Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    702/704 Summerfield Ave Asbury Park, NJ 07712

    • Retail properties
    • 13,141 SF
    • 0.30 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 702/704 Summerfield Ave

    Lot size
    0.30 lot acres
    Property size
    13,141 SF
    Property type
    Retail properties
    Property subtype
    Office Properties & Spaces

    Description

    This exceptional mixed-use property at 702/704 Summerfield Ave, Asbury Park, NJ 07712 presents a unique investment opportunity. Spanning 13,141 square feet on a 0.302-acre lot, this four-story building offers versatile zoning (CBD

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Asbury Park
    County
    Monmouth
    State
    New Jersey
    Longitude
    -74.012
    Latitude
    40.2177

    Comparable in this City

    • Value Estimation by Request
      16,858 SF

      428 Summerfield Ave

      Mixed-use properties • 16,858 SF
      428 Summerfield Ave, Asbury Park, NJ 07712
      View Details
    • Value Estimation
      $325,000
      3,075 SF

      11 Atkins Ave

      GROCERY, SUPERMARKET • 3,075 SF
      11 Atkins Ave, Asbury Park, NJ 07712-6704
      View Details
    • Value Estimation
      $335,000
      2,688 SF

      1509 Main St

      CONVENIENCE STORE • 2,688 SF
      1509 Main St, Asbury Park, NJ 07712-5319
      View Details
    • Value Estimation
      $335,000
      2,932 SF

      1401 Asbury Ave

      CONVENIENCE STORE • 2,932 SF
      1401 Asbury Ave, Asbury Park, NJ 07712-5701
      View Details
    • Value Estimation
      $385,000
      2,596 SF

      1406 Main St

      GROCERY, SUPERMARKET • 2,596 SF
      1406 Main St, Asbury Park, NJ 07712-5308
      View Details
    • Value Estimation
      $330,000
      4,036 SF

      1513 Asbury Ave

      GROCERY, SUPERMARKET • 4,036 SF
      1513 Asbury Ave, Asbury Park, NJ 07712
      View Details

    Similar Nearby for Sale

    • $1,795,000
      7,068 SF

      Asbury Park Mixed-Use Investment

      Prime Asbury Park location, 7,068 SF, NNN Lease.
      428 Main St, Asbury Park, NJ 07712
      View Details
    • $3,995,000
      Pending

      Asbury Park Mixed-Use Building

      Four-story masonry building in prime location near train station.
      600 Main St, Asbury Park, NJ 07712
      View Details
    • $2,000,000

      Lakefront Mixed-Use Development Opportunity

      Rare building lot in Asbury Park's Central Business District.
      515 Lake Ave, Asbury Park, NJ 07712
      View Details
    • $2,000,000

      Lakefront Building Lot in Asbury

      Rare opportunity: lakefront building lot in Asbury Park's Central Business District.
      515 Lake Ave, Asbury Park, NJ 07712
      View Details
    • $750,000
      Pending

      Renovated Corner Building, Asbury Park

      Renovated corner building in Asbury Park's Central Business District.
      700 Summerfield Ave, Asbury Park, NJ 07712
      View Details
    • $1,650,000

      Asbury Park Mixed-Use Opportunity

      Mixed-use building in Asbury Park's Central Business District.
      428 Main St, Asbury Park, NJ 07712
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Cookman Avenue Retail/Office Space

      Retail and office spaces available in downtown Asbury Park.
      658 Cookman Ave, Asbury Park, NJ 07712
      View Details
    • $3,500 /Mo
      6,970 SF

      Asbury Park Retail Opportunity

      Flexible retail, office, and warehouse space available in Asbury Park.
      917 3 Ave Unit Bay, Asbury Park, NJ 07712
      View Details
    • Contact for pricing
      7,405 SF

      Prime Asbury Park Commercial Space

      High-visibility location, customizable build-out, occupancy early Summer 2026.
      901 Asbury Ave, Asbury Park, NJ 07712
      View Details
    • Contact for pricing

      Highway 35 Mixed-Use Space

      Mixed-use space with high visibility and foot traffic.
      1119 State Route 35, Wanamassa, NJ 07712
      View Details
    • Contact for pricing
      11,195 SF

      Ocean Township Retail Space For Lease

      Prime 11,195 SF Retail Building in NJ
      901 Main St, Ocean Township, NJ 07712
      View Details
    • $900 /Mo
      350 SF

      Cookman Avenue Retail/Office Space

      Retail or office space available on Cookman Avenue.
      654 Cookman Ave, Asbury Park, NJ 07712
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    702/704 Summerfield Ave
    Asbury Park, NJ 07712
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.