My son (3 1/4 but tall) had just gone from a Hotwalk balance bike to a CNOC16 which is just OK for him size wise and it’s awesome. He’s standing up on the pedals already after 3 days!
His sister has a Ridgeback Melody which is their equivalent and although in terms of build etc, it’s as well made as the CNOC, it’s just a bit bigger alround (reach, brake levers etc) and weighs a little more (not much though).
A CNOC14/16 or Ridegback would be fine – I personally don’t like coaster brakes so would avoid a Hotrock. A good bike will hold it’s value well so the total cost of ownership is quite low.