Building Details

Year built 1970

Floors in Building 1

Flooring type Vinyl

Roof type Asphalt

Listing Agency: Interstate Home Properties Show Phone

Listed By: Ryan Brown · License #10491208949 Show Phone

Added: Sep 14 Last Checked: Sep 15 at 2:06PM

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MLS# 22629052

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.

Unit 6 at 80 Hazlet Avenue is a 970-square-foot, single-level ranch-style office property within a 12-unit self-governing HOA. The space underwent a comprehensive renovation in summer 2024, including vinyl plank flooring, new windows, a LENNOX heating and cooling system, water heater, bathroom fixtures, tile, electrical outlets, commercial doors, metal frames, and controlled-access locksets. New shaker-style vinyl siding completes the exterior update.

The property provides off-street parking in a parking lot and is served by public water and public sewer. Additional building systems include forced-air heating, central air, and an asphalt roof. The office configuration is identified as suitable for health, wellness, medical, insurance, real estate, and accounting professionals. The building was constructed in 1970 and is located in Hazlet, Monmouth County, New Jersey.

Key Highlights

• 970 SF office unit with a single‑level ranch‑style layout
• Comprehensively renovated in summer 2024
• New LENNOX heating and cooling system, windows, water heater, flooring, and bathroom finishes

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

$14,841

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

4.01%

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%

$296,820 $296.8K

Cap Rate 7%

$212,014 $212.0K

Cap Rate 9%

$164,900 $164.9K

Market Conditions

NOI Build-Up for 970 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

$29.1K $30.00/SF

− Vacancy

−$9.3K −$9.60/SF

EGI

$19.8K $20.40/SF

− OpEx

−$4.9K −$5.10/SF

NOI

$14.8K $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%

$296,820

Cap Rate 7%

$212,014

Cap Rate 9%

$164,900

Alternative Uses

Best Use

Office B

$212.0K

$185.5K – $247.4K (±1% cap)

NOI $14,841 @ 7.0% cap · market cap 4.01%

Second Best

Healthcare Medical

$206.3K

$180.5K – $240.7K (±1% cap)

NOI $14,443 @ 7.0% cap · market cap 3.90%

Theoretical Best

Office A

$253.3K

$221.6K – $295.5K (±1% cap)

NOI $17,730 @ 7.0% cap · market cap 4.79%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Thirugnanasamb R MD Physician Heart Care Center Medical Clinic Dr. Charles Spatz Physician Vinutha Rajasekharaiah Physician

Suggested Use

Top Pick Parking Lot & Garage Hair Salon Storage Facility Veterinary Clinic (Bike/Boat/Book/etc) Store Daycare Center

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

875

Businesses Nearby

Explore this area Business Placement

Demographics for 07730, NJ

17,263

Population

6,713

Households

2.6

Avg Household Size

44

Median Age

32%

College-Educated

94%

High-School Grad

5.2 sq mi

ZIP Area

3,320

Density / Sq Mi

$122,276

Median Household Income

$62,017

Median Earnings

$1,149

Median Rent

$452,500

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

Questions? Ask Rey

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What type of property is this? Where is this office units located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Office units - Single-level office unit with updated building systems, finishes, parking, and access control entry.

Where is this office units located?

The property is located at 80 Hazlet Avenue Hazlet, NJ.

What is the asking price?

The asking price for this property is $369,900.

What are key features of this property?

This property features: 970 SF office unit with a single‑level ranch‑style layout; Comprehensively renovated in summer 2024; New LENNOX heating and cooling system, windows, water heater, flooring, and bathroom finishes