Established Office
For Sale
$7,422,000
620 Shrewsbury Ave, Tinton Falls, NJ 07701
Office property with a long-standing commercial presence in Tinton Falls.
Property Size39,581 SF
Price / SF$187.51
Days on Market111
Property Features for 620 Shrewsbury Ave
General Information
Standard status
Active
Size
39,581 SF
Property subtype
Office
Additional Details
Cap Rate
7.25%
Amenities
100% Occupied Approximately 39,581 Square Foot Medical/Office Property in Tinton Falls, Monmouth County, New Jersey
Diversified & Stable Tenancy – 22 Tenants Across Medical and Professional Uses with Staggered Lease Expirations Through 2032
Well-Maintained Asset – Professionally Managed with Consistent Upkeep, Minimizing Near-Term Capital Requirements
Building Details
Building Size
39,581 SF
Year Built
1984
Listing Agency:
Marcus & Millichap - New Jersey
(201) 742-6118
Listed By:
Alan Cafiero · License #License(s): NJ: 0791092
(201) 742-6118
Source:
Marcusmillichap
Added: May 14
Changed: Aug 31
Last Checked: Aug 31 at 12:56PM
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 Marcus & Millichap - New Jersey
Investment Insights
Based on property information with market context.
This office property in Tinton Falls, New Jersey, offers 39,581 square feet of commercial space. The building was constructed in 1984 and is located at 620 Shrewsbury Avenue.
The property is identified with a 7.25% cap rate and falls within the office buildings asset class.
The property is identified with a 7.25% cap rate and falls within the office buildings asset class.
Key Highlights
- 39,581 square feet of office property
- Constructed in 1984
- Located at 620 Shrewsbury Avenue, Tinton Falls, NJ 07701
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
$605,589
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
8.16%
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%
$12,111,780
$12.1M
Cap Rate 7%
$8,651,271
$8.7M
Cap Rate 9%
$6,728,767
$6.7M
Market Conditions
NOI Build-Up for 39,581 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
$1.19M $30.00/SF
− Vacancy
−$380.0K −$9.60/SF
EGI
$807.5K $20.40/SF
− OpEx
−$201.9K −$5.10/SF
NOI
$605.6K $15.30/SF
Area
Monmouth County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$12,111,780
Cap Rate 7%
$8,651,271
Cap Rate 9%
$6,728,767
Alternative Uses
Best Use
Office B
$8.65M
$7.57M – $10.09M
NOI $605,589 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.34M
$9.04M – $12.06M
NOI $723,477 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,328
Businesses Nearby
Explore this area
Business Placement
Demographics for 07701, NJ
24,568
Population
11,082
Households
2.2
Avg Household Size
43
Median Age
53%
College-Educated
93%
High-School Grad
9.2 sq mi
ZIP Area
2,670
Density / Sq Mi
$113,630
Median Household Income
$62,309
Median Earnings
$1,971
Median Rent
$551,500
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?
Office building - Office property with a long-standing commercial presence in Tinton Falls.
Where is this office building located?
The property is located at 620 Shrewsbury Ave Tinton Falls, NJ.
What is the asking price?
The asking price for this property is $7,422,000.
What are key features of this property?
This property features: 39,581 square feet of office property; Constructed in 1984; Located at 620 Shrewsbury Avenue, Tinton Falls, NJ 07701
