Office Building with Flexible Unit
For Sale
$1,995,000
Pending
248 Broad Street, Red Bank, NJ 07701
COMMERCIAL - Red Bank, NJ
Property Size4,800 SF
Lot Size0.39 Acres
Days on Market67
Property Features for 248 Broad Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Office, Professional
Parking
26
Parking features
Off Street
Basement
Crawl Space, Partial
Lot features
Level, Sidewalks
Directions
Near Irving Place
Standard status
Pending
APN
39-00101-0000-00018
Size
4,810 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
19625
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
2
Building materials
Brick
Roof type
Shingle
Listing Agency:
O'Brien Realty, LLC
(732) 229-3532
Listed By:
Paul D Ryan · License #8243252
(732) 229-3532
Added: Jun 5
Changed: Aug 7
Last Checked: Aug 10 at 7:06AM
MLS# 22616883
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.
First time offered. This brick office building is approximately 4,800 square feet and can be used as a single property or divided into individual units. The building features central air and off-street parking for over 25 vehicles. It also includes an additional finished third-floor area that could possibly add about 300 more square feet.
Located at 248 Broad Street in Red Bank, New Jersey, the property sits on 0.39 acres and is served by public water and a public sewer connection. The PO zone provides a wide variety of uses, supporting multiple office and non-office tenancy scenarios depending on approval.
The combination of flexible occupancy (single-tenant or subdivided) and dedicated parking can support both straightforward office users and tenants looking for smaller, separately operated spaces under one roof.
Located at 248 Broad Street in Red Bank, New Jersey, the property sits on 0.39 acres and is served by public water and a public sewer connection. The PO zone provides a wide variety of uses, supporting multiple office and non-office tenancy scenarios depending on approval.
The combination of flexible occupancy (single-tenant or subdivided) and dedicated parking can support both straightforward office users and tenants looking for smaller, separately operated spaces under one roof.
Key Highlights
- Approximately 4,800 square feet office building can be used as one space or divided into individual units
- Additional finished third‑floor area that could possibly provide about 300 more square feet
- Brick construction with central air
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
$73,593
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
3.69%
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%
$1,471,860
$1.5M
Cap Rate 7%
$1,051,329
$1.1M
Cap Rate 9%
$817,700
$817.7K
Market Conditions
NOI Build-Up for 4,810 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
$144.3K $30.00/SF
− Vacancy
−$46.2K −$9.60/SF
EGI
$98.1K $20.40/SF
− OpEx
−$24.5K −$5.10/SF
NOI
$73.6K $15.30/SF
Area
Monmouth County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,471,860
Cap Rate 7%
$1,051,329
Cap Rate 9%
$817,700
Alternative Uses
Best Use
Office B
$1.05M
$919.9K – $1.23M
NOI $73,593 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $87,919 @ 7.0% cap · market cap 4.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,790
Businesses Nearby
Explore this area
Business Placement
Demographics for 07701, NJ
24,568
Population
11,082
Households
2.2
Avg Household Size
43
Median Age
53%
College-Educated
93%
High-School Grad
9.2 sq mi
ZIP Area
2,670
Density / Sq Mi
$113,630
Median Household Income
$62,309
Median Earnings
$1,971
Median Rent
$551,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building in the PO zone with central air, brick construction, and more than 25 off-street parking spaces.
Where is this office building located?
The property is located at 248 Broad Street Red Bank, NJ.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Approximately 4,800 square feet office building can be used as one space or divided into individual units; Additional finished third‑floor area that could possibly provide about 300 more square feet; Brick construction with central air
