House of Worship with Bonus
For Sale
$899,999
106 Waterworks Road, Freehold, NJ 07728
COMMERCIAL - Freehold, NJ
Property Size4,440 SF
Lot Size0.17 Acres
Price / SF$202.70
Days on Market49
Property Features for 106 Waterworks Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Single Family, Commercial
Parking features
Parking Lot
Lot features
Corner Lot
Directions
Route 9 N to Schibanoff Ln, R to Waterworks
Subdivision
Freehold Twnsp
Standard status
Active
APN
17-00006-0000-00001
Size
4,440 SF
Lot size
0.17 Acres
Utilities
Sewer type
Septic Tank
Water source
Public
Building Details
Year built
1920
Floors in Building
3
Roof type
Shingle
Listing Agency:
Keller Williams Realty Freehold
(732) 536-9010
Listed By:
Alma Martinez · License #0562848
(732) 536-9010
Added: Jul 11
Changed: Aug 4
Last Checked: Aug 28 at 10:06PM
MLS# 22621143
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
A unique house of worship in Freehold Township is offered for sale with a bonus single-family home on the same parcel. The property includes two residences: the worship facility is available strictly for church purposes, and the accompanying home is also sold for single-family use. The bonus home features four bedrooms and two full bathrooms.
The sale includes one lot and one block, which must be sold together. Both the house of worship and the single-family home are being sold strictly in as-is condition.
The listing notes that if purchased for religious purposes, the property qualifies for tax exemption; if purchased as a single-family residence, it will be taxed accordingly. The property is located at 106 Waterworks Road in Freehold, New Jersey (07728).
The sale includes one lot and one block, which must be sold together. Both the house of worship and the single-family home are being sold strictly in as-is condition.
The listing notes that if purchased for religious purposes, the property qualifies for tax exemption; if purchased as a single-family residence, it will be taxed accordingly. The property is located at 106 Waterworks Road in Freehold, New Jersey (07728).
Key Highlights
- House of worship in Freehold Township, sold strictly for church purposes (as‑is).
- Includes a bonus single‑family home with 4 bedrooms and 2 full bathrooms (as‑is).
- Built in 1920.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$68,278
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,365,560
$1.4M
Cap Rate 7%
$975,400
$975.4K
Cap Rate 9%
$758,644
$758.6K
Market Conditions
NOI Build-Up for 4,440 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$133.2K $30.00/SF
− Vacancy
−$9.1K −$2.04/SF
EGI
$124.1K $27.96/SF
− OpEx
−$55.9K −$12.58/SF
NOI
$68.3K $15.38/SF
Area
Monmouth County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,365,560
Cap Rate 7%
$975,400
Cap Rate 9%
$758,644
Alternative Uses
Best Use
Apartment 5plus
$975.4K
$853.5K – $1.14M
NOI $68,278 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,156 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Explore this area
Business Placement
Demographics for 07728, NJ
56,444
Population
21,150
Households
2.7
Avg Household Size
43
Median Age
46%
College-Educated
92%
High-School Grad
49.6 sq mi
ZIP Area
1,138
Density / Sq Mi
$107,042
Median Household Income
$56,824
Median Earnings
$1,941
Median Rent
$490,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Freehold Township house of worship sold as-is with an accompanying single-family home with four bedrooms and two bathrooms.
Where is this church & religious facility located?
The property is located at 106 Waterworks Road Freehold, NJ.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: House of worship in Freehold Township, sold strictly for church purposes (as‑is).; Includes a bonus single‑family home with 4 bedrooms and 2 full bathrooms (as‑is).; Built in 1920.
