Fully Leased Building in
For Sale
$2,200,000
228 State Route 34, Matawan, NJ 07747
Turnkey investment opportunity with six established tenants and recent updates.
Property Size10,000 SF
Price / SF$220
Days on Market573
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Property Features for 228 State Route 34
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Commercial
Building Details
Year Built
1990
Listing Agency:
VRI Homes
Listed By:
B.K. Kromer · License #8635998
(732) 264-9593
Source:
Actionplusrealty
Added: Mar 22, 2025
Changed: Oct 15
Last Checked: Oct 14 at 11:31PM
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 VRI Homes
Investment Insights
Based on property information with market context.
This fully-leased building in Matawan presents a turnkey investment opportunity. The property spans approximately 10,000 square feet and houses a diverse mix of six established tenants, all secured on active leases. Significant investments have been made in high-quality updates throughout, including new bathrooms, ceilings, lights, flooring, and custom Italian glass and wood doors. The HVAC and air conditioning systems are new, with all ducts redone, and custom painting has been applied throughout the building. Additional improvements include a new roof and a camera system with parking lot timer lights. The property also features a full basement. This low-maintenance, cash-flowing asset is suited for an investor seeking a stable addition with clear potential.
Key Highlights
- Fully leased building with 6 established tenants providing immediate income.
- Recently updated throughout with high‑quality improvements including new bathrooms, ceilings, lighting, flooring, doors, HVAC, and roof.
- Low‑maintenance cash‑flowing asset ideal for investors.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$142,733
Cap Rate
6.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,854,660
$2.9M
Cap Rate 7%
$2,039,043
$2.0M
Cap Rate 9%
$1,585,922
$1.6M
Market Conditions
NOI Build-Up for 10,000 SF
Gross rent
$216.0K $21.60/SF
− Vacancy
−$12.1K −$1.21/SF
EGI
$203.9K $20.39/SF
− OpEx
−$61.2K −$6.12/SF
NOI
$142.7K $14.27/SF
Area
Monmouth 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 Rate 5%
$2,854,660
Cap Rate 7%
$2,039,043
Cap Rate 9%
$1,585,922
Alternative Uses
Best Use
Retail
$2.04M
$1.78M – $2.38M
NOI $142,733 @ 7.0% cap · market cap 6.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.61M
$2.28M – $3.05M
NOI $182,784 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
186
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07747, NJ
31,915
Population
13,134
Households
2.4
Avg Household Size
43
Median Age
51%
College-Educated
96%
High-School Grad
12.8 sq mi
ZIP Area
2,493
Density / Sq Mi
$124,896
Median Household Income
$61,503
Median Earnings
$1,840
Median Rent
$464,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Storefront property - Turnkey investment opportunity with six established tenants and recent updates.
Where is this storefront property located?
The property is located at 228 State Route 34 Matawan, NJ.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Fully leased building with 6 established tenants providing immediate income.; Recently updated throughout with **high‑quality improvements** including new bathrooms, ceilings, lighting, flooring, doors, HVAC, and roof.; Low‑maintenance cash‑flowing asset ideal for investors.
