780,000
ML approach
$9,305,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$14.35M
Range $12.92M – $15.79M · ±10% · vs last sale $14.63M (Sep 14 2023)
Last sale anchor
$14.63M
Sep 14 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
—
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
$122,721
Tax year 2022
Assessed value
$9,393,300
Assessed 2023
Previous assessed
$9,393,300
+0.0% YoY
Effective rate
1.31%
On assessed value
Assessed land
$9,261,900
Assessed improvement
$131,400
Land market value
$9,261,900
Improvement market value
$131,400
Total market value
$9,393,300
Applied tax rate
4.0000
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
Heating
NONE
Buildings
1
Stories
1
Lot
2.25 ac (98,010 SF)
Zoning code
WPRA
APN
04 03103-0000-00001
UPID
US59-2866510
Jurisdiction
MONMOUTH
Metro division
EDISON, NJ METROPOLITAN DIVISION
Zoning & alternative use
WPRA · Asbury Park, NJZoning WPRA · permitted uses
WPRA · Asbury Park, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zone name
Waterfront Prime Renewal Area
General category
UNKNOWN
Zone area
115.02 ac
Source
Realmo
Building & site characteristics
From public records
Heating
NONE
Stories
1
Buildings
1
Lot
2.25 ac
Current owner
From public records · entity-resolved
Keith Martorana
Individual
Free & Clear · 0 yrs held
Mailing address
1140 VIRGINIA DR, FT WASHINGTON, PA 19034-3204
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 19, 2026
$1,889,291
Keith Martorana
Toll Asbury Park Urban Renewal LLC
Deed
—
Sep 14, 2023
$14,633,000
Toll Asbury Park Urban Renewal LLC
Ap Wesley Lake LLC
Deed
$1,000,000 · Ap Wesley Lake LLC
Oct 25, 2021
—
Ap Wesley Lake LLC
Barbara L Birdsall
Quit Claim Deed
related
—
Mar 2, 2011
$900,000
Madison Wesley Lake Two LLC
City Of Asbury Park Board Of Educ
Grant Deed
—
Mar 2, 2011
—
Asbury Park City Bd Of Edu
Mcevoy Patricia & Voetsch
Grant Deed
related
—
—
—
Madison Wesley Lake Two LLC
—
Deed Of Trust
related
—
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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