Highway Mixed-Use
For Sale
$1,700,000
281 Route 37 E, Toms River, NJ 08753
Multi-structure property combines a gas station, residential building with retail use, and shop space.
Property Size5,854 SF
Days on Market1653
Property Features for 281 Route 37 E
General Information
Standard status
Active
Size
5,854 SF
Property subtype
SCR
Building Details
Building Size
5,854 SF
Year Built
1930
Units
3
Listing Agency:
Keller Williams Shore Properties
(732) 267-3980
Listed By:
Michael Little · License #9804215
(732) 267-3980
Source:
Realnex
Added: Feb 20, 2022
Changed: Aug 31
Last Checked: Aug 31 at 12:34PM
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 Shore Properties
Investment Insights
Based on property information with market context.
This 1.14-acre mixed-use property includes three distinct structures serving commercial, retail, residential, and automotive functions. The 1,554-square-foot gas station building contains 2 mechanics bays and an office. A separate 2,200-square-foot residential structure is configured for retail use as a consignment shop, while a 2,100-square-foot shop building provides additional storage and an associated yard.
The property occupies the eastbound side of State Highway 37 at the southwest corner of Clifton Ave. The surrounding area includes multifamily, highway business, and residential uses. Downtown Toms River, Shore Points, and Saint Barnabas Community Medical Center are in close proximity. Originally built in 1930, the property offers a combination of highway-oriented commercial improvements and multiple building types on one site.
The property occupies the eastbound side of State Highway 37 at the southwest corner of Clifton Ave. The surrounding area includes multifamily, highway business, and residential uses. Downtown Toms River, Shore Points, and Saint Barnabas Community Medical Center are in close proximity. Originally built in 1930, the property offers a combination of highway-oriented commercial improvements and multiple building types on one site.
Key Highlights
- 1.14‑acre mixed‑use property with three separate structures
- 1,554‑square‑foot gas station building with 2 mechanics bays and an office
- 2,200‑square‑foot residential structure configured for retail use
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
$89,524
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
5.27%
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%
$1,790,480
$1.8M
Cap Rate 7%
$1,278,914
$1.3M
Cap Rate 9%
$994,711
$994.7K
Market Conditions
NOI Build-Up for 5,854 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
$126.4K $21.60/SF
− Vacancy
−$7.1K −$1.21/SF
EGI
$119.4K $20.39/SF
− OpEx
−$29.8K −$5.10/SF
NOI
$89.5K $15.29/SF
Area
Ocean County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /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%
$1,790,480
Cap Rate 7%
$1,278,914
Cap Rate 9%
$994,711
Alternative Uses
Best Use
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,524 @ 7.0% cap · market cap 5.27%
Second Best
Retail
$1.19M
$1.04M – $1.39M
NOI $83,556 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $107,002 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
101k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Groceries 37%
Shops & Services 16%
Hotels & Casinos 4%
Stop & Shop
Groceries
36,923 visits/mo
0.1 miles
McDonald's
Dining
18,092 visits/mo
0.0 miles
Wendy's
Dining
13,897 visits/mo
0.4 miles
Margaritas Mexican Restaurant
Dining
7,314 visits/mo
0.5 miles
7-Eleven
Shops & Services
6,001 visits/mo
0.5 miles
Demographics for 08753, NJ
64,369
Population
27,900
Households
2.3
Avg Household Size
42
Median Age
36%
College-Educated
94%
High-School Grad
23.0 sq mi
ZIP Area
2,799
Density / Sq Mi
$101,648
Median Household Income
$54,291
Median Earnings
$1,742
Median Rent
$377,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-structure property combines a gas station, residential building with retail use, and shop space.
Where is this mixed-use property located?
The property is located at 281 Route 37 E Toms River, NJ.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 1.14‑acre mixed‑use property with three separate structures; 1,554‑square‑foot gas station building with 2 mechanics bays and an office; 2,200‑square‑foot residential structure configured for retail use
