Fully Leased Mixed-Use Income
For Sale
$1,099,000
3103 Veeder Avenue, Toms River, NJ 08753
Includes two renovated residences, first-floor retail, and a leased vehicle yard with recent exterior and systems upgrades.
Property Size2,432 SF
Price / SF$451.89
Days on Market155
Property Features for 3103 Veeder Avenue
General Information
Standard status
Active
Size
2,432 SF
Property subtype
Commercial
Occupancy
100%
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1970
Tenancy
Multi
Listing Agency:
1-2-3 REALTORS
Listed By:
Robert G Bornstein
(833) 740-1234
Source:
Actionplusrealty
Added: Mar 21
Changed: Aug 21
Last Checked: Aug 21 at 11:40AM
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 1-2-3 REALTORS
Investment Insights
Based on property information with market context.
Exquisitely maintained multi-use property in Toms River with documented leases and a fully leased operating setup. The building includes (2) renovated residential units and 1st floor retail space currently operated as a Bar Tending School and Boat Detailing business. The property also includes 3600 square feet of yard rental under lease to a single tenant for vehicles.
Recent upgrades and improvements include a new roof, new vinyl siding and gutters, new electrical service, all new windows, new vinyl fencing and exterior lighting, and new wireless security cameras, among other improvements. A complete lease and property abstract, along with available documentation such as a survey and Lead Free Certificate, is on file with the listing.
Owner financing is available to qualified purchasers with a minimum 20% down payment.
Recent upgrades and improvements include a new roof, new vinyl siding and gutters, new electrical service, all new windows, new vinyl fencing and exterior lighting, and new wireless security cameras, among other improvements. A complete lease and property abstract, along with available documentation such as a survey and Lead Free Certificate, is on file with the listing.
Owner financing is available to qualified purchasers with a minimum 20% down payment.
Key Highlights
- Multi‑use property with (2) renovated residential units, 1st‑floor retail, and a leased vehicle yard, built in 1970
- Fully leased with documented track record; complete lease & property abstract included with listing on request
- Retail space on the 1st floor leased to a long‑term tenant operating as a Bar Tending School & Boat Detailing business
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
$40,702
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
3.70%
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%
$814,040
$814.0K
Cap Rate 7%
$581,457
$581.5K
Cap Rate 9%
$452,244
$452.2K
Market Conditions
NOI Build-Up for 2,432 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
$62.2K $25.56/SF
− Vacancy
−$4.0K −$1.65/SF
EGI
$58.1K $23.91/SF
− OpEx
−$17.4K −$7.17/SF
NOI
$40.7K $16.74/SF
Area
Ocean County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
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%
$814,040
Cap Rate 7%
$581,457
Cap Rate 9%
$452,244
Alternative Uses
Best Use
Multifamily LT 5
$581.5K
$508.8K – $678.4K
NOI $40,702 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$534.3K
$467.5K – $623.3K
NOI $37,399 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$635.0K
$555.7K – $740.9K
NOI $44,453 @ 7.0% cap · market cap 4.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 08753, NJ
64,369
Population
27,900
Households
2.3
Avg Household Size
42
Median Age
36%
College-Educated
94%
High-School Grad
23.0 sq mi
ZIP Area
2,799
Density / Sq Mi
$101,648
Median Household Income
$54,291
Median Earnings
$1,742
Median Rent
$377,200
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Duplex - Includes two renovated residences, first-floor retail, and a leased vehicle yard with recent exterior and systems upgrades.
Where is this duplex located?
The property is located at 3103 Veeder Avenue Toms River, NJ.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Multi‑use property with (2) renovated residential units, 1st‑floor retail, and a leased vehicle yard, built in 1970; Fully leased with documented track record; complete lease & property abstract included with listing on request; Retail space on the 1st floor leased to a long‑term tenant operating as a Bar Tending School & Boat Detailing business
