Commercial Building with Tenant in
For Sale
$1,425,000
Pending
615 Park Place Avenue, Bradley Beach, NJ 07720
Well-maintained commercial building with a long-term tenant and ample parking.
Property Size3,962 SF
Lot Size0.22 Acres
Days on Market675
Property Features for 615 Park Place Avenue
General Information
Standard status
Pending
Size
3,962 SF
Lot size
0.22 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,184
Amenities
Central air
Corner Lot
Central Air Cooling
Flat Roof
Forced Air Heating
Handicapped
Lighted
Off Street
On Site
Paver Block
Tile Flooring
Building Details
Year Built
1982
Listing Agency:
REALTY ONE GROUP EMERGE
(732) 477-0200
Listed By:
MARY BIANCHI · License #1866003
Source:
Corcoran
Added: Oct 5, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:42AM
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 REALTY ONE GROUP EMERGE
Investment Insights
Based on property information with market context.
This commercial building, with a size of 3962 square feet, is available for sale. It benefits from a location with high visibility and ample parking. The property is currently occupied by a multi-year tenant operating under a NNN lease as a laundromat. The interior layout includes separate office and storage areas. Recent upgrades include a new sewer line, newer central air conditioning, and a newer boiler. The operating business is not part of the sale.
Key Highlights
- High visibility location with ample parking
- Multi‑year tenant in place with NNN lease
- Well‑maintained property
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
$56,551
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
3.97%
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%
$1,131,020
$1.1M
Cap Rate 7%
$807,871
$807.9K
Cap Rate 9%
$628,344
$628.3K
Market Conditions
NOI Build-Up for 3,962 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
$85.6K $21.60/SF
− Vacancy
−$4.8K −$1.21/SF
EGI
$80.8K $20.39/SF
− OpEx
−$24.2K −$6.12/SF
NOI
$56.6K $14.27/SF
Area
Monmouth County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,131,020
Cap Rate 7%
$807,871
Cap Rate 9%
$628,344
Alternative Uses
Best Use
Retail
$807.9K
$706.9K – $942.5K
NOI $56,551 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$905.2K – $1.21M
NOI $72,419 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
665
Businesses Nearby
764
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 100%
Ocean Grove Hardware
Home Improvements & Furnishings
764 visits/mo
0.4 miles
Demographics for 07720, NJ
4,175
Population
2,836
Households
1.5
Avg Household Size
47
Median Age
67%
College-Educated
93%
High-School Grad
0.6 sq mi
ZIP Area
6,958
Density / Sq Mi
$94,722
Median Household Income
$52,661
Median Earnings
$1,710
Median Rent
$857,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Well-maintained commercial building with a long-term tenant and ample parking.
Where is this retail space located?
The property is located at 615 Park Place Avenue Bradley Beach, NJ.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: High visibility location with ample parking; Multi‑year tenant in place with NNN lease; Well‑maintained property
