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    Union Beach First Floor Office Title is generated by Realmo AI

    603 Florence Avenue, Union Beach, NJ 07735

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    COMMERCIAL - Union Beach, NJ

    Type:Office
    Added:
    May 20, 2026
    Days on Market:
    3
    Last Refresh:
    May 22 at 8:06 am

    Property Features for 603 Florence Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Property condition
    Under Construction
    Parking
    5
    Parking features
    Parking Lot, Open, Off Street
    Basement
    Crawl Space
    Standard status
    Active
    APN
    50-00015-0000-00001-01

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public
    Water front
    1

    Building Details

    Year built
    2025
    Floors in Building
    1
    Flooring type
    Vinyl
    Building materials
    Block, Brick, Concrete

    We can help!

    Listing Contact
    Susan Grace McGowan

    Listing agent Susan Grace McGowan License #0125875

    Listing office Hometown Residential Realty LLC 1061-D Hwy 34, Aberdeen, NJ

    Listing date May 20, 2026

    MLS# 22614969

    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.

    HighLights

    • Prime corner location with high visibility on Florence/Dock.
    • All‑inclusive rent covering maintenance, landscaping, and snow removal.
    • Renovated and flood‑proofed building with handicap accessibility.
    • Parking lot with 4 spaces plus 1 handicap spot.
    • Open floor plan with separate back office and entrance, plus storage room with sink.
    • Abundant natural light and proximity to the waterfront.

    Overview

    The available space is an office space located on the first floor of a renovated and flood-proofed building. The layout features an open floor plan with a separate back office and a back entrance. A storage room with a sink is also available. The bathroom and main entry are handicap accessible. The space benefits from natural light and is located six blocks from the waterfront. The rental agreement includes maintenance, landscaping, and snow removal, with no CAM charges or triple net fees. The property is located at the corner of Florence Avenue and Dock Street, offering high visibility. The space is suitable for various businesses, including lawyers, accountants, realtors, insurance providers, tax services, some medical practices, trades, call centers, and tutoring services. The parking lot accommodates four vehicles, plus one handicap parking spot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Dental Office Hair Salon Building Supply Gym & Fitness Center Daycare Center Accounting Firm Big Box & Wholesale Store Auto Repair Shop Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Union Beach
    County
    Monmouth
    State
    New Jersey
    Longitude
    -74.1748898
    Latitude
    40.4495055

    FAQs

    What type of property is this?
    Office units - Renovated office space with parking and included maintenance.
    Where is this office units located?
    The property is located at 603 Florence Avenue Union Beach, NJ.
    What are key features of this property?
    This property features: Prime corner location with high visibility on Florence/Dock.; All‑inclusive rent covering maintenance, landscaping, and snow removal.; Renovated and flood‑proofed building with handicap accessibility.
    (732) 583-8888
    We can help!
    Listing Contact
    Susan Grace McGowan
    Real Estate License ID: 0125875
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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