Fully Leased Office
For Sale
$2,200,000
228 State Route 34, Matawan, NJ 07747
COMMERCIAL - Matawan, NJ
Property Size10,000 SF
Lot Size0.72 Acres
Price / SF$220
Days on Market331
Property Features for 228 State Route 34
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Office, Professional
Rooms
Basement
Parking
50
Parking features
Parking Lot, Open
Security features
Security System
Exterior features
Lighting
Basement
Walk-Out Access, Full
Lot features
Highway Frontage, Landscaped
Directions
Route 9 to Route 34 to # 228 Building
Standard status
Active
APN
15-10260-0000-00067
Size
10,000 SF
Lot size
0.72 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
31419
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1990
Floors in Building
2
Flooring type
Tile, Vinyl, Concrete
Building materials
Brick
Listing Agency:
VRI Homes
(732) 264-9593
Listed By:
B.K. Kromer · License #8635998
(732) 264-9593
Added: Sep 20, 2025
Changed: Aug 7
Last Checked: Aug 16 at 9:06PM
MLS# 22528705
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.
Fully leased brick office building on approximately 0.72 acres, built in 1990 and configured for multiple tenants. The building is approximately 10,000 SF and currently houses a diverse mix of six established tenants, all secured on active leases.
Recent ownership upgrades are described as extensive, including new bathrooms, ceilings, lights, flooring, and doors with custom Italian glass and wood. HVAC and air systems are listed as new, with ducts redone and custom painting throughout. Exterior improvements include a new roof and a camera system, along with parking lot timer lights.
Operational support is provided with public water and public sewer service, forced-air heating, and central air cooling. Parking is available as open parking in a parking lot, with a full basement included.
Recent ownership upgrades are described as extensive, including new bathrooms, ceilings, lights, flooring, and doors with custom Italian glass and wood. HVAC and air systems are listed as new, with ducts redone and custom painting throughout. Exterior improvements include a new roof and a camera system, along with parking lot timer lights.
Operational support is provided with public water and public sewer service, forced-air heating, and central air cooling. Parking is available as open parking in a parking lot, with a full basement included.
Key Highlights
- Approximately 10,000 SF office building on a 0.72‑acre lot
- Six established tenants on active leases
- Built in 1990, constructed with brick
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
$153,000
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
6.95%
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%
$3,060,000
$3.1M
Cap Rate 7%
$2,185,714
$2.2M
Cap Rate 9%
$1,700,000
$1.7M
Market Conditions
NOI Build-Up for 10,000 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
$300.0K $30.00/SF
− Vacancy
−$96.0K −$9.60/SF
EGI
$204.0K $20.40/SF
− OpEx
−$51.0K −$5.10/SF
NOI
$153.0K $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%
$3,060,000
Cap Rate 7%
$2,185,714
Cap Rate 9%
$1,700,000
Alternative Uses
Best Use
Office B
$2.19M
$1.91M – $2.55M
NOI $153,000 @ 7.0% cap · market cap 6.95%
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
186
Businesses Nearby
Explore this area
Business Placement
Demographics for 07747, NJ
31,915
Population
13,134
Households
2.4
Avg Household Size
43
Median Age
51%
College-Educated
96%
High-School Grad
12.8 sq mi
ZIP Area
2,493
Density / Sq Mi
$124,896
Median Household Income
$61,503
Median Earnings
$1,840
Median Rent
$464,100
Median Home Value
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 - Brick office building on a 0.72-acre lot with active leases, central air, forced-air heat, and recent capital updates.
Where is this office building 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: Approximately 10,000 SF office building on a 0.72‑acre lot; Six established tenants on active leases; Built in 1990, constructed with brick
