Fully Leased Building in
228 State Route 34 Matawan, NJ 07747
228 State Route 34, Matawan, NJ, 07747
$2,200,000
For Sale
$2,200,000
Turnkey investment opportunity with six established tenants and recent updates.
Property Size10,000 SF
Lot Size0.72 Acres
Price / SF$220
Days on Market303
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
Listing Agency
VRI HOMES
(732) 264-9593
Listed by
B.K. KROMER · License #8635998
Source
Corcoran
Added: Sep 21, 2025 Updated: Jul 6 at 9:59 am Checked: Jul 20 at 4:05 am
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
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
NOI $182,784 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Storefront properties
Similar For Sale Nearby
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.
