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    Garage Workhouse Flex Space Title is generated by Realmo AI

    31 Stoney Ct, Ocean View, NJ 08230

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    Claim this Listing
    New
    For Lease
    $1,995 /Mo

    COMMERCIAL - Upper Township, NJ

    Type:Office
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 7:06 am

    Property Features for 31 Stoney Ct

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Property condition
    Under Construction
    Interior features
    Restroom
    Standard status
    Active

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Wall Unit(s), Electric
    Water source
    Private

    Building Details

    Year built
    2026
    Flooring type
    Concrete
    Roof type
    Asphalt

    We can help!

    Listing Contact
    PATRICK HALLIDAY
    PATRICK HALLIDAY

    Listing agent PATRICK HALLIDAY License #0453531

    Listing office BHHS FOX and ROACH-West Ave OC 730 West Ave, Ocean City, NJ

    Listing date Jun 5, 2026

    MLS# 608629

    Copyright © 2026 South Jersey Shore Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Under construction with Year Built 2026
    • Garage workhouse space with restroom (lavatory)
    • Heat/AC included
    • Concrete flooring
    • Wall unit and electric cooling
    • Asphalt roof

    Overview

    This rental offers a garage workhouse-style flex setup designed for practical daily use. The space includes heat and A/C, along with a storage loft for organizing tools or materials. A lavatory is also provided to support on-site work, making it well suited for light operations that benefit from a self-contained environment.

    The property is located at 31 Stoney Ct in Upper Township, New Jersey 08230, in Cape May County. Parking is available on-site, which helps accommodate crews, service vehicles, or customers who need to access the work area.

    For tenants seeking a compact industrial-flex work setting rather than a traditional showroom or office, this layout can fit a range of hands-on needs. The combination of heat/AC, a dedicated storage loft, and on-site parking supports day-to-day operations and better workflow management. If you’re looking for a garage workhouse space with basic employee amenities, this offering provides the core essentials for an operational workspace in Upper Township.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Spa & Massage Center Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Gym & Fitness Center Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ocean View
    County
    Cape May
    State
    New Jersey
    Longitude
    -74.7473599
    Latitude
    39.1930512

    Nearby Similar for Lease

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    • Contact for pricing
      22,673 SF

      Ocean View Retail Space Available

      22,673 SF junior anchor space in Cedar Square.
      2087 Route 9 South, Ocean View, NJ 08230
      View Details

    FAQs

    What type of property is this?
    Flex space - Workhouse garage flex space with heat/AC, on-site parking, loft storage, and a lavatory.
    Where is this flex space located?
    The property is located at 31 Stoney Ct Ocean View, NJ.
    What is the lease rate?
    The lease rate is $1,995 /Mo.
    What are key features of this property?
    This property features: Under construction with Year Built 2026; Garage workhouse space with restroom (lavatory); Heat/AC included
    (609) 957-6787
    We can help!
    Listing Contact
    PATRICK HALLIDAY
    PATRICK HALLIDAY
    Real Estate License ID: 0453531
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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