Flex Space with Drive-In
For Sale
$849,000
6 Spring Street, Freehold, NJ 07728
Commercial Sale, Freehold, NJ
Property Size3,400 SF
Price / SF$249.71
Days on Market49
Property Features for 6 Spring Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Off Street, On Street
Directions
East Main Street to Spring Street
Standard status
Active
APN
1
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Amenities
roll up drive in bay
Building Details
Floors in Building
2
Listing Agency:
Resources Real Estate
(732) 212-0440
Listed By:
Jo Ann Davenport · License #9033200
(732) 741-3030
Added: Jul 17
Changed: Aug 19
Last Checked: Sep 3 at 11:06PM
MLS# 22621960
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 approximately 3,400-square-foot flex property occupies a former firehouse that has been converted for office use. The building retains its original character while providing a practical commercial layout, including a roll-up drive-in bay that can support contractor-oriented operations. Central air is installed, and the property is served by public water and public sewer.
The property is located on Spring Street in Freehold, near the downtown business district, with access to local dining, amenities, and transportation routes. Parking is available both on site and along the street. The building may accommodate professional, office, creative, or other permitted uses, and it can also be purchased together with 9 Spring Street.
The property is located on Spring Street in Freehold, near the downtown business district, with access to local dining, amenities, and transportation routes. Parking is available both on site and along the street. The building may accommodate professional, office, creative, or other permitted uses, and it can also be purchased together with 9 Spring Street.
Key Highlights
- Approximately 3,400 square feet of flex space
- Former firehouse converted for office use
- Roll‑up drive‑in bay suited to contractor operations
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
$55,770
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
6.57%
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%
$1,115,400
$1.1M
Cap Rate 7%
$796,714
$796.7K
Cap Rate 9%
$619,667
$619.7K
Market Conditions
NOI Build-Up for 3,400 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
$110.6K $32.52/SF
− Vacancy
−$24.8K −$7.28/SF
EGI
$85.8K $25.24/SF
− OpEx
−$30.0K −$8.83/SF
NOI
$55.8K $16.40/SF
Area
Monmouth County, NJ
Vacancy
22.40%
Lease Rate
$32.52 /SF/Yr
Expense Ratio
35.00%
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%
$1,115,400
Cap Rate 7%
$796,714
Cap Rate 9%
$619,667
Alternative Uses
Best Use
Flex RnD
$796.7K
$697.1K – $929.5K
NOI $55,770 @ 7.0% cap · market cap 6.57%
Second Best
Office B
$743.1K
$650.3K – $867.0K
NOI $52,020 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$887.8K
$776.8K – $1.04M
NOI $62,147 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,368
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07728, NJ
56,444
Population
21,150
Households
2.7
Avg Household Size
43
Median Age
46%
College-Educated
92%
High-School Grad
49.6 sq mi
ZIP Area
1,138
Density / Sq Mi
$107,042
Median Household Income
$56,824
Median Earnings
$1,941
Median Rent
$490,000
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?
Flex space - Former firehouse configured for office use with central air and public utilities.
Where is this flex space located?
The property is located at 6 Spring Street Freehold, NJ.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Approximately 3,400 square feet of flex space; Former firehouse converted for office use; Roll‑up drive‑in bay suited to contractor operations
