Renovated Multi-Level Office
For Sale
$936,000
224 South Street, Freehold, NJ 07728
Commercial Sale, Freehold, NJ
Property Size2,800 SF
Lot Size0.26 Acres
Price / SF$334.29
Days on Market51
Property Features for 224 South Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Office, Professional
Rooms
Basement
Parking
17
Parking features
Off Street, Guest, Parking Lot
Interior features
Handicapped
Exterior features
Lighting
Accessibility
Accessible Approach with Ramp
Directions
on South street, near Daniel's Way
Subdivision
Freehold Twnsp
Standard status
Active
APN
17-00053-0000-00002-01
Size
2,800 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11059
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
ADA bathroom
break room
kitchenette area
private side yard
Building Details
Floors in Building
2
Flooring type
Vinyl
Building materials
Stucco
Roof type
Shingle
Listing Agency:
C21/ Mack Morris Iris Lurie · Century 21 Real Estate
Listed By:
Daniel Pevsner
(732) 536-2228
Added: Aug 6
Changed: Sep 13
Last Checked: Sep 25 at 2:06AM
MLS# 22624269
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.
Renovated office building in Freehold with approximately 2,800 square feet across three levels. The first floor offers an open-concept layout, ADA bathroom, break room, and its own heating, cooling, electrical panel, and meter. The second floor includes five private rooms, a bathroom, kitchenette area, and separate entrance, while the finished walk-up attic provides additional usable space and natural lighting. The first and second floors also connect internally.
The property includes a 0.26-acre lot with a parking area for 17 cars, a private side yard, exterior lighting, and an accessible approach with ramp. Professional Zone P-1 supports office and medical uses. Public water and sewer serve the building, which features stucco construction, vinyl flooring, forced-air heating, central air, and a shingle roof. The location provides access to Route 9, Route 79, Route 33, and downtown Freehold.
The property includes a 0.26-acre lot with a parking area for 17 cars, a private side yard, exterior lighting, and an accessible approach with ramp. Professional Zone P-1 supports office and medical uses. Public water and sewer serve the building, which features stucco construction, vinyl flooring, forced-air heating, central air, and a shingle roof. The location provides access to Route 9, Route 79, Route 33, and downtown Freehold.
Key Highlights
- Approximately 2,800 square feet across three levels
- 0.26‑acre lot with parking for 17 cars
- Professional Zone P‑1 supports office and medical uses
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
$42,840
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
4.58%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Flexible office property with separate entrances, accessible features, private parking, and P-1 professional zoning.
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: Approximately 2,800 square feet across three levels; 0.26‑acre lot with parking for 17 cars; Professional Zone P‑1 supports office and medical uses
