Landmark Commercial Building in
For Sale
$3,999,000
44 Washington Street #102, Toms River, NJ 08753
20,000 SF mixed-use building in the heart of Toms River.
Property Size20,000 SF
Price / SF$199.95
Days on Market100
Property Features for 44 Washington Street #102
General Information
Standard status
Active
Size
20,000 SF
Property subtype
Commercial
Amenities
Assigned
Forced Air Heating
On Site
Building Details
Year Built
1950
Listing Agency:
KELLER WILLIAMS SHORE PROPERTIES
(732) 797-9001
Listed By:
CHRISTOPHER MCDOWELL · License #1435560
Source:
Corcoran
Added: May 24
Changed: Aug 31
Last Checked: Aug 31 at 5:00PM
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 KELLER WILLIAMS SHORE PROPERTIES
Investment Insights
Based on property information with market context.
This landmark commercial building is positioned in the center of Downtown Toms River. The property offers approximately 20,000 square feet and features multiple diverse first-floor rental spaces suitable for retail, restaurant, professional, or mixed-use opportunities. The expansive second floor, complete with additional third-floor loft access, is suited for a corporate headquarters, technology hub, event venue, powerhouse law firm, or dynamic business office. Designed with modern, progressive architecture and an open-concept layout, the space delivers flexibility and presence. The property is located directly across from Toms River Town Hall, making it strategically situated for any use.
Key Highlights
- Prime location in the heart of Downtown Toms River's revitalization, directly across from Town Hall.
- Approximately 20,000 square feet of versatile space.
- Multiple first‑floor rental spaces suitable for retail, restaurant, professional, or mixed‑use businesses.
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
$306,000
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
7.65%
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%
$6,120,000
$6.1M
Cap Rate 7%
$4,371,429
$4.4M
Cap Rate 9%
$3,400,000
$3.4M
Market Conditions
NOI Build-Up for 20,000 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
$600.0K $30.00/SF
− Vacancy
−$192.0K −$9.60/SF
EGI
$408.0K $20.40/SF
− OpEx
−$102.0K −$5.10/SF
NOI
$306.0K $15.30/SF
Area
Ocean 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%
$6,120,000
Cap Rate 7%
$4,371,429
Cap Rate 9%
$3,400,000
Alternative Uses
Best Use
Office B
$4.37M
$3.83M – $5.10M
NOI $306,000 @ 7.0% cap · market cap 7.65%
Second Best
Retail
$4.08M
$3.57M – $4.76M
NOI $285,466 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$5.22M
$4.57M – $6.09M
NOI $365,568 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,602
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 20,000 SF mixed-use building in the heart of Toms River.
Where is this retail space located?
The property is located at 44 Washington Street #102 Toms River, NJ.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: Prime location in the heart of Downtown Toms River's revitalization, directly across from Town Hall.; Approximately 20,000 square feet of versatile space.; Multiple first‑floor rental spaces suitable for retail, restaurant, professional, or mixed‑use businesses.
