Renovated Professional Office
For Sale
$329,000
Pending
1540 State Route 138, Wall, NJ 07719
Commercial Sale, Wall, NJ
Property Size1,194 SF
Lot Size0.01 Acres
Days on Market213
Property Features for 1540 State Route 138
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Office, Professional
Parking features
Parking Lot
Security features
Security System
Fireplace
1
Lot features
Highway Frontage, Landscaped
Directions
Follow GPS; right off of I-95, GSP and R18.
Subdivision
Wall
Standard status
Pending
APN
52-00116-0000-00010-208
Size
1,194 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4367
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1986
Floors in Building
2
Listing Agency:
Realty One Group Emerge
Listed By:
Amylee Monte
(732) 892-9900
Added: Feb 20
Changed: Aug 19
Last Checked: Sep 21 at 10:06AM
MLS# 22604411
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,194-square-foot office unit at 1540 State Route 138 provides a recently renovated professional setting with large private offices, open work space, a kitchenette, and a private bathroom. Central air supports the interior, while elevator access serves the building. Constructed in 1986, the property also includes access to a parking lot and public water and sewer service.
The office is positioned in Wall Township near the Garden State Parkway, I-95, and Route 18. The building is occupied by professional users and has a consistent rental history. Its combination of private rooms and open areas accommodates varied office configurations within a compact commercial suite.
The office is positioned in Wall Township near the Garden State Parkway, I-95, and Route 18. The building is occupied by professional users and has a consistent rental history. Its combination of private rooms and open areas accommodates varied office configurations within a compact commercial suite.
Key Highlights
- 1,194 SF office unit with large private offices and open work space
- Recently renovated professional office suite
- Kitchenette and private bathroom included
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
$18,268
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
5.55%
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%
$365,360
$365.4K
Cap Rate 7%
$260,971
$261.0K
Cap Rate 9%
$202,978
$203.0K
Market Conditions
NOI Build-Up for 1,194 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
$35.8K $30.00/SF
− Vacancy
−$11.5K −$9.60/SF
EGI
$24.4K $20.40/SF
− OpEx
−$6.1K −$5.10/SF
NOI
$18.3K $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%
$365,360
Cap Rate 7%
$260,971
Cap Rate 9%
$202,978
Alternative Uses
Best Use
Office B
$261.0K
$228.4K – $304.5K
NOI $18,268 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$311.8K
$272.8K – $363.7K
NOI $21,824 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 07719, NJ
21,665
Population
10,753
Households
2
Avg Household Size
46
Median Age
53%
College-Educated
96%
High-School Grad
12.7 sq mi
ZIP Area
1,706
Density / Sq Mi
$119,877
Median Household Income
$58,854
Median Earnings
$1,754
Median Rent
$628,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 units - Private offices, open workspace, kitchenette, and a private bathroom support a flexible professional layout.
Where is this office units located?
The property is located at 1540 State Route 138 Wall, NJ.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: 1,194 SF office unit with large private offices and open work space; Recently renovated professional office suite; Kitchenette and private bathroom included
