Two-Unit Office
New
For Sale
$1,750,000
117 E County Line Rd, Lakewood, NJ 08701
B3-zoned office property with full occupancy and frontage along two roads.
Property Size3,772 SF
Price / SF$463.94
Days on Market2
Property Features for 117 E County Line Rd
General Information
Standard status
Active
Size
3,772 SF
Class
C
Property subtype
Multi Tenant Office
Zoning
B3
Occupancy
100%
Additional Details
Road Access
Yes
Office Units
2
Building Details
Building Size
3,772 SF
Year Built
1980
Buildings
2
Listing Agency:
Keller Williams West Monmouth
(732) 691-5653
Listed By:
Mark Krupnick · License #7852219
(732) 691-5653
Source:
Thebrokerlist
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 5:46AM
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 West Monmouth
Investment Insights
Based on property information with market context.
This office property contains 3,772 square feet arranged as two units and was built in 1980. The asset is fully occupied and carries B3 zoning, supporting its established commercial office profile.
Frontage extends along E County Line Road and Kennedy Boulevard in Lakewood, New Jersey. The property is located a short distance from US Highway 9, with nearby dining, retail, and other everyday amenities serving the surrounding commercial area.
Frontage extends along E County Line Road and Kennedy Boulevard in Lakewood, New Jersey. The property is located a short distance from US Highway 9, with nearby dining, retail, and other everyday amenities serving the surrounding commercial area.
Key Highlights
- 3,772 SF office property with two units
- 100% occupancy
- B3 zoning
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
$57,712
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
3.30%
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%
$1,154,240
$1.2M
Cap Rate 7%
$824,457
$824.5K
Cap Rate 9%
$641,244
$641.2K
Market Conditions
NOI Build-Up for 3,772 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
$113.2K $30.00/SF
− Vacancy
−$36.2K −$9.60/SF
EGI
$76.9K $20.40/SF
− OpEx
−$19.2K −$5.10/SF
NOI
$57.7K $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%
$1,154,240
Cap Rate 7%
$824,457
Cap Rate 9%
$641,244
Alternative Uses
Best Use
Office B
$824.5K
$721.4K – $961.9K
NOI $57,712 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$984.9K
$861.8K – $1.15M
NOI $68,946 @ 7.0% cap · market cap 3.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
941
Businesses Nearby
Explore this area
Business Placement
Demographics for 08701, NJ
135,256
Population
33,539
Households
4
Avg Household Size
20
Median Age
33%
College-Educated
91%
High-School Grad
24.7 sq mi
ZIP Area
5,476
Density / Sq Mi
$62,811
Median Household Income
$34,970
Median Earnings
$1,701
Median Rent
$430,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - B3-zoned office property with full occupancy and frontage along two roads.
Where is this office building located?
The property is located at 117 E County Line Rd Lakewood, NJ.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 3,772 SF office property with two units; 100% occupancy; B3 zoning
