Flex Space with
For Sale
$1,699,999
92 Highway 33, Manalapan, NJ 07726
Commercial Sale, Manalapan, NJ
Property Size4,000 SF
Lot Size5.31 Acres
Price / SF$424
Days on Market504
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) 996-9391
Added: May 9, 2025
Changed: Sep 4
Last Checked: Sep 24 at 11:06PM
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 in Manalapan includes warehouse functionality, dedicated office space, and drive-through capability. The improvements date to 1984, and the site provides paved or surfaced parking for users and visitors. Available site plans include state approvals and reference possible expansion plans, adding documented planning information for future evaluation.
The property encompasses 5.31 acres at 92 Highway 33 in Manalapan, New Jersey. Water service is provided by a well, while wastewater is handled through a septic tank. The combination of warehouse and office areas, drive-through access, and an acreage-based site supports a range of commercial operating requirements within the stated property configuration.
The property encompasses 5.31 acres at 92 Highway 33 in Manalapan, New Jersey. Water service is provided by a well, while wastewater is handled through a septic tank. The combination of warehouse and office areas, drive-through access, and an acreage-based site supports a range of commercial operating requirements within the stated property configuration.
Key Highlights
- 5.31‑acre flex‑space property at 92 Highway 33, Manalapan, NJ 07726
- Warehouse configuration includes office space
- Drive‑through capability
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
Warehouse
$665.2K
$582.0K – $776.0K
NOI $46,561 @ 7.0% cap · market cap 2.74%
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
70
Businesses Nearby
Balanced
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse configuration includes office space, paved parking, and drive-through capability on a sizable Manalapan parcel.
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: 5.31‑acre flex‑space property at 92 Highway 33, Manalapan, NJ 07726; Warehouse configuration includes office space; Drive‑through capability
