Landmark Former
For Sale
$1,250,000
353 Broadway, Long Branch, NJ 07740
Former firehouse offering open interior space and high ceilings, suitable for a range of retail, office, and medical concepts.
Property Size3,520 SF
Days on Market43
Property Features for 353 Broadway
General Information
Standard status
Active
Size
3,520 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Building Details
Building Size
3,520 SF
Year Built
1910
Stories
2
Listing Agency:
Douglas Elliman of NJ LLC
Listed By:
Chris Katz · License #0681073
(732) 859-8505
Source:
Elliman
Added: Jul 25
Changed: Sep 3
Last Checked: Sep 5 at 11:50AM
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 Douglas Elliman of NJ LLC
Investment Insights
Based on property information with market context.
This property is a former firehouse with open interior space and high ceilings, offering a distinctive architectural presence. The building’s configuration is well suited for flexible commercial use, including retail, office, and medical applications, subject to required approvals.
The asset is located on Broadway in Long Branch, within the evolving Broadway corridor. Public remarks indicate it is minutes from Pier Village, the beach, NJ Transit, Monmouth University, and major highways.
Bike, walk, and transit scores are provided in the remarks (Bikeable 63, Somewhat Walkable 63, Transit 39), supporting its accessibility for area visitors and employees.
The asset is located on Broadway in Long Branch, within the evolving Broadway corridor. Public remarks indicate it is minutes from Pier Village, the beach, NJ Transit, Monmouth University, and major highways.
Bike, walk, and transit scores are provided in the remarks (Bikeable 63, Somewhat Walkable 63, Transit 39), supporting its accessibility for area visitors and employees.
Key Highlights
- Former firehouse built in 1910 with open interior space and high ceilings
- Landmark former firehouse in Long Branch’s Broadway corridor, offered for sale or lease
- Flexible commercial space suitable for retail, restaurant, office, medical, fitness, creative workspace, brewery, or mixed‑use (subject to approvals)
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
$53,856
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
4.31%
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%
$1,077,120
$1.1M
Cap Rate 7%
$769,371
$769.4K
Cap Rate 9%
$598,400
$598.4K
Market Conditions
NOI Build-Up for 3,520 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
$105.6K $30.00/SF
− Vacancy
−$33.8K −$9.60/SF
EGI
$71.8K $20.40/SF
− OpEx
−$18.0K −$5.10/SF
NOI
$53.9K $15.30/SF
Area
Monmouth 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%
$1,077,120
Cap Rate 7%
$769,371
Cap Rate 9%
$598,400
Alternative Uses
Best Use
Office B
$769.4K
$673.2K – $897.6K
NOI $53,856 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$919.1K
$804.3K – $1.07M
NOI $64,340 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,271
Businesses Nearby
Explore this area
Business Placement
Demographics for 07740, NJ
31,905
Population
15,208
Households
2.1
Avg Household Size
38
Median Age
35%
College-Educated
84%
High-School Grad
5.3 sq mi
ZIP Area
6,020
Density / Sq Mi
$73,806
Median Household Income
$38,614
Median Earnings
$1,744
Median Rent
$521,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Former firehouse offering open interior space and high ceilings, suitable for a range of retail, office, and medical concepts.
Where is this office building located?
The property is located at 353 Broadway Long Branch, NJ.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Former firehouse built in 1910 with open interior space and high ceilings; Landmark former firehouse in Long Branch’s Broadway corridor, offered for sale or lease; Flexible commercial space suitable for retail, restaurant, office, medical, fitness, creative workspace, brewery, or mixed‑use (subject to approvals)
