Building Details

Year Built 1970

Year Renovated 2024

Construction ranch

Tenancy Multi

Listing Agency: INTERSTATE HOME PROPERTIES Show Phone

Listed By: RYAN BROWN · License #10491208949 Show Phone

Source: Corcoran

Added: Sep 15 Changed: Nov 1 Last Checked: Nov 1 at 6:11AM

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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 INTERSTATE HOME PROPERTIES

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Investment Insights

Based on property information with market context.

This 970-square-foot, single-level office unit at 80 Hazlet Avenue, Unit 6, was comprehensively renovated in summer 2024. Improvements include vinyl plank flooring, replacement windows, a LENNOX heating and cooling system, a new water heater, updated bathroom finishes, and new electrical outlets throughout. Commercial solid-core wood doors, hollow metal frames, commercial hardware, and access-controlled entry further support professional office use. New shaker-style vinyl siding completes the exterior update.

The property is one of 12 units within a self-governing HOA. The unit's configuration and improvements support office operations, including professional, health, wellness, and medical-related uses identified for the space. The property was originally built in 1970.

Key Highlights

• 970 SF single‑level office unit
• Comprehensively renovated in summer 2024
• New LENNOX heating and cooling system and water heater

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$14,841

Cap Rate

4.01%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$296,820 $296.8K

Cap Rate 7%

$212,014 $212.0K

Cap Rate 9%

$164,900 $164.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 970 SF

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 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. How Realmo checks its estimates

Property Analytics

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

Open Analytics

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.

Lease Details

12

Office units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,067

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

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Frequently Asked Questions

What type of property is this?

Office unit - Updated professional space with controlled entry, modern finishes, and a new heating and cooling system.

Where is this office unit located?

The property is located at 80 Hazlet Avenue #6 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 single‑level office unit; Comprehensively renovated in summer 2024; New LENNOX heating and cooling system and water heater