Established Auto Repair Shop For
For Sale
$899,999
1423 Corlies Avenue, Neptune, NJ 07753
Turn-key auto repair shop with loyal customer base.
Property Size3,358 SF
Lot Size0.06 Acres
Price / SF$268.02
Days on Market199
Property Features for 1423 Corlies Avenue
General Information
Standard status
Active
Size
3,358 SF
Lot size
0.06 Acres
Property subtype
Commercial
Building Details
Year Built
1957
Listing Agency:
RE/MAX 1st. Advantage
(732) 827-5344
Listed By:
Robert Dekanski · License #232901
(833) 740-1234
Source:
Actionplusrealty
Added: Feb 6
Changed: Aug 23
Last Checked: Aug 23 at 6:02AM
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 RE/MAX 1st. Advantage
Investment Insights
Based on property information with market context.
This freestanding 3,358 sq ft auto repair service is situated on a 2,405 sq ft corner lot. The property features a well-established body shop with a history of service. An additional garage provides extra service space, allowing for increased capacity and new revenue streams. The interior includes a front reception area, ample on-site storage, and a private 1/2 bath. On-site parking is available for 15+ vehicles. The property is located in a high-traffic area with easy access to major roads and proximity to Asbury Park. The property is intended for use as an auto repair shop and offers potential for business growth with a loyal customer base.
Key Highlights
- Established 5‑star auto repair business with a 40‑year track record.
- Prime corner lot location in a high‑traffic area of Neptune, with easy access to major roads and Asbury Park.
- Turn‑key opportunity with a loyal customer base and included phone numbers.
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
$47,930
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
5.33%
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%
$958,600
$958.6K
Cap Rate 7%
$684,714
$684.7K
Cap Rate 9%
$532,556
$532.6K
Market Conditions
NOI Build-Up for 3,358 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
$72.5K $21.60/SF
− Vacancy
−$4.1K −$1.21/SF
EGI
$68.5K $20.39/SF
− OpEx
−$20.5K −$6.12/SF
NOI
$47.9K $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 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%
$958,600
Cap Rate 7%
$684,714
Cap Rate 9%
$532,556
Alternative Uses
Best Use
Retail
$684.7K
$599.1K – $798.8K
NOI $47,930 @ 7.0% cap · market cap 5.33%
Second Best
Industrial
$459.9K
$402.4K – $536.5K
NOI $32,190 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$876.8K
$767.2K – $1.02M
NOI $61,379 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
420
Businesses Nearby
154k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 80%
Shops & Services 18%
Hotels & Casinos 1%
Walmart
Superstores
124,018 visits/mo
0.4 miles
Wawa
Shops & Services
28,386 visits/mo
0.4 miles
Holiday Inn Express Neptune
Hotels & Casinos
1,877 visits/mo
0.5 miles
Demographics for 07753, NJ
37,397
Population
16,701
Households
2.2
Avg Household Size
45
Median Age
37%
College-Educated
93%
High-School Grad
16.0 sq mi
ZIP Area
2,337
Density / Sq Mi
$92,824
Median Household Income
$49,953
Median Earnings
$1,740
Median Rent
$390,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- TR Towing
Frequently Asked Questions
What type of property is this?
Auto shop - Turn-key auto repair shop with loyal customer base.
Where is this auto shop located?
The property is located at 1423 Corlies Avenue Neptune, NJ.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: Established 5‑star auto repair business with a 40‑year track record.; Prime corner lot location in a high‑traffic area of Neptune, with easy access to major roads and Asbury Park.; Turn‑key opportunity with a loyal customer base and included phone numbers.
