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Property profile & analytics
OFF-MARKET
Estimated value
$4,510,000
Commercial real estate
615 State Rte 33 Millstone Township, NJ 08535-8105
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US59-1459670
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1972
Construction
CONCRETE BLOCKS
Total area
17,180 SF
Lot
3 ac (130,680 SF)
Zoning code
HC
APN
33 00017-0000-00008- 02
UPID
US59-1459670
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
$4.32M
CAP Approach
CAP
$3.57M
Comparable Approach
Comparable
$2.77M
Blend (final)
Blend
$4.51M
Owner & transaction history
Rfre Xxxiii Millstone LLC · 4 yrs held
Rfre Xxxiii Millstone LLC
since 2022
Last sale
$4.3M
5 recorded transactions
Zoning & alternative use
HC · Millstone Township, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
HC, HIGHWAY COMMERCIAL ZONE. [ Ord. No. 96-16 ; Ord. No. 00-04 § III] Purpose: The Highway Commercial zoning district is intended to provide for service and retail commercial users along County Routes 526, 571 and 537, New Jersey Route 33 and Burnt Tavern Road.
Zone name
Highway Commercial
General category
COMMERCIAL
Zone area
352.26 ac
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 Millstone Township submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Millstone Township 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
$4,510,000
ML approach
$4,320,000
CAP Approach
CAP Return
Estimation
6%
$3,865,000
6.5%
$3,570,000
7%
$3,315,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$5,560,000
Current use
APARTMENT HOUSE (5+ UNITS)
$4,945,000
Change: -11% · Conversion: Moderate
Blend value · Realmo final
$4.51M
Range $4.06M – $4.96M · ±10% · vs last sale $4.30M (May 16 2022)
Last sale anchor
$4.30M
May 16 2022
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
$263 / 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
$20,401
Tax year 2022
Assessed value
$844,400
Assessed 2023
Previous assessed
$844,400
+0.0% YoY
Effective rate
2.42%
On assessed value
Assessed land
$360,000
Assessed improvement
$484,400
Land market value
$360,000
Improvement market value
$484,400
Total market value
$844,400
Applied tax rate
33.0000
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
1972
Construction
CONCRETE BLOCKS
Heating
NONE
Buildings
1
Stories
1
Total area
17,180 SF
Lot
3 ac (130,680 SF)
Zoning code
HC
APN
33 00017-0000-00008- 02
UPID
US59-1459670
Jurisdiction
MONMOUTH
Metro division
EDISON, NJ METROPOLITAN DIVISION
Zoning & alternative use
HC · Millstone Township, NJZoning HC · permitted uses
HC · Millstone Township, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
HC, HIGHWAY COMMERCIAL ZONE. [ Ord. No. 96-16 ; Ord. No. 00-04 § III] Purpose: The Highway Commercial zoning district is intended to provide for service and retail commercial users along County Routes 526, 571 and 537, New Jersey Route 33 and Burnt Tavern Road.
Zone name
Highway Commercial
General category
COMMERCIAL
Zone area
352.26 ac
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$5.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.9M
COMMERCIAL (GENERAL) Current
APARTMENT HOUSE (5+ UNITS)
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
1972
Construction
CONCRETE BLOCKS
Heating
NONE
Stories
1
Buildings
1
Lot
3 ac
Current owner
From public records · entity-resolved
Rfre Xxxiii Millstone LLC
Entity
Mailing address
615 STATE RTE 33, MILLSTONE TOWNSHIP, NJ 08535-8105
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 16, 2022
$4,300,000
Rfre Xxxiii Millstone LLC
The Harter Family Limited Partnersh
Deed
$3,225,000 · S & T Bank
—
—
Harter Family Lmt Ptr
—
Deed Of Trust
related
$495,000 · Commerce Bk/shore
—
—
Harter Family Lmt Ptr
—
Deed Of Trust
related
$500,000 · Commerce Bk/shore
—
—
Harter Family Limited Partners
—
Deed Of Trust
related
$300,000 · Pnc Bk/nj
—
—
Seth W Harter
—
Deed Of Trust
related
$330,000 · China Tr Bk
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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