Two-Story Mixed-Use Office and
For Sale
$639,900
603 Florence Avenue, Union Beach, NJ 07735
COMMERCIAL - Union Beach, NJ
Property Size1,986 SF
Price / SF$322.21
Days on Market98
Property Features for 603 Florence Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
Office, Professional, Mixed, Commercial
Parking
8
Parking features
Parking Lot, Open, Off Street
Basement
Crawl Space
Lot features
Irregular Lot, Level, Sidewalks
Directions
Route 36 to Poole Avenue, Right on Florence or Union Avenue, Left on Florence. Across from Keller's Deli.
Standard status
Active
APN
50-00015-0000-00001-01
Size
1,986 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14972
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Water front
1
Amenities
storage space
fire panel alarm system
Building Details
Year built
2025
Floors in Building
2
Flooring type
Vinyl
Building materials
Block, Brick, Concrete
Listing Agency:
Hometown Residential Realty LLC
(732) 583-8888
Listed By:
Susan Grace McGowan · License #0125875
(732) 583-8888
Added: May 19
Changed: Aug 7
Last Checked: Aug 24 at 1:06PM
MLS# 22614738
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.
603 Florence Avenue, Union Beach, NJ presents a two-story mixed-use building configured for flexible business use on the first floor and rental income on the second. The property was renovated and flood proofed, with first-floor office space offering an open area, a separate back room with its own entrance, and storage, plus a fire panel alarm system. The second-floor apartment has been fully renovated and includes two bedrooms, one bathroom, a large living room, dining area, and a kitchen with stainless appliances, along with a large walk-up attic.
The building is listed as under construction and was built in 2025. Construction materials include block, brick, and concrete. Vinyl flooring is noted. Heating is forced air with central air cooling. Public water and public sewer service are available.
Parking is provided for five vehicles with off-street/open parking. The property is positioned for visibility at a corner location described as the peak of Florence/Dock.
The building is listed as under construction and was built in 2025. Construction materials include block, brick, and concrete. Vinyl flooring is noted. Heating is forced air with central air cooling. Public water and public sewer service are available.
Parking is provided for five vehicles with off-street/open parking. The property is positioned for visibility at a corner location described as the peak of Florence/Dock.
Key Highlights
- Renovated and flood proofed two‑story mixed‑use building with office below and rental apartment above
- 1986 SF mixed‑use building with first‑floor office and second‑floor apartment
- First‑floor office includes open space, separate back room with own entrance, storage, and fire panel alarm system
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
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
158
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, flood-proofed two-story mixed-use building with an office on the first floor and a rented 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 and flood proofed two‑story mixed‑use building with office below and rental apartment above; 1986 SF mixed‑use building with first‑floor office and second‑floor apartment; First‑floor office includes open space, separate back room with own entrance, storage, and fire panel alarm system
