Building Details

Year Built 1910

Listing Agency: DIANE TURTON, REALTORS-BRICK

Listed By: EDWARD A VESPI · License #7871867 Show Phone

Source: Corcoran

Added: May 12, 2025 Changed: Mar 16 Last Checked: Mar 16 at 9:09AM

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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 DIANE TURTON, REALTORS-BRICK

Investment Insights

Based on property information with market context.

This versatile commercially zoned property offers a rare opportunity with historic charm. The classic shore colonial has been beautifully preserved. Zoned and suitable for most professionals and commercial uses, it is ideal for investors, professional services, small businesses, creative studios, or a live/work configuration. Known as the Cranberry House, the property features rich original details throughout, including hardwood floors and beam ceilings. A large walk-up attic provides storage space. There is also a detached garage with an attached workshop suitable for hobbies, studio, or creative use. The township zoning is B-2. The property includes an oversized parking lot with room for expansion, an outdoor workspace, or future development. It is located on a highly visible corner, close to beaches, dining, retail, and main traffic corridors. The property size is 1498 square feet.

Key Highlights

• Commercially Zoned (B‑2) in a High Visibility Corner Location
• Historic Charm and Rich Original Details like Hardwood Floors and Beam Ceilings
• Oversized Parking Lot with Room for Expansion/Development

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,919

Cap Rate

5.34%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$458,380 $458.4K

Cap Rate 7%

$327,414 $327.4K

Cap Rate 9%

$254,656 $254.7K

Market Conditions

NOI Build-Up for 1,498 SF

Gross rent

$44.9K $30.00/SF

− Vacancy

−$14.4K −$9.60/SF

EGI

$30.6K $20.40/SF

− OpEx

−$7.6K −$5.10/SF

NOI

$22.9K $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 Rate 5%

$458,380

Cap Rate 7%

$327,414

Cap Rate 9%

$254,656

Alternative Uses

Best Use

Office B

$327.4K

$286.5K – $382.0K (±1% cap)

NOI $22,919 @ 7.0% cap · market cap 5.34%

Second Best

Retail

$305.4K

$267.3K – $356.4K (±1% cap)

NOI $21,381 @ 7.0% cap · market cap 4.98%

Theoretical Best

Office A

$391.2K

$342.3K – $456.4K (±1% cap)

NOI $27,381 @ 7.0% cap · market cap 6.38%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office Units

Suggested Use

Top Pick Auto Parts Store Locksmith Grocery & Convenience Store Catering Service Pet Grooming Service Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

533

Businesses Nearby

Explore this area Business Placement

Demographics for 08723, NJ

31,272

Population

14,075

Households

2.2

Avg Household Size

45

Median Age

30%

College-Educated

95%

High-School Grad

12.0 sq mi

ZIP Area

2,606

Density / Sq Mi

$103,953

Median Household Income

$54,165

Median Earnings

$1,652

Median Rent

$374,400

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this office units 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?

Office units - Versatile commercially zoned property with historic charm, suitable for various uses.

Where is this office units located?

The property is located at 197 Drum Point Road Brick, NJ.

What is the asking price?

The asking price for this property is $429,000.

What are key features of this property?

This property features: Commercially Zoned (B‑2) in a High Visibility Corner Location; Historic Charm and Rich Original Details like Hardwood Floors and Beam Ceilings; Oversized Parking Lot with Room for Expansion/Development