Under-Construction Office
For Sale
$3,999,000
44 Washington Street, Toms River, NJ 08753
Commercial Sale, Toms River, NJ
Property Size20,000 SF
Lot Size0.03 Acres
Price / SF$199.95
Days on Market96
Property Features for 44 Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Parking
13
Parking features
Assigned, Parking Lot
Directions
Hooper Avenue to Washington Street to 44
Subdivision
Toms River
Standard status
Active
APN
08-00660-0000-00013-0000-C0102
Size
20,000 SF
Lot size
0.03 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1950
Floors in Building
3
Listing Agency:
Keller Williams Shore Properties · Keller Williams Realty
(732) 797-9001
Listed By:
Christopher McDowell · License #1435560
(732) 797-9001
Added: May 22
Changed: Aug 19
Last Checked: Aug 25 at 5:06AM
MLS# 22615381
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This under-construction office building at 44 Washington Street in Toms River is approximately 20,000 SF and designed with multiple diverse first-floor rental spaces. The expansive second floor includes additional third-floor loft access, supporting a range of business and event-oriented layouts. The building uses an open-concept approach and features forced air heating.
The property sits in the center of Downtown Toms River, directly across from Toms River Town Hall. Parking is available via a parking lot, with assigned parking provided.
With public water and public sewer service, this structure is positioned to serve a variety of office and mixed-use requirements while benefiting from an identifiable downtown presence.
The property sits in the center of Downtown Toms River, directly across from Toms River Town Hall. Parking is available via a parking lot, with assigned parking provided.
With public water and public sewer service, this structure is positioned to serve a variety of office and mixed-use requirements while benefiting from an identifiable downtown presence.
Key Highlights
- Approximately 20,000 SF office building with multiple first‑floor rental spaces
- Second floor plus additional third‑floor loft access
- Directly across from Toms River Town Hall
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
Lease Details
Multi-tenant
Tenancy
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?
Office building - Under-construction office building with approximately 20,000 SF and multiple first-floor rental spaces.
Where is this office building located?
The property is located at 44 Washington Street 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: Approximately 20,000 SF office building with multiple first‑floor rental spaces; Second floor plus additional third‑floor loft access; Directly across from Toms River Town Hall
