Single-Tenant Outdoor Storage
For Sale
Contact for pricing
195 Leonardville Road, Belford, NJ 07718
Fee-simple sale of a single-tenant outdoor storage facility with an NN lease and 6.6 years remaining term.
Property Size16,337 SF
Lot Size4.85 Acres
Price / SF$342.96
Days on Market130
Property Features for 195 Leonardville Road
General Information
Standard status
Active
Size
16,337 SF
Lot size
4.85 Acres
Property subtype
Industrial, Land, Special Purpose
Zoning
R-O (Residential & Office)
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$336,176
Additional Details
Business Included
Yes
Fenced Yard
Yes
Building Details
Year Built
1962
Year Renovated
2006
Buildings
1
Tenancy
Single
Listed By:
Nick Stefans · License #1539584
Source:
Crexi
Added: Apr 29
Changed: Aug 25
Last Checked: Sep 1 at 8:24PM
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 Nick Stefans
Investment Insights
Based on property information with market context.
JLL is pleased to exclusively offer for sale the fee-simple interest in the single-tenant SRS Distribution industrial outdoor storage site. The property is leased to the operating tenant under an NN lease structure with approximately 6.6 years of remaining term and 3.75% annual rental escalations.
The asset includes 4.85 acres of industrial outdoor storage (IOS) with low site coverage of approximately 7.8%.
Located at 195 Leonardville Road in Belford, NJ (Middletown Township), the property offers an outdoor storage-focused configuration designed to support industrial yard operations within a single-tenant arrangement.
The asset includes 4.85 acres of industrial outdoor storage (IOS) with low site coverage of approximately 7.8%.
Located at 195 Leonardville Road in Belford, NJ (Middletown Township), the property offers an outdoor storage-focused configuration designed to support industrial yard operations within a single-tenant arrangement.
Key Highlights
- Fee‑simple sale of a single‑tenant SRS Distribution outdoor storage (IOS) property at 195 Leonardville, Belford, NJ
- NN lease in place with 6.6 years remaining term (per short description) and 19.6 years remaining term (per remarks)
- 3.75% annual rental escalations under the lease
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
$190,167
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
3.39%
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%
$3,803,340
$3.8M
Cap Rate 7%
$2,716,671
$2.7M
Cap Rate 9%
$2,112,967
$2.1M
Market Conditions
NOI Build-Up for 16,337 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
$235.3K $14.40/SF
− Vacancy
−$11.5K −$0.71/SF
EGI
$223.7K $13.69/SF
− OpEx
−$33.6K −$2.05/SF
NOI
$190.2K $11.64/SF
Area
Monmouth County, NJ
Vacancy
4.90%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
15.00%
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%
$3,803,340
Cap Rate 7%
$2,716,671
Cap Rate 9%
$2,112,967
Alternative Uses
Best Use
Warehouse
$2.72M
$2.38M – $3.17M
NOI $190,167 @ 7.0% cap · market cap 3.39%
Second Best
Industrial
$2.24M
$1.96M – $2.61M
NOI $156,608 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$4.27M
$3.73M – $4.98M
NOI $298,614 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Explore this area
Business Placement
Demographics for 07718, NJ
6,210
Population
2,603
Households
2.4
Avg Household Size
41
Median Age
41%
College-Educated
95%
High-School Grad
2.1 sq mi
ZIP Area
2,957
Density / Sq Mi
$139,313
Median Household Income
$72,969
Median Earnings
$1,847
Median Rent
$490,100
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Distribution center - Fee-simple sale of a single-tenant outdoor storage facility with an NN lease and 6.6 years remaining term.
Where is this distribution center located?
The property is located at 195 Leonardville Road Belford, NJ.
What is the asking price?
The asking price for this property is $5,603,000.
What are key features of this property?
This property features: Fee‑simple sale of a single‑tenant SRS Distribution outdoor storage (IOS) property at 195 Leonardville, Belford, NJ; NN lease in place with 6.6 years remaining term (per short description) and 19.6 years remaining term (per remarks); 3.75% annual rental escalations under the lease
