First-Floor Office
For Sale
$799,000
Pending
59 Avenue At The Common, Shrewsbury, NJ 07702
Commercial Sale, Shrewsbury Boro, NJ
Property Size3,500 SF
Days on Market353
Property Features for 59 Avenue At The Common
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking features
Parking Lot, Open, On Street
Security features
Security System
Exterior features
Lighting
Directions
Route 35 South from Red Bank, turn left at Traffic light at Avenue at the Commons. Route 35 North from Eatontown, turn right at Traffic light at Avenue at the Commons, building will be on the right.
Standard status
Pending
APN
0000000
Size
3,500 SF
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1984
Floors in Building
1
Roof type
Shingle
Listing Agency:
O'Brien Realty, LLC
Listed By:
Kerrin O'Brien
(732) 229-3532
Added: Nov 10, 2025
Changed: Oct 17
Last Checked: Oct 29 at 9:06PM
MLS# 22534036
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.
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Investment Insights
Based on property information with market context.
This offering comprises two contiguous first-floor office condominium units totaling approximately 3,500 square feet. The layout includes 9+ private offices, a spacious reception area, a dedicated conference room, and a kitchenette with rear access. A dry basement provides secure storage, while abundant natural light serves the full wing. The professionally managed building includes an elevator, upgraded front entry porch, new siding, central air, forced-air heating, public water, and public sewer.
The property is located less than half a mile from the Main Gate of the Fort Monmouth Redevelopment Project and offers direct access to Route 35. Parking is available in the lot and on the street. The building was constructed in 1984 and has a shingle roof.
The property is located less than half a mile from the Main Gate of the Fort Monmouth Redevelopment Project and offers direct access to Route 35. Parking is available in the lot and on the street. The building was constructed in 1984 and has a shingle roof.
Key Highlights
- Two contiguous first‑floor office condominium units totaling approximately 3,500 SF
- 9+ private offices with reception area and dedicated conference room
- Kitchenette with rear access and dry basement for secure storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,550
Cap Rate
6.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,071,000
$1.1M
Cap Rate 7%
$765,000
$765.0K
Cap Rate 9%
$595,000
$595.0K
Market Conditions
NOI Build-Up for 3,500 SF
Gross rent
$105.0K $30.00/SF
− Vacancy
−$33.6K −$9.60/SF
EGI
$71.4K $20.40/SF
− OpEx
−$17.9K −$5.10/SF
NOI
$53.6K $15.30/SF
Area
Monmouth 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 Rate 5%
$1,071,000
Cap Rate 7%
$765,000
Cap Rate 9%
$595,000
Alternative Uses
Best Use
Office B
$765.0K
$669.4K – $892.5K
NOI $53,550 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$913.9K
$799.7K – $1.07M
NOI $63,974 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
2
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
675
Businesses Nearby
Explore this area
Business Placement
Demographics for 07702, NJ
4,184
Population
1,526
Households
2.7
Avg Household Size
47
Median Age
65%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
1,902
Density / Sq Mi
$144,500
Median Household Income
$80,694
Median Earnings
$3,300
Median Rent
$735,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - Contiguous professional office units with private offices, reception, conference, kitchenette, and secure basement storage.
Where is this office unit located?
The property is located at 59 Avenue At The Common Shrewsbury, NJ.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two contiguous first‑floor office condominium units totaling approximately 3,500 SF; 9+ private offices with reception area and dedicated conference room; Kitchenette with rear access and dry basement for secure storage
