Schoolhouse with Fenced
New
For Sale
$949,000
640 Green Grove Road, Neptune, NJ 07753
Commercial Sale, Neptune Township, NJ
Property Size2,310 SF
Lot Size0.80 Acres
Price / SF$410.82
Days on Market3
Property Features for 640 Green Grove Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Variance In, Single Family, Residential
Rooms
Basement
Parking features
Off Street
Lot features
Level, Subdividable, Corner Lot
Directions
Rt 66 or Bangs to Green Grove.
Standard status
Active
APN
35-02601-0000-00001
Size
2,310 SF
Lot size
0.80 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10773
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Oil
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1930
Floors in Building
1
Roof type
Shingle
Listing Agency:
Dream Realty Group LLC
Listed By:
George Notte
(732) 530-4687
Added: Sep 2
Last Checked: Sep 4 at 12:06AM
MLS# 22627576
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 1930 schoolhouse contains 2,310 square feet arranged across three rooms, an office, and three bathrooms. The property also includes a built-in pool, basement, shingle roof, off-street parking, and a large fenced yard. Baseboard heating with oil and window unit cooling serve the building.
The 0.8-acre parcel is described as a flat, oversized double lot at a corner location in a residential area. Public water and public sewer are available. The property is near the Parkway, Route 18, golf, shopping, restaurants, and beaches.
The 0.8-acre parcel is described as a flat, oversized double lot at a corner location in a residential area. Public water and public sewer are available. The property is near the Parkway, Route 18, golf, shopping, restaurants, and beaches.
Key Highlights
- 2,310‑square‑foot schoolhouse built in 1930
- Three‑room layout with office and 3 bathrooms
- 0.8‑acre oversized double lot at a corner location
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
$31,185
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
3.29%
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%
$623,700
$623.7K
Cap Rate 7%
$445,500
$445.5K
Cap Rate 9%
$346,500
$346.5K
Market Conditions
NOI Build-Up for 2,310 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
$55.4K $24.00/SF
− Vacancy
−$5.5K −$2.40/SF
EGI
$49.9K $21.60/SF
− OpEx
−$18.7K −$8.10/SF
NOI
$31.2K $13.50/SF
Area
Monmouth County, NJ
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$623,700
Cap Rate 7%
$445,500
Cap Rate 9%
$346,500
Alternative Uses
Best Use
Mixed Use
$445.5K
$389.8K – $519.8K
NOI $31,185 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$603.2K
$527.8K – $703.7K
NOI $42,223 @ 7.0% cap · market cap 4.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Explore this area
Business Placement
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
School - Existing educational building includes an office, three bathrooms, a built-in pool, and enclosed outdoor space.
Where is this school located?
The property is located at 640 Green Grove Road Neptune, NJ.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 2,310‑square‑foot schoolhouse built in 1930; Three‑room layout with office and 3 bathrooms; 0.8‑acre oversized double lot at a corner location
