Listing Agency: BERKSHIRE HATHAWAY HOMESERVICES ZACK SHORE REALTORS Show Phone

Listed By: CURTIS LEE · License #0569686 Show Phone

Source: Corcoran

Added: Jan 14 Changed: Oct 21 Last Checked: Oct 20 at 9:04PM

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Located on Route 72 in Manahawkin, New Jersey, this commercial property is situated approximately 1.8 miles east of the bridge to Long Beach Island. The office building has a size of over 10,000 square feet. The property is configured into four office units of varying sizes. It offers visibility, access, and on-site parking. The location is adjacent to an established office park with professional businesses. The property may suit medical offices, attorneys, accountants, title companies, and other professional services seeking exposure and proximity to Long Beach Island and surrounding communities.

Key Highlights

• Prime commercial location on highly trafficked Route 72, 1.8 miles from Long Beach Island.
• 10,000+ square foot office building with excellent visibility and easy access.
• Ample on‑site parking.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$159,089

Cap Rate

8.84%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,181,780 $3.2M

Cap Rate 7%

$2,272,700 $2.3M

Cap Rate 9%

$1,767,656 $1.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 10,398 SF

Gross rent

$311.9K $30.00/SF

− Vacancy

−$99.8K −$9.60/SF

EGI

$212.1K $20.40/SF

− OpEx

−$53.0K −$5.10/SF

NOI

$159.1K $15.30/SF

Area

Ocean 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 Rate 5%

$3,181,780

Cap Rate 7%

$2,272,700

Cap Rate 9%

$1,767,656

Alternative Uses

Best Use

Office B

$2.27M

$1.99M – $2.65M (±1% cap)

NOI $159,089 @ 7.0% cap · market cap 8.84%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.72M

$2.38M – $3.17M (±1% cap)

NOI $190,059 @ 7.0% cap · market cap 10.56%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick HVAC Service Locksmith Grocery & Convenience Store Storage Facility Catering Service (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

164

Businesses Nearby

Explore this area Business Placement

Demographics for 08050, NJ

26,507

Population

14,182

Households

1.9

Avg Household Size

45

Median Age

39%

College-Educated

94%

High-School Grad

30.9 sq mi

ZIP Area

858

Density / Sq Mi

$115,456

Median Household Income

$60,458

Median Earnings

$1,756

Median Rent

$377,100

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office building - 10,000+ SF office building near Long Beach Island.

Where is this office building located?

The property is located at 675 E Route 72 Manahawkin, NJ.

What is the asking price?

The asking price for this property is $1,800,000.

What are key features of this property?

This property features: Prime commercial location on highly trafficked Route 72, 1.8 miles from Long Beach Island.; 10,000+ square foot office building with excellent visibility and easy access.; Ample on‑site parking.