Office Building with
For Sale
$1,995,000
Pending
248 Broad Street, Red Bank, NJ 07701
Commercial Sale, Red Bank, NJ
Property Size4,800 SF
Lot Size0.39 Acres
Days on Market92
Property Features for 248 Broad Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Office, Professional
Parking
26
Parking features
Off Street
Basement
Crawl Space, Partial
Lot features
Level, Sidewalks
Directions
Near Irving Place
Standard status
Pending
APN
39-00101-0000-00018
Size
4,810 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
19625
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
2
Building materials
Brick
Roof type
Shingle
Listing Agency:
O'Brien Realty, LLC
(732) 229-3532
Listed By:
Paul D Ryan · License #8243252
(732) 842-1965
Added: Jun 5
Changed: Aug 19
Last Checked: Sep 4 at 6:06PM
MLS# 22616883
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.
This brick office building at 248 Broad Street includes central air, off-street parking, a shingle roof, and public water and sewer service. The property can function as a single office or be divided into individual units, providing flexibility for different occupancy arrangements. The building is identified with PO zoning, supporting a range of potential uses under that designation.
The property occupies 0.39 acres in Red Bank, New Jersey, and includes more than 25 parking spaces. The offering consists of the building only and is located in Monmouth County.
The property occupies 0.39 acres in Red Bank, New Jersey, and includes more than 25 parking spaces. The offering consists of the building only and is located in Monmouth County.
Key Highlights
- 0.39‑acre office property in Red Bank, NJ
- More than 25 off‑street parking spaces
- PO zoning supports a range of 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
$73,593
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
3.69%
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%
$1,471,860
$1.5M
Cap Rate 7%
$1,051,329
$1.1M
Cap Rate 9%
$817,700
$817.7K
Market Conditions
NOI Build-Up for 4,810 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
$144.3K $30.00/SF
− Vacancy
−$46.2K −$9.60/SF
EGI
$98.1K $20.40/SF
− OpEx
−$24.5K −$5.10/SF
NOI
$73.6K $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%
$1,471,860
Cap Rate 7%
$1,051,329
Cap Rate 9%
$817,700
Alternative Uses
Best Use
Office B
$1.05M
$919.9K – $1.23M
NOI $73,593 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $87,919 @ 7.0% cap · market cap 4.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
Explore this area
Business Placement
Demographics for 07701, NJ
24,568
Population
11,082
Households
2.2
Avg Household Size
43
Median Age
53%
College-Educated
93%
High-School Grad
9.2 sq mi
ZIP Area
2,670
Density / Sq Mi
$113,630
Median Household Income
$62,309
Median Earnings
$1,971
Median Rent
$551,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Brick office property offering central air, off-street parking, and a layout that can accommodate separate suites.
Where is this office building located?
The property is located at 248 Broad Street Red Bank, NJ.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 0.39‑acre office property in Red Bank, NJ; More than 25 off‑street parking spaces; PO zoning supports a range of uses
