Well-Appointed Professional Office
For Sale
$525,000
929 Lacey Rd, Forked River, NJ 08731
Upper floor professional office space with a separate lower level office and ample on-site parking.
Property Size2,144 SF
Days on Market63
Property Features for 929 Lacey Rd
General Information
Standard status
Active
Size
2,144 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,636
Building Details
Building Size
2,144 SF
Year Built
1965
Stories
2
Listing Agency:
RE/MAX AT BARNEGAT BAY
Listed By:
Alan Seeland · License #9591828
(732) 473-1700
Source:
Elliman
Added: Jul 8
Changed: Sep 2
Last Checked: Sep 7 at 6:14AM
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 RE/MAX AT BARNEGAT BAY
Investment Insights
Based on property information with market context.
This well-appointed upper floor professional office space is designed for straightforward day-to-day operations. A separate lower level office is available, with the option to be rented separately or utilized by a single occupant. The property is currently occupied as a professional financial services office.
The building is located about 3/10 of a mile from Garden State Parkway access on busy Lacey Rd, supporting convenient drive-in access. Entrance is from a side street, and the property provides ample on-site parking along with highly visible signage.
With a two-level configuration that includes a separate lower office area, the space can accommodate different occupancy arrangements while keeping the overall professional office layout intact.
The building is located about 3/10 of a mile from Garden State Parkway access on busy Lacey Rd, supporting convenient drive-in access. Entrance is from a side street, and the property provides ample on-site parking along with highly visible signage.
With a two-level configuration that includes a separate lower office area, the space can accommodate different occupancy arrangements while keeping the overall professional office layout intact.
Key Highlights
- Year built 1965
- Upper floor professional office space with a separate lower level office
- Separate lower level office can be rented or used by a single occupant
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
$32,803
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
6.25%
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%
$656,060
$656.1K
Cap Rate 7%
$468,614
$468.6K
Cap Rate 9%
$364,478
$364.5K
Market Conditions
NOI Build-Up for 2,144 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
$64.3K $30.00/SF
− Vacancy
−$20.6K −$9.60/SF
EGI
$43.7K $20.40/SF
− OpEx
−$10.9K −$5.10/SF
NOI
$32.8K $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 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%
$656,060
Cap Rate 7%
$468,614
Cap Rate 9%
$364,478
Alternative Uses
Best Use
Office B
$468.6K
$410.0K – $546.7K
NOI $32,803 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$559.8K
$489.9K – $653.2K
NOI $39,189 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
Explore this area
Business Placement
Demographics for 08731, NJ
20,953
Population
9,663
Households
2.2
Avg Household Size
45
Median Age
32%
College-Educated
94%
High-School Grad
78.1 sq mi
ZIP Area
268
Density / Sq Mi
$93,267
Median Household Income
$45,345
Median Earnings
$2,080
Median Rent
$360,000
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 units - Upper floor professional office space with a separate lower level office and ample on-site parking.
Where is this office units located?
The property is located at 929 Lacey Rd Forked River, NJ.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Year built 1965; Upper floor professional office space with a separate lower level office; Separate lower level office can be rented or used by a single occupant
