Renovated Two-Building Office
For Sale
Contact for pricing
78 Court St, Freehold, NJ 07728
Flexible professional office configuration with private rooms, shared areas, parking, and a secured outdoor courtyard.
Property Size5,945 SF
Price / SF$234.65
Days on Market161
Property Features for 78 Court St
General Information
Standard status
Active
Size
5,945 SF
Property subtype
Office
Investment Type
Owner/User
Building Details
Year Built
1900
Year Renovated
2023
Buildings
2
Stories
3
Listing Agency:
Legacy Commercial Realty, LLC
(732) 333-6380
Listed By:
Seth Katz · License #1433291
Source:
Crexi
Added: Mar 25
Changed: Aug 29
Last Checked: Aug 29 at 10:43PM
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 Legacy Commercial Realty, LLC
Investment Insights
Based on property information with market context.
This office property comprises two professional buildings totaling 5,945 SF on approximately 0.55 acres. The first structure is a single-story building with 2,316 SF, including a finished basement. The second is a three-story building containing 3,629 SF, with finished basement space. Both buildings were fully renovated, and the circa 1900 colonial-style structure retains hardwood floors, fireplaces, and abundant natural light. The property also includes multiple entrances, a generator, storage and utility areas, a private courtyard, and a fenced lot.
Located directly across from the Monmouth County Courthouse at 78 Court St, the property is within walking distance of downtown Main Street dining, retail, and services. Freehold Raceway and Monmouth Battlefield State Park are identified as nearby regional destinations. Zoning is R-5 for office/residential use, with potential for professional office, residential conversion, or mixed-use configurations subject to approvals.
Located directly across from the Monmouth County Courthouse at 78 Court St, the property is within walking distance of downtown Main Street dining, retail, and services. Freehold Raceway and Monmouth Battlefield State Park are identified as nearby regional destinations. Zoning is R-5 for office/residential use, with potential for professional office, residential conversion, or mixed-use configurations subject to approvals.
Key Highlights
- Two office buildings totaling 5,945 SF on ~0.55 acres
- Second building offers three stories and 3,629 SF, including a finished basement
- Circa 1900 colonial‑style architecture with hardwood floors and fireplaces
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
$90,959
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
6.52%
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%
$1,819,180
$1.8M
Cap Rate 7%
$1,299,414
$1.3M
Cap Rate 9%
$1,010,656
$1.0M
Market Conditions
NOI Build-Up for 5,945 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
$178.4K $30.00/SF
− Vacancy
−$57.1K −$9.60/SF
EGI
$121.3K $20.40/SF
− OpEx
−$30.3K −$5.10/SF
NOI
$91.0K $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%
$1,819,180
Cap Rate 7%
$1,299,414
Cap Rate 9%
$1,010,656
Alternative Uses
Best Use
Office B
$1.30M
$1.14M – $1.52M
NOI $90,959 @ 7.0% cap · market cap 6.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,665 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,292
Businesses Nearby
Explore this area
Business Placement
Demographics for 07728, NJ
56,444
Population
21,150
Households
2.7
Avg Household Size
43
Median Age
46%
College-Educated
92%
High-School Grad
49.6 sq mi
ZIP Area
1,138
Density / Sq Mi
$107,042
Median Household Income
$56,824
Median Earnings
$1,941
Median Rent
$490,000
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 - Flexible professional office configuration with private rooms, shared areas, parking, and a secured outdoor courtyard.
Where is this office building located?
The property is located at 78 Court St Freehold, NJ.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Two office buildings totaling 5,945 SF on ~0.55 acres; Second building offers three stories and 3,629 SF, including a finished basement; Circa 1900 colonial‑style architecture with hardwood floors and fireplaces
