Residential Land with Fixer-Upper
For Sale
$350,000
731 S Main Street, West Creek, NJ 08092
Land/Lots, West Creek, NJ
Property Size1,989 SF
Lot Size0.85 Acres
Price / SF$175.97
Days on Market96
Property Features for 731 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Major Frontage
Middle school
Southern Reg
High school
Southern Reg
Directions
Route 9 to 731 (next to BuyRite).
Subdivision
Mayetta
Standard status
Active
APN
31-00134-0000-00004
Size
1,989 SF
Lot size
0.85 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5807
Utilities
Water source
Well
Listing Agency:
Berkshire Hathaway HomeServices Zack Shore Realtors
Listed By:
Jillian Hommel
(609) 597-6464
Added: Jun 17
Changed: Sep 4
Last Checked: Sep 20 at 7:06PM
MLS# 22618700
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.
This property is being used as residential and includes a single home situated on 0.85 acres. The existing dwelling is described as being in poor condition and requiring major renovation. The property is offered for sale with the understanding that the buyer will conduct their own due diligence with the township regarding the site and zoning-related considerations.
The land and improvements are located in West Creek, New Jersey, at 731 S Main Street (Ocean County). The listing notes that, while the site is currently used residentially, it is located in LB zoning.
For buyers, this is a practical fit if you are planning a renovation or redevelopment approach and want to review zoning and use possibilities through your own due diligence with the Township. Because the condition of the home is specifically noted as poor and renovation is expected, buyers should plan for substantial rehab and confirm all requirements before proceeding.
The land and improvements are located in West Creek, New Jersey, at 731 S Main Street (Ocean County). The listing notes that, while the site is currently used residentially, it is located in LB zoning.
For buyers, this is a practical fit if you are planning a renovation or redevelopment approach and want to review zoning and use possibilities through your own due diligence with the Township. Because the condition of the home is specifically noted as poor and renovation is expected, buyers should plan for substantial rehab and confirm all requirements before proceeding.
Key Highlights
- Located in LB zoning; currently used as residential
- Water source: well
- Existing home is in poor condition and needs major renovation
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
$30,587
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
8.74%
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%
$611,740
$611.7K
Cap Rate 7%
$436,957
$437.0K
Cap Rate 9%
$339,856
$339.9K
Market Conditions
NOI Build-Up for 1,989 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
$59.7K $30.00/SF
− Vacancy
−$4.1K −$2.04/SF
EGI
$55.6K $27.96/SF
− OpEx
−$25.0K −$12.58/SF
NOI
$30.6K $15.38/SF
Area
Ocean 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%
$611,740
Cap Rate 7%
$436,957
Cap Rate 9%
$339,856
Alternative Uses
Best Use
Apartment 5plus
$437.0K
$382.3K – $509.8K
NOI $30,587 @ 7.0% cap · market cap 8.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$519.4K
$454.5K – $605.9K
NOI $36,356 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
Explore this area
Business Placement
Demographics for 08092, NJ
3,596
Population
1,475
Households
2.4
Avg Household Size
44
Median Age
36%
College-Educated
96%
High-School Grad
22.9 sq mi
ZIP Area
157
Density / Sq Mi
$97,058
Median Household Income
$57,931
Median Earnings
$1,408
Median Rent
$473,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Commercial land - Includes a home requiring major renovation on residentially used land that is located in LB zoning.
Where is this commercial land located?
The property is located at 731 S Main Street West Creek, NJ.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Located in LB zoning; currently used as residential; Water source: well; Existing home is in poor condition and needs major renovation
