Brick Office Unit with Central
For Sale
$500,000
432 State Route 34, Matawan, NJ 07747
Commercial Sale, Matawan, NJ
Property Size2,154 SF
Price / SF$232.13
Days on Market241
Property Features for 432 State Route 34
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Parking Lot
Lot features
Highway Frontage
Directions
Route 9 to Route 34. Across from Market Place 2. Next to Ganga restaurant.
Standard status
Active
APN
15-11232-0000-00013-12-C1222
Size
2,154 SF
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2299
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
2004
Floors in Building
2
Building materials
Brick
Roof type
Asphalt, Shingle
Listing Agency:
Keller Williams Shore Properties · Keller Williams Realty
(732) 797-9001
Listed By:
Timothy Scherer
(732) 797-9001
Added: Jan 2
Changed: Aug 19
Last Checked: Aug 31 at 6:06PM
MLS# 22600172
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 office unit offers a flexible layout for professional use, positioned in a high-traffic setting and zoned for commercial or retail uses. The building construction is brick, with central air conditioning and an asphalt shingle roof. Public water and public sewer services support the property.
The unit is located at 432 State Route 34 in Matawan, NJ 07747, with access via a parking lot. Parking is described as ample, with approximately 125 shared parking spots available.
Built in 2004, the property is suited for tenants looking for an office-ready space in a commercial/retail zone.
The unit is located at 432 State Route 34 in Matawan, NJ 07747, with access via a parking lot. Parking is described as ample, with approximately 125 shared parking spots available.
Built in 2004, the property is suited for tenants looking for an office-ready space in a commercial/retail zone.
Key Highlights
- 2154 SF office unit
- Brick construction with asphalt shingle roof
- Central air conditioning
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
$32,956
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
6.59%
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%
$659,120
$659.1K
Cap Rate 7%
$470,800
$470.8K
Cap Rate 9%
$366,178
$366.2K
Market Conditions
NOI Build-Up for 2,154 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
$64.6K $30.00/SF
− Vacancy
−$20.7K −$9.60/SF
EGI
$43.9K $20.40/SF
− OpEx
−$11.0K −$5.10/SF
NOI
$33.0K $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%
$659,120
Cap Rate 7%
$470,800
Cap Rate 9%
$366,178
Alternative Uses
Best Use
Office B
$470.8K
$412.0K – $549.3K
NOI $32,956 @ 7.0% cap · market cap 6.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$562.5K
$492.2K – $656.2K
NOI $39,372 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Explore this area
Business Placement
Demographics for 07747, NJ
31,915
Population
13,134
Households
2.4
Avg Household Size
43
Median Age
51%
College-Educated
96%
High-School Grad
12.8 sq mi
ZIP Area
2,493
Density / Sq Mi
$124,896
Median Household Income
$61,503
Median Earnings
$1,840
Median Rent
$464,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Brick office unit with central air and parking lot access on State Route 34 in commercial/retail zoning.
Where is this office units located?
The property is located at 432 State Route 34 Matawan, NJ.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 2154 SF office unit; Brick construction with asphalt shingle roof; Central air conditioning
