Mechanic Garage with Inventory
For Sale
$525,000
Pending
11 Leesville Avenue, Avenel, NJ 07001
Well-maintained mechanic garage with inventory in high-visibility area.
Property Size1,688 SF
Lot Size0.11 Acres
Days on Market334
Property Features for 11 Leesville Avenue
General Information
Standard status
Pending
Size
1,688 SF
Lot size
0.11 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,817
Amenities
Concrete Flooring
On Site
Shingle Roof
Building Details
Year Built
1940
Listing Agency:
KELLER WILLIAMS BY THE BAY
(732) 826-7110
Listed By:
JOSEPH A GUERRIERO · License #2079479
(718) 954-6585
Source:
Corcoran
Added: Oct 10, 2025
Changed: Aug 22
Last Checked: Jul 23 at 8:20AM
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 KELLER WILLIAMS BY THE BAY
Investment Insights
Based on property information with market context.
This well-maintained mechanic style garage is situated in a high-visibility area. The property includes inventory and features two fully equipped garages with ample working space. A private backyard provides additional space for parking, storage, or future expansion. The property is zoned for commercial use and multi-family, offering strong drive-by exposure and potential for various uses. It is suitable for business owners looking to own their own shop, developers, or investors seeking a commercial or residential asset.
Key Highlights
- Two fully equipped garages with ample working space and inventory included.
- Zoned for commercial use and multi‑family, offering diverse development potential.
- Located in a sought‑after, high‑visibility area with strong drive‑by exposure.
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
$24,093
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
4.59%
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%
$481,860
$481.9K
Cap Rate 7%
$344,186
$344.2K
Cap Rate 9%
$267,700
$267.7K
Market Conditions
NOI Build-Up for 1,688 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
$36.5K $21.60/SF
− Vacancy
−$2.0K −$1.21/SF
EGI
$34.4K $20.39/SF
− OpEx
−$10.3K −$6.12/SF
NOI
$24.1K $14.27/SF
Area
Middlesex County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$481,860
Cap Rate 7%
$344,186
Cap Rate 9%
$267,700
Alternative Uses
Best Use
Retail
$344.2K
$301.2K – $401.6K
NOI $24,093 @ 7.0% cap · market cap 4.59%
Second Best
Industrial
$270.7K
$236.8K – $315.8K
NOI $18,947 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$440.8K
$385.7K – $514.2K
NOI $30,854 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
740
Businesses Nearby
7k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 100%
Floor & Decor
Home Improvements & Furnishings
6,981 visits/mo
0.5 miles
Demographics for 07001, NJ
16,920
Population
5,693
Households
3
Avg Household Size
36
Median Age
29%
College-Educated
88%
High-School Grad
3.7 sq mi
ZIP Area
4,573
Density / Sq Mi
$95,935
Median Household Income
$50,740
Median Earnings
$1,839
Median Rent
$351,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Well-maintained mechanic garage with inventory in high-visibility area.
Where is this auto shop located?
The property is located at 11 Leesville Avenue Avenel, NJ.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two fully equipped garages with ample working space and inventory included.; Zoned for commercial use and multi‑family, offering diverse development potential.; Located in a sought‑after, high‑visibility area with strong drive‑by exposure.
