Three-Story Live-Work
For Sale
$849,900
261 State Route 34, Colts Neck, NJ 07722
Mixed-use building with professional rooms, an upper-level apartment, outdoor areas, and flexible parking access.
Property Size2,884 SF
Price / SF$294.69
Days on Market14
Property Features for 261 State Route 34
General Information
Standard status
Active
Size
2,884 SF
Listing Agency:
G & G Agency Inc
(732) 704-4033
Listed By:
Michael Gruosso · License #0566857
Source:
Obrienrealtyllc
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 29 at 11:38PM
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 G & G Agency Inc
Investment Insights
Based on property information with market context.
This three-story live-work property combines office-oriented improvements with a private residential component. The main levels include a reception area, two exam rooms, a pharmacy room, surgery room, office, and full bathroom, along with a walk-out basement fitted with indoor and outdoor kennels. The upper floor provides a one-bedroom apartment with an additional office or bedroom, kitchen, full bathroom, skylight, and deck access.
The 2,884-square-foot building sits on a landscaped parcel at 261 State Route 34 in Colts Neck, New Jersey. Approximately 18,000 vehicles pass the location during a 24-hour period. The property also includes 8-10 parking spots, a covered front porch or sitting area, and a fenced rear yard. The business and its fixtures are not included.
The 2,884-square-foot building sits on a landscaped parcel at 261 State Route 34 in Colts Neck, New Jersey. Approximately 18,000 vehicles pass the location during a 24-hour period. The property also includes 8-10 parking spots, a covered front porch or sitting area, and a fenced rear yard. The business and its fixtures are not included.
Key Highlights
- 2,884‑square‑foot three‑story live‑work building
- Main levels include reception, two exam rooms, pharmacy room, surgery room, office, and full bathroom
- Upper floor includes a one‑bedroom apartment, kitchen, full bathroom, and deck
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
$44,125
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
5.19%
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%
$882,500
$882.5K
Cap Rate 7%
$630,357
$630.4K
Cap Rate 9%
$490,278
$490.3K
Market Conditions
NOI Build-Up for 2,884 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
$86.5K $30.00/SF
− Vacancy
−$27.7K −$9.60/SF
EGI
$58.8K $20.40/SF
− OpEx
−$14.7K −$5.10/SF
NOI
$44.1K $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%
$882,500
Cap Rate 7%
$630,357
Cap Rate 9%
$490,278
Alternative Uses
Best Use
Office B
$630.4K
$551.6K – $735.4K
NOI $44,125 @ 7.0% cap · market cap 5.19%
Second Best
Healthcare Medical
$613.5K
$536.8K – $715.7K
NOI $42,942 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$753.1K
$658.9K – $878.6K
NOI $52,715 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Explore this area
Business Placement
Demographics for 07722, NJ
10,041
Population
3,723
Households
2.7
Avg Household Size
44
Median Age
68%
College-Educated
98%
High-School Grad
34.5 sq mi
ZIP Area
291
Density / Sq Mi
$183,015
Median Household Income
$80,794
Median Earnings
$2,895
Median Rent
$871,400
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?
Live-work space - Mixed-use building with professional rooms, an upper-level apartment, outdoor areas, and flexible parking access.
Where is this live-work space located?
The property is located at 261 State Route 34 Colts Neck, NJ.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: 2,884‑square‑foot three‑story live‑work building; Main levels include reception, two exam rooms, pharmacy room, surgery room, office, and full bathroom; Upper floor includes a one‑bedroom apartment, kitchen, full bathroom, and deck
