Fully Leased Retail/Office
For Sale
$2,500,000
21 Main Street, Asbury Park, NJ 07712
COMMERCIAL - Asbury Park, NJ
Property Size8,020 SF
Lot Size0.09 Acres
Price / SF$311.72
Days on Market135
Property Features for 21 Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Office, Multi-Family, Retail, Residential, Professional, Mixed, Commercial, Central Business
Parking features
On Street
Directions
Rt. 33 to Main Street, make left. Go north on Main Street a quarter mile to 21. Building on left.
Subdivision
SW Asbury Pk
Standard status
Active
APN
04-02409-0000-00003
Size
8,020 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
30085
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1919
Floors in Building
1
Listing Agency:
Sackman Realty
(732) 798-8188
Listed By:
Patrick Schiavino · License #0454705
(732) 798-8188
Added: Apr 20
Changed: Aug 4
Last Checked: Sep 1 at 1:06PM
MLS# 22610996
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.
Located at 21 Main Street in Asbury Park’s Main Street Redevelopment Area, this retail/office building is fully leased and currently configured for three separate tenants, including an art gallery, a bike shop, and office space. The property has been nicely restored while preserving the industrial feel and underlying architecture.
In addition to the existing income-producing use, the site is also described as a prime development location. The information provided indicates the ability to expand vertically up to eight stories, with a maximum building height of 90 feet.
The property is listed as being within an Opportunity Zone and a UEZ Zone. Lot size is listed at 0.09 acres, and the building size is provided as 8,020 square feet.
In addition to the existing income-producing use, the site is also described as a prime development location. The information provided indicates the ability to expand vertically up to eight stories, with a maximum building height of 90 feet.
The property is listed as being within an Opportunity Zone and a UEZ Zone. Lot size is listed at 0.09 acres, and the building size is provided as 8,020 square feet.
Key Highlights
- Fully leased retail/office building with 3 separate tenants: art gallery, bike shop, and office space
- Opportunity Zone and UEZ Zone; designated Main Street Redevelopment Area
- Building expansion potential: ability to go up to 8 stories, up to 90 feet
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
$122,706
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
4.91%
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%
$2,454,120
$2.5M
Cap Rate 7%
$1,752,943
$1.8M
Cap Rate 9%
$1,363,400
$1.4M
Market Conditions
NOI Build-Up for 8,020 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
$240.6K $30.00/SF
− Vacancy
−$77.0K −$9.60/SF
EGI
$163.6K $20.40/SF
− OpEx
−$40.9K −$5.10/SF
NOI
$122.7K $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%
$2,454,120
Cap Rate 7%
$1,752,943
Cap Rate 9%
$1,363,400
Alternative Uses
Best Use
Office B
$1.75M
$1.53M – $2.05M
NOI $122,706 @ 7.0% cap · market cap 4.91%
Second Best
Retail
$1.64M
$1.43M – $1.91M
NOI $114,472 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,593 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,125
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07712, NJ
39,397
Population
19,321
Households
2
Avg Household Size
42
Median Age
49%
College-Educated
93%
High-School Grad
12.2 sq mi
ZIP Area
3,229
Density / Sq Mi
$95,691
Median Household Income
$51,924
Median Earnings
$1,496
Median Rent
$578,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - A restored, fully leased building with three tenants, plus redevelopment potential up to eight stories.
Where is this storefront property located?
The property is located at 21 Main Street Asbury Park, NJ.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Fully leased retail/office building with 3 separate tenants: art gallery, bike shop, and office space; Opportunity Zone and UEZ Zone; designated Main Street Redevelopment Area; Building expansion potential: ability to go up to 8 stories, up to 90 feet
