Build-to-Suit Restaurant
For Sale
$1,400,000
47 Tennent Road, Morganville, NJ 07751
Standalone restaurant property with completed infrastructure and customizable interior buildout.
Property Size6,000 SF
Price / SF$233.33
Days on Market90
Property Features for 47 Tennent Road
General Information
Standard status
Active
Size
6,000 SF
Total Parking Spaces
28
Property subtype
Commercial
Additional Details
Asking Price
$1,400,000
Utilities to Site
Yes
Sprinkler System
Yes
Commercial Hood
Yes
Taxes and HOA fees
Annual Taxes
$15,931
Amenities
Central air
Open
Central Air Cooling
Forced Air Heating
Handicapped
Lighted
Paver Block
Shingle Roof
Tile Flooring
Wood Flooring
Building Details
Year Built
1960
Buildings
1
Listing Agency:
BENCHMARK REALTY GROUP LLC
(732) 440-9663
Listed By:
CHARLES FRANK
Source:
Corcoran
Added: May 20
Changed: Aug 16
Last Checked: Aug 16 at 5:19AM
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 BENCHMARK REALTY GROUP LLC
Investment Insights
Based on property information with market context.
This stand-alone restaurant building at 47 Tennent Road provides 6,000 SF (+-) for a customized final buildout. The interior is prepared for sheetrock and finishing, while rough inspections have been completed and passed. Restaurant approval and open permits are currently in place.
Infrastructure includes 600-amp electrical service, newly installed natural gas, and a 20' commercial hood with full ventilation. A new sprinkler system, manhole connection, upgraded street water line, and valve system have also been completed. The site offers 28 parking spaces, including ADA parking, and the building was constructed in 1960.
Infrastructure includes 600-amp electrical service, newly installed natural gas, and a 20' commercial hood with full ventilation. A new sprinkler system, manhole connection, upgraded street water line, and valve system have also been completed. The site offers 28 parking spaces, including ADA parking, and the building was constructed in 1960.
Key Highlights
- 6,000 SF (+-) stand‑alone restaurant building
- Restaurant approval and open permits currently in place
- 600‑amp electrical service and newly installed natural gas
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
$91,757
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
6.55%
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%
$1,835,140
$1.8M
Cap Rate 7%
$1,310,814
$1.3M
Cap Rate 9%
$1,019,522
$1.0M
Market Conditions
NOI Build-Up for 6,000 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
$129.6K $21.60/SF
− Vacancy
−$7.3K −$1.21/SF
EGI
$122.3K $20.39/SF
− OpEx
−$30.6K −$5.10/SF
NOI
$91.8K $15.29/SF
Area
Monmouth County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /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%
$1,835,140
Cap Rate 7%
$1,310,814
Cap Rate 9%
$1,019,522
Alternative Uses
Best Use
Specialty Retail
$1.31M
$1.15M – $1.53M
NOI $91,757 @ 7.0% cap · market cap 6.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,670 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Utilities to site
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07751, NJ
21,493
Population
7,567
Households
2.8
Avg Household Size
42
Median Age
65%
College-Educated
96%
High-School Grad
16.6 sq mi
ZIP Area
1,295
Density / Sq Mi
$172,576
Median Household Income
$86,544
Median Earnings
$2,636
Median Rent
$663,100
Median Home Value
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - Standalone restaurant property with completed infrastructure and customizable interior buildout.
Where is this conventional restaurant located?
The property is located at 47 Tennent Road Morganville, NJ.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 6,000 SF (+-) stand‑alone restaurant building; Restaurant approval and open permits currently in place; 600‑amp electrical service and newly installed natural gas
