Building Details

Year Built 1817

Listing Agency: Better Homes and Gardens Real Estate Murphy & Co j***@gmail.com Show Phone

Listed By: Joseph DeYonker · License #7840095 Show Phone

Source: Xome

Added: Jul 11 Changed: Aug 30 Last Checked: Aug 31 at 3:24PM

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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 Better Homes and Gardens Real Estate Murphy & Co

Investment Insights

Based on property information with market context.

This mixed-use property supports office use, residential occupancy, or a combination of both. The principal building measures 3,492 square feet and includes air conditioning along with tile, vinyl, wood, and linoleum finishes. A large garage and a bonus building expand the available space and configuration options.

The nearly one-acre parcel is level and positioned on a corner, with an asphalt parking area, landscaping, trees, sidewalks, and an outside shower. The property was built in 1817 and includes a mix of established site features and practical improvements. Its layout can accommodate a live-work arrangement or separate office and residential functions, subject to applicable requirements.

Key Highlights

• 3,492‑square‑foot principal building
• Nearly one‑acre level corner parcel
• Office, residential, or combined live‑work use

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

$40,333

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

7.33%

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%

$806,660 $806.7K

Cap Rate 7%

$576,186 $576.2K

Cap Rate 9%

$448,144 $448.1K

Market Conditions

NOI Build-Up for 3,492 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

$73.3K $21.00/SF

− Vacancy

−$8.8K −$2.52/SF

EGI

$64.5K $18.48/SF

− OpEx

−$24.2K −$6.93/SF

NOI

$40.3K $11.55/SF

Area

Ocean County, NJ

Vacancy

12.00%

Lease Rate

$21.00 /SF/Yr

Expense Ratio

37.50%

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%

$806,660

Cap Rate 7%

$576,186

Cap Rate 9%

$448,144

Alternative Uses

Best Use

Office B

$763.3K

$667.9K – $890.5K (±1% cap)

NOI $53,428 @ 7.0% cap · market cap 9.72%

Second Best

Mixed Use

$576.2K

$504.2K – $672.2K (±1% cap)

NOI $40,333 @ 7.0% cap · market cap 7.33%

Theoretical Best

Office A

$911.8K

$797.9K – $1.06M (±1% cap)

NOI $63,828 @ 7.0% cap · market cap 11.61%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Assist-2-Sell Real Estate Agency

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Hair Salon Restaurant Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

185

Businesses Nearby

Explore this area Business Placement

Demographics for 08734, NJ

7,702

Population

3,028

Households

2.5

Avg Household Size

44

Median Age

35%

College-Educated

92%

High-School Grad

5.1 sq mi

ZIP Area

1,510

Density / Sq Mi

$121,033

Median Household Income

$52,534

Median Earnings

$1,504

Median Rent

$387,300

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Flexible office and residential setup with a garage, parking area, and additional building on a level corner parcel.

Where is this mixed-use property located?

The property is located at 29 South Street Unit 29 Lanoka Harbor, NJ.

What is the asking price?

The asking price for this property is $549,900.

What are key features of this property?

This property features: 3,492‑square‑foot principal building; Nearly one‑acre level corner parcel; Office, residential, or combined live‑work use