Mixed-Use Office and Rental
For Sale
$639,900
603 Florence Avenue, Union Beach, NJ 07735
Renovated mixed-use building with first-floor office space and a currently rented two-bedroom apartment above.
Property Size1,986 SF
Price / SF$322.21
Days on Market158
Property Features for 603 Florence Avenue
General Information
Standard status
Active
Size
1,986 SF
Total Parking Spaces
5
Property subtype
Mixed Use
Units
Multifamily Units
1
Office Units
1
Amenities
Central Air
3
Parking.
8 Parking Spaces. Off Street, Open Parking, On Site.
Sidewalks.
Building Details
Year Built
2025
Stories
2
Listing Agency:
Hometown Residential Realty LLC
(732) 583-8888
Listed By:
Susan Grace McGowan · License #0125875
(732) 583-8888
Source:
Xome
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 10 at 3:38AM
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 Hometown Residential Realty LLC
Investment Insights
Based on property information with market context.
This mixed-use commercial property offers a combined office and residential setup across two floors, with the building renovated and flood proofed. The first floor is designed for professional use and includes an open space, a separate back room with its own entrance, and storage. Additional features referenced in the listing include a fire panel alarm system. Parking is provided for five vehicles.
The property is described as being on a corner at the peak of Florence/Dock, supported by “great visibility” in the remarks. It also notes convenient access to the second-floor rental unit through a walk-up attic area associated with the apartment layout.
For tenants, buyers, or owner-operators, the configuration supports running a business on the ground level while collecting rental income from the second floor, which is currently rented. The apartment is described as fully renovated and includes two bedrooms, one bathroom, a large living room and dining area, a kitchen with stainless appliances, and a large walk-up attic. The listing also notes fit for a range of service and office-oriented uses such as legal, accounting, real estate, insurance, tax, some medical, trades, call center, and tutoring.
The property is described as being on a corner at the peak of Florence/Dock, supported by “great visibility” in the remarks. It also notes convenient access to the second-floor rental unit through a walk-up attic area associated with the apartment layout.
For tenants, buyers, or owner-operators, the configuration supports running a business on the ground level while collecting rental income from the second floor, which is currently rented. The apartment is described as fully renovated and includes two bedrooms, one bathroom, a large living room and dining area, a kitchen with stainless appliances, and a large walk-up attic. The listing also notes fit for a range of service and office-oriented uses such as legal, accounting, real estate, insurance, tax, some medical, trades, call center, and tutoring.
Key Highlights
- Renovated mixed‑use building (2025) with flood proofing—first‑floor office and a currently rented 2‑bedroom apartment above
- First‑floor office layout includes open space, separate back room with its own entrance, and storage space
- Apartment above is fully renovated with 2 bedrooms, 1 bathroom, large living room and dining area, and a kitchen with stainless appliances
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
$30,541
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
4.77%
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%
$610,820
$610.8K
Cap Rate 7%
$436,300
$436.3K
Cap Rate 9%
$339,344
$339.3K
Market Conditions
NOI Build-Up for 1,986 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
$59.6K $30.00/SF
− Vacancy
−$4.1K −$2.04/SF
EGI
$55.5K $27.96/SF
− OpEx
−$25.0K −$12.58/SF
NOI
$30.5K $15.38/SF
Area
Monmouth County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$610,820
Cap Rate 7%
$436,300
Cap Rate 9%
$339,344
Alternative Uses
Best Use
Apartment 5plus
$436.3K
$381.8K – $509.0K
NOI $30,541 @ 7.0% cap · market cap 4.77%
Second Best
Office B
$434.1K
$379.8K – $506.4K
NOI $30,386 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$518.6K
$453.8K – $605.0K
NOI $36,301 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
1
Residential units
Location Intelligence
Trade Area within ½ mile
270
Businesses Nearby
Explore this area
Business Placement
Demographics for 07735, NJ
18,652
Population
8,411
Households
2.2
Avg Household Size
42
Median Age
33%
College-Educated
92%
High-School Grad
4.9 sq mi
ZIP Area
3,807
Density / Sq Mi
$98,760
Median Household Income
$57,988
Median Earnings
$1,520
Median Rent
$384,700
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?
Live-work space - Renovated mixed-use building with first-floor office space and a currently rented two-bedroom apartment above.
Where is this live-work space located?
The property is located at 603 Florence Avenue Union Beach, NJ.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: Renovated mixed‑use building (2025) with flood proofing—first‑floor office and a currently rented 2‑bedroom apartment above; First‑floor office layout includes open space, separate back room with its own entrance, and storage space; Apartment above is fully renovated with 2 bedrooms, 1 bathroom, large living room and dining area, and a kitchen with stainless appliances
