Office Building with Flexible
For Sale
$936,000
224 South Street, Freehold, NJ 07728
Office zoning and separate entrances serve the first and second floors, which are also connected internally.
Property Size2,800 SF
Price / SF$334.29
Days on Market82
Property Features for 224 South Street
General Information
Standard status
Active
Size
2,800 SF
Total Parking Spaces
17
Property subtype
Commercial
Zoning
Office, Professional
Taxes and HOA fees
Annual Taxes
$11,059
Amenities
ADA bathroom
break room
kitchenette area
finished attic
separate HVAC
separate entrances
Handicapped
Building Details
Building Size
2,800 SF
Buildings
1
Stories
2
Listing Agency:
C21/ Mack Morris Iris Lurie
Listed By:
Daniel Pevsner
(732) 536-2228
Source:
Cammarotarealestate
Added: Aug 6
Changed: Oct 26
Last Checked: Oct 26 at 3:55AM
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 C21/ Mack Morris Iris Lurie
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Investment Insights
Based on property information with market context.
This 2,800-square-foot office building has a renovated interior arranged across three levels. The first floor features an open layout, an ADA bathroom and a break room. Five private rooms, a bathroom and a kitchenette are located on the second floor; the finished walk-up attic provides an additional area with natural light. Separate entrances serve the first and second floors, with an interior connection between them. Heating and cooling systems, electrical panels and meters are separate by level. A private side yard and parking for 17 vehicles are also part of the property.
The property is zoned Office, Professional, with access to Routes 9, 79 and 33 and downtown Freehold described as minutes away.
The property is zoned Office, Professional, with access to Routes 9, 79 and 33 and downtown Freehold described as minutes away.
Key Highlights
- 2,800‑square‑foot office building with three finished levels, including a walk‑up attic
- Parking lot accommodates 17 cars
- First floor has an open layout, ADA bathroom and break room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,840
Cap Rate
4.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$856,800
$856.8K
Cap Rate 7%
$612,000
$612.0K
Cap Rate 9%
$476,000
$476.0K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$84.0K $30.00/SF
− Vacancy
−$26.9K −$9.60/SF
EGI
$57.1K $20.40/SF
− OpEx
−$14.3K −$5.10/SF
NOI
$42.8K $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 Rate 5%
$856,800
Cap Rate 7%
$612,000
Cap Rate 9%
$476,000
Alternative Uses
Best Use
Office B
$612.0K
$535.5K – $714.0K
NOI $42,840 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$731.1K
$639.8K – $853.0K
NOI $51,180 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
Explore this area
Business Placement
Demographics for 07728, NJ
56,444
Population
21,150
Households
2.7
Avg Household Size
43
Median Age
46%
College-Educated
92%
High-School Grad
49.6 sq mi
ZIP Area
1,138
Density / Sq Mi
$107,042
Median Household Income
$56,824
Median Earnings
$1,941
Median Rent
$490,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - Office zoning and separate entrances serve the first and second floors, which are also connected internally.
Where is this office building located?
The property is located at 224 South Street Freehold, NJ.
What is the asking price?
The asking price for this property is $936,000.
What are key features of this property?
This property features: 2,800‑square‑foot office building with three finished levels, including a walk‑up attic; Parking lot accommodates 17 cars; First floor has an open layout, ADA bathroom and break room
