Four-Unit Office
For Sale
$1,800,000
Pending
675 E Route 72, Manahawkin, NJ 08050
Commercial Sale, Manahawkin, NJ
Property Size10,398 SF
Lot Size1.74 Acres
Days on Market235
Property Features for 675 E Route 72
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Professional, Commercial
Parking
30
Parking features
Parking Lot
Lot features
Corner Lot
Directions
Corner of Rt72 & Mill Creek Road
Subdivision
Manahawkin
Standard status
Pending
APN
31-00147-107-00056-06
Size
10,398 SF
Lot size
1.74 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
43867
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
1
Building materials
Block, Brick, Stucco
Roof type
Shingle, Flat
Listing Agency:
Berkshire Hathaway HomeServices Zack Shore Realtors
(609) 597-6464
Listed By:
Curtis Lee · License #0569686
(609) 709-2866
Added: Jan 12
Changed: Sep 4
Last Checked: Sep 4 at 10:06AM
MLS# 22601165
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 10,398-square-foot office building occupies 1.74 acres and is arranged as four office units of varying sizes. The layout can be reconfigured for different operational requirements. Construction includes block, brick, and stucco, with forced-air heating, central air, shingle and flat roof sections, and a dedicated parking lot.
The property fronts Route 72 in Manahawkin, 1.8 miles east of the bridge to Long Beach Island. It sits beside an established office park and nearby professional businesses, with public water and public sewer serving the site.
The property fronts Route 72 in Manahawkin, 1.8 miles east of the bridge to Long Beach Island. It sits beside an established office park and nearby professional businesses, with public water and public sewer serving the site.
Key Highlights
- 10,398‑square‑foot office building on 1.74 acres
- Four office units with varying sizes and reconfiguration potential
- Located on Route 72 in Manahawkin, 1.8 miles east of the bridge to Long Beach Island
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
$159,089
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
8.84%
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%
$3,181,780
$3.2M
Cap Rate 7%
$2,272,700
$2.3M
Cap Rate 9%
$1,767,656
$1.8M
Market Conditions
NOI Build-Up for 10,398 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
$311.9K $30.00/SF
− Vacancy
−$99.8K −$9.60/SF
EGI
$212.1K $20.40/SF
− OpEx
−$53.0K −$5.10/SF
NOI
$159.1K $15.30/SF
Area
Ocean 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%
$3,181,780
Cap Rate 7%
$2,272,700
Cap Rate 9%
$1,767,656
Alternative Uses
Best Use
Office B
$2.27M
$1.99M – $2.65M
NOI $159,089 @ 7.0% cap · market cap 8.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.72M
$2.38M – $3.17M
NOI $190,059 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
Explore this area
Business Placement
Demographics for 08050, NJ
26,507
Population
14,182
Households
1.9
Avg Household Size
45
Median Age
39%
College-Educated
94%
High-School Grad
30.9 sq mi
ZIP Area
858
Density / Sq Mi
$115,456
Median Household Income
$60,458
Median Earnings
$1,756
Median Rent
$377,100
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 property with flexible suites, on-site parking, and public water and sewer service.
Where is this office building located?
The property is located at 675 E Route 72 Manahawkin, NJ.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 10,398‑square‑foot office building on 1.74 acres; Four office units with varying sizes and reconfiguration potential; Located on Route 72 in Manahawkin, 1.8 miles east of the bridge to Long Beach Island
