Nursing Home Campus with
For Sale
$3,499,900
184-186 State Route 34, Holmdel, NJ 07733
Commercial Sale, Holmdel, NJ
Property Size9,000 SF
Price / SF$388.88
Days on Market79
Property Features for 184-186 State Route 34
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R4
Parking
1
Interior features
Storage
Lot features
Highway Location
Directions
Southbound side of Route 34, between Roberts Road and Pleasant Valley Road. Please use GPS.
Standard status
Active
APN
2000015000000301
Size
1 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16778
Utilities
Sewer type
Septic Tank
Heating system
Radiant
Water source
Public
Building Details
Floors in Building
3
Flooring type
Carpet
Additional Structures
Storage
Listing Agency:
VRI HOMES
(732) 264-9511
Listed By:
Nita Loebis
(800) 531-2885
Added: Jun 16
Changed: Aug 19
Last Checked: Sep 2 at 12:06PM
MLS# 2617681R
Copyright © 2026 All Jersey 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.
The property includes a primary building of approximately 9,000 square feet arranged across three floors. Formerly operated as a 40-bed nursing home, it features a large kitchen with a dumbwaiter, storage, radiant heating, carpeted areas, marble fireplaces, original woodwork, and broad interior moldings.
A detached ranch house provides approximately 2,500 square feet, five bedrooms, two and one-half bathrooms, a full basement, and an oversized two-car garage. Additional improvements include a barn, two separate garages, sheds, and other outbuildings on an approximately 15-acre tract. Public water and septic service are in place, and the property carries R4 zoning. Approximately 13.130 acres are identified as farmland under a farm assessment qualifier.
A detached ranch house provides approximately 2,500 square feet, five bedrooms, two and one-half bathrooms, a full basement, and an oversized two-car garage. Additional improvements include a barn, two separate garages, sheds, and other outbuildings on an approximately 15-acre tract. Public water and septic service are in place, and the property carries R4 zoning. Approximately 13.130 acres are identified as farmland under a farm assessment qualifier.
Key Highlights
- Approximately 9,000 square feet across three floors in the primary building
- Former nursing home configuration with 40 beds and a large kitchen with dumbwaiter
- Detached ranch house of approximately 2,500 square feet with 5 bedrooms and 2.5 bathrooms
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
$134,006
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
3.83%
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%
$2,680,120
$2.7M
Cap Rate 7%
$1,914,371
$1.9M
Cap Rate 9%
$1,488,956
$1.5M
Market Conditions
NOI Build-Up for 9,000 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
$237.6K $26.40/SF
− Vacancy
−$14.3K −$1.58/SF
EGI
$223.3K $24.82/SF
− OpEx
−$89.3K −$9.93/SF
NOI
$134.0K $14.89/SF
Area
Monmouth County, NJ
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$2,680,120
Cap Rate 7%
$1,914,371
Cap Rate 9%
$1,488,956
Alternative Uses
Best Use
Healthcare Medical
$1.91M
$1.68M – $2.23M
NOI $134,006 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.35M
$2.06M – $2.74M
NOI $164,506 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
169
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07733, NJ
17,266
Population
6,318
Households
2.7
Avg Household Size
46
Median Age
67%
College-Educated
97%
High-School Grad
17.8 sq mi
ZIP Area
970
Density / Sq Mi
$175,559
Median Household Income
$100,004
Median Earnings
$3,501
Median Rent
$814,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Nursing home - Former nursing home campus with multiple structures, public water, septic service, and residential improvements.
Where is this nursing home located?
The property is located at 184-186 State Route 34 Holmdel, NJ.
What is the asking price?
The asking price for this property is $3,499,900.
What are key features of this property?
This property features: Approximately 9,000 square feet across three floors in the primary building; Former nursing home configuration with 40 beds and a large kitchen with dumbwaiter; Detached ranch house of approximately 2,500 square feet with 5 bedrooms and 2.5 bathrooms
