Building Details

Building Size 2,637 SF

Listing Agency: Sitar Realty Company - Corporate

Listed By: Ronald Schrader Jr. Show Phone

Source: Sitarcompany

Added: Jan 27 Changed: Aug 26 Last Checked: Sep 4 at 4:18AM

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Investment Insights

Based on property information with market context.

This mixed-use building is available for sale or lease. It is located on a corner property in a prime retail corridor with high traffic on Highway 35, offering excellent visibility. The property provides easy access to Routes 138/195, 34, 18, 71, and the Garden State Parkway. The property is undergoing subdivision, with an estimated completion date in 2026.

The property at 1900 Route 35, Wall Township, features approximately 2,637 square feet of retail space along with a one-bedroom apartment that generates $1,200 per month in rental income. The zoning is HB 80. The annual taxes are $6,079, and there are 4 to 5 parking spaces available.

Additionally, the property includes 2409 Old Mill Road, Spring Lake Heights, which consists of a 50' x 150' lot with an approximately 1,126 square foot building. The zoning is R-3, and the annual taxes are $5,733.

Key Highlights

• Prime retail corridor location on heavily traveled Highway 35 with excellent visibility.
• Mixed‑use building featuring ±2,637 SF retail space plus a 1‑bedroom apartment generating $1,200/month income.
• Easy access to multiple major routes: 138/195, 34, 18, 71, and the Garden State Parkway.

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

$40,552

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

3.12%

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%

$811,040 $811.0K

Cap Rate 7%

$579,314 $579.3K

Cap Rate 9%

$450,578 $450.6K

Market Conditions

NOI Build-Up for 2,637 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

$79.1K $30.00/SF

− Vacancy

−$5.4K −$2.04/SF

EGI

$73.7K $27.96/SF

− OpEx

−$33.2K −$12.58/SF

NOI

$40.6K $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%

$811,040

Cap Rate 7%

$579,314

Cap Rate 9%

$450,578

Alternative Uses

Best Use

Apartment 5plus

$579.3K

$506.9K – $675.9K (±1% cap)

NOI $40,552 @ 7.0% cap · market cap 3.12%

Second Best

Retail

$537.7K

$470.5K – $627.3K (±1% cap)

NOI $37,639 @ 7.0% cap · market cap 2.90%

Theoretical Best

Office A

$688.6K

$602.5K – $803.3K (±1% cap)

NOI $48,200 @ 7.0% cap · market cap 3.71%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Retail space

Suggested Use

Top Pick Hair Salon Nail Salon Big Box & Wholesale Store Dental Office Auto Parts Store Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

790

Businesses Nearby

519

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Meineke Car Care Center Shops & Services

519 visits/mo 0.4 miles

Demographics for 07762, NJ

8,642

Population

5,109

Households

1.7

Avg Household Size

55

Median Age

64%

College-Educated

96%

High-School Grad

2.8 sq mi

ZIP Area

3,086

Density / Sq Mi

$103,947

Median Household Income

$68,061

Median Earnings

$1,775

Median Rent

$871,400

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Mixed-use property - Mixed-use building with retail space and apartment for sale or lease.

Where is this mixed-use property located?

The property is located at 1900 Highway 35 and 2409 Old Mill Road Wall Township and Spring Lake Heights, NJ.

What is the asking price?

The asking price for this property is $1,300,000.

What are key features of this property?

This property features: Prime retail corridor location on heavily traveled Highway 35 with excellent visibility.; Mixed‑use building featuring ±2,637 SF retail space plus a 1‑bedroom apartment generating $1,200/month income.; Easy access to multiple major routes: 138/195, 34, 18, 71, and the Garden State Parkway.