Building Details

Year built 1984

Floors in Building 1

Roof type Shingle

Listing Agency: O'Brien Realty, LLC

Listed By: Kerrin O'Brien Show Phone

Added: Nov 10, 2025 Changed: Sep 13 Last Checked: Sep 14 at 1:06AM

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MLS# 22534036

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 offering comprises two contiguous first-floor office condominium units totaling approximately 3,500 square feet. The layout includes 9+ private offices, a spacious reception area, a dedicated conference room, and a kitchenette with rear access. A dry basement provides secure storage, while abundant natural light serves the full wing. The professionally managed building includes an elevator, upgraded front entry porch, new siding, central air, forced-air heating, public water, and public sewer.

The property is located less than half a mile from the Main Gate of the Fort Monmouth Redevelopment Project and offers direct access to Route 35. Parking is available in the lot and on the street. The building was constructed in 1984 and has a shingle roof.

Key Highlights

• Two contiguous first‑floor office condominium units totaling approximately 3,500 SF
• 9+ private offices with reception area and dedicated conference room
• Kitchenette with rear access and dry basement for secure storage

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

$53,550

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

6.70%

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%

$1,071,000 $1.1M

Cap Rate 7%

$765,000 $765.0K

Cap Rate 9%

$595,000 $595.0K

Market Conditions

NOI Build-Up for 3,500 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

$105.0K $30.00/SF

− Vacancy

−$33.6K −$9.60/SF

EGI

$71.4K $20.40/SF

− OpEx

−$17.9K −$5.10/SF

NOI

$53.6K $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%

$1,071,000

Cap Rate 7%

$765,000

Cap Rate 9%

$595,000

Alternative Uses

Best Use

Office B

$765.0K

$669.4K – $892.5K (±1% cap)

NOI $53,550 @ 7.0% cap · market cap 6.70%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$913.9K

$799.7K – $1.07M (±1% cap)

NOI $63,974 @ 7.0% cap · market cap 8.01%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Office Units

Lease Details

2

Office units

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

675

Businesses Nearby

Explore this area Business Placement

Demographics for 07702, NJ

4,184

Population

1,526

Households

2.7

Avg Household Size

47

Median Age

65%

College-Educated

96%

High-School Grad

2.2 sq mi

ZIP Area

1,902

Density / Sq Mi

$144,500

Median Household Income

$80,694

Median Earnings

$3,300

Median Rent

$735,900

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this office units located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Office units - Contiguous professional office units with private offices, reception, conference, kitchenette, and secure basement storage.

Where is this office units located?

The property is located at 59 Avenue At The Common Shrewsbury, NJ.

What is the asking price?

The asking price for this property is $799,000.

What are key features of this property?

This property features: Two contiguous first‑floor office condominium units totaling approximately 3,500 SF; 9+ private offices with reception area and dedicated conference room; Kitchenette with rear access and dry basement for secure storage