Flex Space with
For Sale
$1,699,999
92 Highway 33, Manalapan, NJ 07726
COMMERCIAL - Manalapan, NJ
Property Size4,000 SF
Lot Size5.31 Acres
Price / SF$424
Days on Market459
Property Features for 92 Highway 33
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Paved or Surfaced
Directions
rt 33
Standard status
Active
APN
28-06515-0000-00036-04-B01
Lot size
5.31 Acres
Utilities
Sewer type
Septic Tank
Water source
Well
Building Details
Year built
1984
Floors in Building
1
Listing Agency:
Berkshire Hathaway HomeServices Fox & Roach - Manalapan
(732) 536-1200
Listed By:
Randy B Breitman
(732) 536-1200
Added: May 9, 2025
Changed: Aug 4
Last Checked: Aug 10 at 10:06AM
MLS# 22513598
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 flex-space property includes a 4,000-square-foot warehouse with office area, drive-through capability, and paved or surfaced parking. Constructed in 1984, the improvements are positioned on a 5.31-acre parcel. Site plans for potential expansion are available and carry state approvals. The property is identified as SED-5/flex and is served by a well and septic tank.
Key Highlights
- 4,000‑square‑foot warehouse with office area
- Drive‑through capability within a flex‑space configuration
- 5.31‑acre commercial site
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
$65,612
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
3.86%
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%
$1,312,240
$1.3M
Cap Rate 7%
$937,314
$937.3K
Cap Rate 9%
$729,022
$729.0K
Market Conditions
NOI Build-Up for 4,000 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
$130.1K $32.52/SF
− Vacancy
−$29.1K −$7.28/SF
EGI
$100.9K $25.24/SF
− OpEx
−$35.3K −$8.83/SF
NOI
$65.6K $16.40/SF
Area
Monmouth County, NJ
Vacancy
22.40%
Lease Rate
$32.52 /SF/Yr
Expense Ratio
35.00%
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%
$1,312,240
Cap Rate 7%
$937,314
Cap Rate 9%
$729,022
Alternative Uses
Best Use
Flex RnD
$937.3K
$820.2K – $1.09M
NOI $65,612 @ 7.0% cap · market cap 3.86%
Second Best
Office B
$874.3K
$765.0K – $1.02M
NOI $61,200 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$1.04M
$913.9K – $1.22M
NOI $73,114 @ 7.0% cap · market cap 4.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07726, NJ
44,945
Population
16,822
Households
2.7
Avg Household Size
45
Median Age
55%
College-Educated
97%
High-School Grad
33.1 sq mi
ZIP Area
1,358
Density / Sq Mi
$145,625
Median Household Income
$75,503
Median Earnings
$1,973
Median Rent
$603,000
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?
Flex space - Warehouse and office improvements occupy a 5.31-acre commercial site with paved parking and expansion plans supported by state approvals.
Where is this flex space located?
The property is located at 92 Highway 33 Manalapan, NJ.
What is the asking price?
The asking price for this property is $1,699,999.
What are key features of this property?
This property features: 4,000‑square‑foot warehouse with office area; Drive‑through capability within a flex‑space configuration; 5.31‑acre commercial site
