Freestanding Auto Shop with
For Sale
$899,999
1423 Corlies Avenue, Neptune, NJ 07753
Commercial Sale, Neptune Township, NJ
Property Size3,358 SF
Lot Size0.17 Acres
Price / SF$268.02
Days on Market127
Property Features for 1423 Corlies Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Rooms
Basement
Parking
15
Parking features
On Street, Off Street, Parking Lot, Offsite
Security features
Security System
Interior features
Auto Bay
Fireplace
1
Lot features
Level, Corner Lot
Directions
NJ-33 to Corlies Ave in Neptune
Standard status
Active
APN
35-01004-0000-00009
Size
3,358 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13564
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Amenities
front reception area
ample on-site storage
private 1/2 bath
additional garage
Building Details
Year built
1957
Floors in Building
1
Flooring type
Linoleum, Concrete
Building materials
Block, Brick
Roof type
Flat
Listing Agency:
RE/MAX 1st. Advantage
(732) 827-5344
Listed By:
Robert Dekanski · License #232901
(800) 691-0485
Added: May 1
Changed: Sep 4
Last Checked: Sep 4 at 10:06AM
MLS# 22612506
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.
This freestanding auto shop contains 3358 square feet of building area on a 0.17-acre parcel. The facility includes multiple garage bays, an additional garage for expanded service capacity, a front reception area, on-site storage, and a private half bath. Concrete and linoleum flooring, forced-air heating, block and brick construction, and a flat roof are among the documented improvements. A basement is also included, along with public water and public sewer service.
Built in 1957, the property is located at 1423 Corlies Avenue in Neptune Township, Monmouth County, New Jersey. Parking is available through off-street, on-street, offsite, and parking-lot configurations, with space for 15+ vehicles identified in the property information. The site is described as a corner property with access to major roads and proximity to Asbury Park.
Built in 1957, the property is located at 1423 Corlies Avenue in Neptune Township, Monmouth County, New Jersey. Parking is available through off-street, on-street, offsite, and parking-lot configurations, with space for 15+ vehicles identified in the property information. The site is described as a corner property with access to major roads and proximity to Asbury Park.
Key Highlights
- 3358 square feet of building area on a 0.17‑acre parcel
- Multiple auto service bays plus an additional garage
- Front reception area, on‑site storage, and private half bath
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
$47,930
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
5.33%
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%
$958,600
$958.6K
Cap Rate 7%
$684,714
$684.7K
Cap Rate 9%
$532,556
$532.6K
Market Conditions
NOI Build-Up for 3,358 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
$72.5K $21.60/SF
− Vacancy
−$4.1K −$1.21/SF
EGI
$68.5K $20.39/SF
− OpEx
−$20.5K −$6.12/SF
NOI
$47.9K $14.27/SF
Area
Monmouth County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$958,600
Cap Rate 7%
$684,714
Cap Rate 9%
$532,556
Alternative Uses
Best Use
Retail
$684.7K
$599.1K – $798.8K
NOI $47,930 @ 7.0% cap · market cap 5.33%
Second Best
Industrial
$459.9K
$402.4K – $536.5K
NOI $32,190 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$876.8K
$767.2K – $1.02M
NOI $61,379 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,461
Businesses Nearby
121k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Dining 42%
Groceries 12%
Electronics 1%
Wawa
Shops & Services
40,629 visits/mo
0.2 miles
McDonald's
Dining
24,704 visits/mo
0.1 miles
Stop & Shop
Groceries
13,940 visits/mo
0.4 miles
Taco Bell
Dining
11,170 visits/mo
0.1 miles
Family Dollar
Shops & Services
9,450 visits/mo
0.4 miles
Demographics for 07753, NJ
37,397
Population
16,701
Households
2.2
Avg Household Size
45
Median Age
37%
College-Educated
93%
High-School Grad
16.0 sq mi
ZIP Area
2,337
Density / Sq Mi
$92,824
Median Household Income
$49,953
Median Earnings
$1,740
Median Rent
$390,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Established automotive facility with multiple bays, reception space, storage, and on-site parking.
Where is this auto shop located?
The property is located at 1423 Corlies Avenue Neptune, 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: 3358 square feet of building area on a 0.17‑acre parcel; Multiple auto service bays plus an additional garage; Front reception area, on‑site storage, and private half bath
