Listing Agency: Wolf Commercial Real Estate, LLC/CORFAC International | New Jersey Show Phone

Listed By: Ryan J. Barikian · License #NJ 1111483 Show Phone

Source: Moodyscre

Added: Mar 28, 2025 Changed: Oct 25 Last Checked: Oct 26 at 2:12PM

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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 Wolf Commercial Real Estate, LLC/CORFAC International | New Jersey

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Investment Insights

Based on property information with market context.

This flex/industrial building offers a total of 21,300 square feet, including approximately 19,800 square feet of warehouse space and approximately 1,500 square feet of office space. The property is situated on a 10.63-acre parcel and features a 60,000 square foot paved and stone lot. The warehouse is equipped with oil-fired heat, while the office area has air conditioning and forced air heat. There are a total of four doors: two doors measure 18 feet tall and 24 feet wide, and two doors measure 18 feet tall and 18 feet wide. The property includes three restrooms, one of which is a full bathroom with a shower. It has 3-phase/480-volt power, well water, and septic. Zoned as agricultural residential (AR), the property is a legal, non-conforming warehouse because it existed before current zoning restrictions were established. The annual taxes are $28,602. The location provides convenient access, being less than 10 minutes from I-95, I-195, and the New Jersey Turnpike. It is located 60 miles from New York City and 35 miles from Philadelphia.

Key Highlights

• Legal, non‑conforming warehouse status in Agricultural Residential (AR) zone.
• Excellent location: Less than 10 minutes to I‑95, I‑195, and NJ Turnpike; 60 miles from NYC and 35 miles from Philadelphia.
• Substantial space: 21,300 total square feet (+/- 19,800 SF warehouse and +/- 1,500 SF office) on a 10.63‑acre parcel with +/- 60,000 SF paved & stone lot.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$204,184

Cap Rate

8.18%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,083,680 $4.1M

Cap Rate 7%

$2,916,914 $2.9M

Cap Rate 9%

$2,268,711 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 21,300 SF

Gross rent

$306.7K $14.40/SF

− Vacancy

−$15.0K −$0.71/SF

EGI

$291.7K $13.69/SF

− OpEx

−$87.5K −$4.11/SF

NOI

$204.2K $9.59/SF

Area

Monmouth County, NJ

Vacancy

4.90%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,083,680

Cap Rate 7%

$2,916,914

Cap Rate 9%

$2,268,711

Alternative Uses

Best Use

Flex RnD

$4.99M

$4.37M – $5.82M (±1% cap)

NOI $349,386 @ 7.0% cap · market cap 14.00%

Second Best

Warehouse

$3.54M

$3.10M – $4.13M (±1% cap)

NOI $247,937 @ 7.0% cap · market cap 9.94%

Theoretical Best

Office A

$5.56M

$4.87M – $6.49M (±1% cap)

NOI $389,330 @ 7.0% cap · market cap 15.60%

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

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Furniture & Home Goods Big Box & Wholesale Store Garden Center Storage Facility Carpet & Flooring Store HVAC Service

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

62

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Similar Off Market Nearby

• Seal Van Lines Moving

Frequently Asked Questions

What type of property is this?

Warehouse - 21,300 SF flex/industrial building on 10.63 acres for sale.

Where is this warehouse located?

The property is located at 18 Herbert Rd Upper Freehold Township, NJ.

What is the asking price?

The asking price for this property is $2,495,000.

What are key features of this property?

This property features: Legal, non‑conforming warehouse status in Agricultural Residential (AR) zone.; Excellent location: Less than 10 minutes to I‑95, I‑195, and NJ Turnpike; 60 miles from NYC and 35 miles from Philadelphia.; Substantial space: **21,300 total square feet** (+/- 19,800 SF warehouse and +/- 1,500 SF office) on a 10.63‑acre parcel with +/- 60,000 SF paved & stone lot.