Strip Center with Multiple
For Sale
$1,190,000
22 Lewis St Unit 5, Eatontown, NJ 07724
Well-leased strip center opportunity with several long-term tenants and a dedicated on-site municipal parking lot.
Property Size7,500 SF
Price / SF$158.67
Days on Market99
Property Features for 22 Lewis St Unit 5
General Information
Standard status
Active
Size
7,500 SF
Building Details
Year Built
1910
Listing Agency:
PK PROPERTY INC.
Listed By:
Peter Han · License #RM422904
(215) 635-5100
Source:
Kableteam
Added: Jun 3
Changed: Sep 8
Last Checked: Sep 8 at 7:34AM
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 PK PROPERTY INC.
Investment Insights
Based on property information with market context.
This for-sale strip center is fully leased to five commercial tenants. The current tenant mix includes a pizza restaurant under a recently signed 10-year lease at $2,500 per month and an electronic smoke (cigar & cigarette accessories) tenant under a recently signed 15-year lease at $2,400 per month, both reportedly being redecorated. Other tenants include a hair salon at $1,020 per month on a month-to-month basis, and a dry cleaner at $1,550 per month with renewal noted as available when a remaining term expires. Unit 5 is leased at $1,500 per month to a dance studio.
The property provides access to a municipal parking lot that accommodates approximately 50 cars. The parking lot is owned by the township, and the township is responsible for cleaning, real estate tax and insurance, snow removal, and related expenses. The remarks indicate the parking lot is available for public use and does not belong to the seller.
For investors and owner-operators, the income profile is supported by an annual gross rental income of $105,240 with annual expenses of $21,000, resulting in net annual rental income of $84,240 as stated in the offering information. Several tenants are described as having been in place for years, and the landlord’s ability to obtain new tenants is referenced where applicable, including for the hair salon on month-to-month terms.
The property provides access to a municipal parking lot that accommodates approximately 50 cars. The parking lot is owned by the township, and the township is responsible for cleaning, real estate tax and insurance, snow removal, and related expenses. The remarks indicate the parking lot is available for public use and does not belong to the seller.
For investors and owner-operators, the income profile is supported by an annual gross rental income of $105,240 with annual expenses of $21,000, resulting in net annual rental income of $84,240 as stated in the offering information. Several tenants are described as having been in place for years, and the landlord’s ability to obtain new tenants is referenced where applicable, including for the hair salon on month-to-month terms.
Key Highlights
- Strip center built in 1910 with 5 commercial tenants
- Annual gross rental income of $105,240 with $21,000 in expenses for $84,240 net annual rental income
- Pizza restaurant tenant signed within the last 6 months for a 10‑year term at $2,500/month
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
$107,050
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
9.00%
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%
$2,141,000
$2.1M
Cap Rate 7%
$1,529,286
$1.5M
Cap Rate 9%
$1,189,444
$1.2M
Market Conditions
NOI Build-Up for 7,500 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
$162.0K $21.60/SF
− Vacancy
−$9.1K −$1.21/SF
EGI
$152.9K $20.39/SF
− OpEx
−$45.9K −$6.12/SF
NOI
$107.0K $14.27/SF
Area
Monmouth County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$2,141,000
Cap Rate 7%
$1,529,286
Cap Rate 9%
$1,189,444
Alternative Uses
Best Use
Retail
$1.53M
$1.34M – $1.78M
NOI $107,050 @ 7.0% cap · market cap 9.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $137,088 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
679
Businesses Nearby
55k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 48%
McDonald's
Dining
18,421 visits/mo
0.1 miles
Dunkin' Donuts
Dining
8,702 visits/mo
0.3 miles
Dollar General
Shops & Services
7,631 visits/mo
0.2 miles
Lukoil
Shops & Services
7,317 visits/mo
0.1 miles
7-Eleven
Shops & Services
4,529 visits/mo
0.1 miles
Demographics for 07724, NJ
23,494
Population
10,424
Households
2.3
Avg Household Size
44
Median Age
45%
College-Educated
92%
High-School Grad
12.1 sq mi
ZIP Area
1,942
Density / Sq Mi
$99,170
Median Household Income
$53,234
Median Earnings
$1,640
Median Rent
$487,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Well-leased strip center opportunity with several long-term tenants and a dedicated on-site municipal parking lot.
Where is this strip mall located?
The property is located at 22 Lewis St Unit 5 Eatontown, NJ.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Strip center built in 1910 with 5 commercial tenants; Annual gross rental income of $105,240 with $21,000 in expenses for $84,240 net annual rental income; Pizza restaurant tenant signed within the last 6 months for a 10‑year term at $2,500/month
