Land with Historic Nursing
For Sale
$3,499,900
184-186 State Hwy34, Holmdel, NJ 07733
LAND - Holmdel Twp., NJ
Property Size9,000 SF
Lot Size15.00 Acres
Price / SF$388.88
Days on Market57
Property Features for 184-186 State Hwy34
General Information
Property type
Land
Property subtype
Other
Directions
Southbound side of Route 34, between Roberts Road and Pleasant Valley Road. Please use GPS.
Standard status
Active
Lot size
15.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16608
Utilities
Water source
Public
Listing Agency:
VRI HOMES
(800) 531-2885
Listed By:
NITA LOEBIS
(800) 531-2885
Added: Jun 16
Changed: Jun 30
Last Checked: Aug 11 at 7:06AM
MLS# 4035176
Copyright © 2026 Garden State MLS, LLC. 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.
The property is approximately 15 acres and includes a main, three-story building with period details. Public remarks describe gorgeous doors, marble fireplaces, an original wood banister, and wide moldings, with approximately 9,000 square feet across three floors. The building was used as a nursing home with 40 beds and includes a large kitchen and a dumb waiter. A free-standing ranch-style house is located at the back of the property, with approximately 2,500 square feet, a full basement, five bedrooms, 2.5 baths, and an oversized two-car garage. Additional improvements include a barn, two separate garages, sheds, and other outbuildings.
The site is located at 184-186 State Hwy 34 in Holmdel Twp., Monmouth County, New Jersey. The tract is described as having a farm assessment qualifier, with 13.130 acres deemed farmland.
This assemblage may fit buyers and developers seeking a larger land package with existing structures. Prospective parties are encouraged to conduct their own due diligence regarding current condition, future use, and zoning/feasibility for any intended redevelopment or repurposing of the nursing home building, the ranch house, and the outbuildings.
The site is located at 184-186 State Hwy 34 in Holmdel Twp., Monmouth County, New Jersey. The tract is described as having a farm assessment qualifier, with 13.130 acres deemed farmland.
This assemblage may fit buyers and developers seeking a larger land package with existing structures. Prospective parties are encouraged to conduct their own due diligence regarding current condition, future use, and zoning/feasibility for any intended redevelopment or repurposing of the nursing home building, the ranch house, and the outbuildings.
Key Highlights
- Main building has approx. 9,000 SF across 3 floors with original wood banister, wide moldings, and marble fireplaces
- Previously operated as a nursing home with 40 beds; also includes a large kitchen with a dumb waiter
- Back ranch‑style house offers approx. 2,500 SF plus full basement, 5 bedrooms, 2.5 baths, and an oversized 2‑car garage
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
$138,402
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
3.95%
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%
$2,768,040
$2.8M
Cap Rate 7%
$1,977,171
$2.0M
Cap Rate 9%
$1,537,800
$1.5M
Market Conditions
NOI Build-Up for 9,000 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
$270.0K $30.00/SF
− Vacancy
−$18.4K −$2.04/SF
EGI
$251.6K $27.96/SF
− OpEx
−$113.2K −$12.58/SF
NOI
$138.4K $15.38/SF
Area
Monmouth County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,768,040
Cap Rate 7%
$1,977,171
Cap Rate 9%
$1,537,800
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,402 @ 7.0% cap · market cap 3.95%
Second Best
Healthcare Medical
$1.91M
$1.68M – $2.23M
NOI $134,006 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$2.35M
$2.06M – $2.74M
NOI $164,506 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
63
Businesses Nearby
Explore this area
Business Placement
Demographics for 07733, NJ
17,266
Population
6,318
Households
2.7
Avg Household Size
46
Median Age
67%
College-Educated
97%
High-School Grad
17.8 sq mi
ZIP Area
970
Density / Sq Mi
$175,559
Median Household Income
$100,004
Median Earnings
$3,501
Median Rent
$814,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Approximately 15-acre Holmdel Twp. tract with a historic multi-story nursing home and a back ranch house plus multiple outbuildings.
Where is this single family property located?
The property is located at 184-186 State Hwy34 Holmdel, NJ.
What is the asking price?
The asking price for this property is $3,499,900.
What are key features of this property?
This property features: Main building has approx. 9,000 SF across 3 floors with original wood banister, wide moldings, and marble fireplaces; Previously operated as a nursing home with 40 beds; also includes a large kitchen with a dumb waiter; Back ranch‑style house offers approx. 2,500 SF plus full basement, 5 bedrooms, 2.5 baths, and an oversized 2‑car garage
