Building Details

Building Size 2,700 SF

Year Built 2025

Stories 2

Listing Agency: d***@lennar.com Show Phone

Listed By: Debra A Glatz Show Phone

Source: Elliman

Added: Nov 28, 2025 Changed: Aug 8 Last Checked: Jul 16 at 8:58AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Debra A Glatz

Investment Insights

Based on property information with market context.

This two-story Capri D model is located within The Venue at Monroe, an exclusive gated 55+ community. The property features approximately 2,700 sq. ft. of open-concept living space, highlighted by soaring 20-ft. ceilings. The gourmet kitchen includes Quartz countertops, white shaker cabinets, hardwood floors, and a full appliance package. The spacious Great Room is designed for entertaining, featuring abundant natural light and a wall of windows. The upstairs area includes a loft, bedroom, full bath, and study. Community amenities include a 23,000 sq. ft. clubhouse, indoor and outdoor heated pools, tennis, pickleball, bocce, dog parks, a movie theater, a fitness center, and an amphitheater. One resident must be 55 or older, and no permanent residents under 48 are permitted.

Key Highlights

• Exclusive gated 55+ community in The Venue at Monroe.
• Approximately 2,700 sq. ft. of open‑concept living space.
• Gourmet kitchen featuring Quartz countertops, white shaker cabinets, hardwood floors, and full appliance package.

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

$41,521

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

4.74%

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%

$830,420 $830.4K

Cap Rate 7%

$593,157 $593.2K

Cap Rate 9%

$461,344 $461.3K

Market Conditions

NOI Build-Up for 2,700 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

$81.0K $30.00/SF

− Vacancy

−$5.5K −$2.04/SF

EGI

$75.5K $27.96/SF

− OpEx

−$34.0K −$12.58/SF

NOI

$41.5K $15.38/SF

Area

Middlesex County, NJ

Vacancy

6.80%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

45.00%

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%

$830,420

Cap Rate 7%

$593,157

Cap Rate 9%

$461,344

Alternative Uses

Best Use

Apartment 5plus

$593.2K

$519.0K – $692.0K (±1% cap)

NOI $41,521 @ 7.0% cap · market cap 4.74%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$705.0K

$616.9K – $822.5K (±1% cap)

NOI $49,352 @ 7.0% cap · market cap 5.63%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Senior Housing / Retirement ...

Location Intelligence

Trade Area within ½ mile

91

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 08831, NJ

55,123

Population

24,898

Households

2.2

Avg Household Size

53

Median Age

51%

College-Educated

95%

High-School Grad

51.3 sq mi

ZIP Area

1,075

Density / Sq Mi

$108,741

Median Household Income

$74,340

Median Earnings

$1,872

Median Rent

$489,700

Median Home Value

Questions? Ask Rey

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What type of property is this? Where is this senior housing / retirement homes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Senior housing / Retirement Home - Two-story Capri D model in gated 55+ community.

Where is this senior housing / retirement home located?

The property is located at 109 Fillmore Dr Monroe Twp, NJ.

What is the asking price?

The asking price for this property is $876,740.

What are key features of this property?

This property features: Exclusive gated 55+ community in The Venue at Monroe.; Approximately 2,700 sq. ft. of open‑concept living space.; Gourmet kitchen featuring Quartz countertops, white shaker cabinets, hardwood floors, and full appliance package.