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    Fully Leased Building in Matawan Title is generated by Realmo AI

    228 State Route 34, Matawan, NJ 07747

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    Claim this Listing
    For Sale
    $2,200,000

    Turnkey investment opportunity with six established tenants and recent updates.

    Type:Commercial
    Property size:
    10,000 SF
    Lot size:
    0.72 Acres
    Price / SF:
    $220/SF
    Added:
    Sep 21, 2025
    Days on Market:
    258
    Last Refresh:
    Apr 5 at 8:26 pm

    Property Features for 228 State Route 34

    General Information

    Standard status
    Active
    Size
    10,000 SF
    Lot size
    0.72 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1990

    We can help!

    Listing Contact
    B.K. KROMER

    Listing agent B.K. KROMER License #8635998

    Listing office VRI HOMES

    Listing date Sep 21, 2025

    Source Corcoran

    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 VRI HOMES

    HighLights

    • Fully leased building with 6 established tenants providing immediate income.
    • Recently updated throughout with high‑quality improvements including new bathrooms, ceilings, lighting, flooring, doors, HVAC, and roof.
    • Low‑maintenance cash‑flowing asset ideal for investors.
    • Approximately 10,000 sq ft of functional commercial space.
    • New security camera system with parking lot timer lights.
    • Full basement provides additional utility.

    Overview

    This fully-leased building in Matawan presents a turnkey investment opportunity. The property spans approximately 10,000 square feet and houses a diverse mix of six established tenants, all secured on active leases. Significant investments have been made in high-quality updates throughout, including new bathrooms, ceilings, lights, flooring, and custom Italian glass and wood doors. The HVAC and air conditioning systems are new, with all ducts redone, and custom painting has been applied throughout the building. Additional improvements include a new roof and a camera system with parking lot timer lights. The property also features a full basement. This low-maintenance, cash-flowing asset is suited for an investor seeking a stable addition with clear potential.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $216.0k $21.60
    − Vacancy −$12.1k −$1.21
    EGI $203.9k $20.39
    − OpEx −$61.2k −$6.12
    NOI $142.7k $14.27
    10,000 SF · lease $21.60/SF/yr · vacancy 5.60% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $2.04M
    $1.78M – $2.38M (±1% cap)
    NOI $142,733 @ 7.0% cap · market cap 6.49%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $2.61M
    $2.28M – $3.05M (±1% cap)
    NOI $182,784 @ 7.0% cap · market cap 8.31%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Matawan
    County
    Monmouth
    State
    New Jersey
    Longitude
    -74.2837
    Latitude
    40.4245

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    FAQs

    What type of property is this?
    Storefront property - Turnkey investment opportunity with six established tenants and recent updates.
    Where is this storefront property located?
    The property is located at 228 State Route 34 Matawan, NJ.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: Fully leased building with 6 established tenants providing immediate income.; Recently updated throughout with **high‑quality improvements** including new bathrooms, ceilings, lighting, flooring, doors, HVAC, and roof.; Low‑maintenance cash‑flowing asset ideal for investors.
    (732) 264-9593
    We can help!
    Listing Contact
    B.K. KROMER
    Real Estate License ID: 8635998
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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