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Property profile & analytics
OFF-MARKET
Estimated value
$1,505,000
Day care centers
502 Grand Ave Asbury Park, NJ 07712-6611
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US59-2820615
Property summary
AI-generated overview
This exceptional single-tenant retail property, located at 502 Grand Avenue in Asbury Park, New Jersey, offers 9,748 square feet of versatile space on a 0.398-acre lot. The building is a single-story structure with ample parking for 14 cars, providing convenient access for customers and employees. The property is zoned WRA, offering flexibility for a variety of retail uses. The entire 9,748 square feet is currently vacant, presenting a unique opportunity for a business seeking a prominent location in a vibrant community. Situated in Monmouth County, this property benefits from excellent visibility and accessibility on Grand Avenue in Asbury Park, NJ, zip code 07712. The location offers high foot traffic and proximity to other businesses and amenities. This is an ideal space for a retailer looking to establish a strong presence in a thriving market. The property's size and layout provide ample room for customization to suit specific business needs. With its convenient parking and prime location, this property is poised for success. The property is available for lease.
Property profile
Verified
Property type
Day care centers
Use group
DAY CARE, PRE-SCHOOL
Year built
1955
Total area
9,748 SF
Lot
0.4 ac (17,320 SF)
Zoning code
WPRA
APN
04 03209-0000-00001
UPID
US59-2820615
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
$1.65M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.51M
Owner & transaction history
Legacy Arts LLC · 6 yrs held
Legacy Arts LLC
since 2020
Last sale
$1.4M
3 recorded transactions
Zoning & alternative use
WPRA · Asbury Park, 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 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
$1,675,000
ML approach
$1,645,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,905,000
Change: 0% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,460,000
Change: 0% · Conversion: Difficult
RESTAURANT
$990,000
Change: 0% · Conversion: Difficult
RETAIL STORES
$980,000
Change: 0% · Conversion: Difficult
Blend value · Realmo final
$1.51M
Range $1.35M – $1.66M · ±10% · vs last sale $1.35M (Mar 11 2020)
Last sale anchor
$1.35M
Mar 11 2020
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
$154 / 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
$22,041
Tax year 2022
Assessed value
$1,397,400
Assessed 2023
Previous assessed
$1,397,400
+0.0% YoY
Effective rate
1.58%
On assessed value
Assessed land
$1,293,500
Assessed improvement
$103,900
Land market value
$1,293,500
Improvement market value
$103,900
Total market value
$1,397,400
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
Day care centers
Use group
DAY CARE, PRE-SCHOOL
Status
Off-Market
Year built
1955
Heating
NONE
Buildings
1
Stories
1
Units
1
Total area
9,748 SF
Lot
0.4 ac (17,320 SF)
Zoning code
WPRA
APN
04 03209-0000-00001
UPID
US59-2820615
Jurisdiction
MONMOUTH
Metro division
EDISON, NJ METROPOLITAN DIVISION
Zoning & alternative use
WPRA · Asbury Park, NJ
Zoning 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
Asbury Park. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING
Est. value
$1.9M
AUTO REPAIR, GARAGE
Est. value
$1.5M
RESTAURANT
Est. value
$990,000
RETAIL STORES
Est. value
$980,000
OFFICE BUILDING
AUTO REPAIR, GARAGE
RESTAURANT
RETAIL STORES
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
1955
Heating
NONE
Stories
1
Buildings
1
Units
1
Lot
0.4 ac
Current owner
From public records · entity-resolved
Legacy Arts LLC
Entity
Mailing address
502 GRAND AVE, ASBURY PARK, NJ 07712-6611
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2020
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
Mar 11, 2020
$1,350,000
Legacy Arts LLC
Silvia Brodrick LLC
Grant Deed
$1,567,362 · Silvia Brodrick LLC
—
—
Silvia Brodrick LLC
—
Deed Of Trust
related
$75,000 · Commerce Bank NA
—
—
Silvia Brodrick LLC
—
Deed Of Trust
related
$25,000 · Td Bank NA
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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