Increased NOI | 100% Occupied MOB/WH | 6 Industrial Way W
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Increased NOI | 100% Occupied MOB/WH 6 Industrial Way W
85,628 SF 100% Leased Flex Building Online Auction Sale Eatontown, NJ 07724
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Investment Highlights
- Mixed-use warehouse, industrial, office, and flex opportunity in a New Jersey coastal suburb with excellent optionality.
- Excellent positioning near major roadways NJ Route 18 and Highway 35, which connect to Interstate 95 to Trenton, New York City, and beyond.
- Eatontown is an incredible place for business with a population on the rise and high average household incomes within 10 miles exceeding $134,000.
- High-occupancy asset with staggering lease terms and tenants with commitment to the site, providing a stable investment opportunity.
- There is a plethora of retailers and conveniences nearby, including Wawa, FedEx, McDonald’s, Dunkin’, Target, Barnes & Noble, and more.
Executive Summary
6 Industrial Way presents the ideal investment opportunity in New Jersey in a coastal suburb. The building itself is an excellent mix of warehouse, flex space, medical office, and general office space, which provides the perfect amount of flexibility for the modern commercial leasing market landscape. Built in 1986, this asset has been meticulously maintained over the years with a classic, modern appearance. Placed on a 5.86-acre lot, the asset has 320 spaces, which are able to easily accommodate tenants and visitors alike. The property is divided into 28 total units ranging in size from 1,400 square feet up to 9,800 square feet. All units will be fully occupied in December, bringing the occupancy up to 100%. There are many established tenants with a historical commitment to the site. Many tenants are on staggering lease terms, which allows buyers to have optionality. There is a value-add opportunity to lease out vacancies at market rates. Alternatively, a buyer can use vacancies as an owner/occupier while collecting income from other units. Because of the broad zoning and wide array of tenants on site, there is excellent optionality.
The Eastern Monmouth Office Submarket is an excellent place for investors to poach. The Eastern Monmouth Office Submarket has roughly 1.6 million square feet of space listed as available, for an availability rate of 8.8%. As of the fourth quarter of 2024, there is no office space under construction in Eastern Monmouth. Rented properties have edged up by 1% in this area over the past year.
This property is extremely well situated, with close access to NJ Route 18, the Garden State Parkway, and NJ State Highway 35, which is the main north/south roadway in eastern Monmouth County. It is located on Industrial Way West, which is one of the main east/west business corridors in the market. The property is also in close proximity to Fort Monmouth, which is undergoing an extraordinary redevelopment, that will include brand-new Netflix production studios estimated to be 500,000 square feet of new buildings and soundstages on a 289-acre parcel. Finally, it is only a couple miles away from the Monmouth Mall development, which, among other things, will feature 1,000 new apartments and a Whole Foods.
Property tours are available by appointment only. Please contact the listing broker to schedule.
The Eastern Monmouth Office Submarket is an excellent place for investors to poach. The Eastern Monmouth Office Submarket has roughly 1.6 million square feet of space listed as available, for an availability rate of 8.8%. As of the fourth quarter of 2024, there is no office space under construction in Eastern Monmouth. Rented properties have edged up by 1% in this area over the past year.
This property is extremely well situated, with close access to NJ Route 18, the Garden State Parkway, and NJ State Highway 35, which is the main north/south roadway in eastern Monmouth County. It is located on Industrial Way West, which is one of the main east/west business corridors in the market. The property is also in close proximity to Fort Monmouth, which is undergoing an extraordinary redevelopment, that will include brand-new Netflix production studios estimated to be 500,000 square feet of new buildings and soundstages on a 289-acre parcel. Finally, it is only a couple miles away from the Monmouth Mall development, which, among other things, will feature 1,000 new apartments and a Whole Foods.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Market Analytics Click Here to Access
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Market Sale Price per SF
New York - NY USA
Market Cap Rate
New York - NY USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
| Sale Type | Investment | No. Stories | 2 |
| Sale Conditions | Auction Sale | Year Built | 1986 |
| Property Type | Flex | Parking Ratio | 3.74/1,000 SF |
| Building Class | B | Clear Ceiling Height | 16 FT |
| Lot Size | 5.86 AC | No. Dock-High Doors/Loading | 4 |
| Rentable Building Area | 85,628 SF | No. Drive In / Grade-Level Doors | 4 |
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| Property Type | Flex |
| Building Class | B |
| Lot Size | 5.86 AC |
| Rentable Building Area | 85,628 SF |
| No. Stories | 2 |
| Year Built | 1986 |
| Parking Ratio | 3.74/1,000 SF |
| Clear Ceiling Height | 16 FT |
| No. Dock-High Doors/Loading | 4 |
| No. Drive In / Grade-Level Doors | 4 |
Amenities
- Property Manager on Site
- Signage
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
- 2nd Fl-Ste F-18
- 2,329 SF
- Office
- Full Build-Out
- 60 Days
Beautifully built out office space Move in condition
| Space | Size | Space Use | Condition | Available |
| 2nd Fl-Ste F-18 | 2,329 SF | Office | Full Build-Out | 60 Days |
| 2nd Fl-Ste G-20 | 3,330 SF | Office | Full Build-Out | 60 Days |
2nd Fl-Ste F-18
| Size |
| 2,329 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| 60 Days |
2nd Fl-Ste G-20
| Size |
| 3,330 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| 60 Days |
2nd Fl-Ste G-20
| Size | 3,330 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | 60 Days |
Beautifully built out office space Move in condition
About Eastern Monmouth
Eastern Monmouth covers a large area east of the Garden State Parkway that also includes all the shore communities between Keyport and Manasquan. Route 35 runs north-south and is a key highway to moving goods, as trucks are prohibited on the parkway. The largest clusters of industrial stock can be found in Eatontown, Neptune, and Tinton Falls, primarily lined along Route 18 and Route 35.
Investors are drawn to the area’s solid fundamentals, highlighted by strong tenant demand that’s keeping occupancies above historical averages and allowing landlords to push rents higher. In fact, market rents in Eastern Monmouth are roughly 33% above the average over the past decade.
Eastern Monmouth hosts a diverse base of tenants spanning industries such as manufacturing, wholesale, and professional services. One of the most recent entrants into this area was Metro Self Storage, leasing 81,000 square feet in Wall Township. Other additions include grocery store operator ShopRite and personal care product manufacturer Voyant Beauty; the two companies each occupy half of a 540,000-square-foot manufacturing site in Holmdel. Also committing to the market was Amazon, when it moved into 125,000 square feet in Tinton Falls.
DEMOGRAPHICS
Regional Accessibility
CITY
POPULATION
MILES
DRIVE TIME
New York
8,398,748
58
1 h 24 m
Philadelphia
1,584,138
75
1 h 38 m
Washington
702,455
208
4 h 20 m
Boston
694,583
261
5 h 29 m
Columbus
892,533
543
10 h 25 m
Detroit
672,662
640
12 h 2 m
ACCESS AND LABOR FORCE
10 MILES
Total Population
327,111
Total Labor Force
183,887
Unemployment Rate
3.72%
Median Household Income
$104,632
Warehouse Employees
16,498
High School Education Or Higher
94.30%
PROPERTY TAXES
| Parcel Number | 12-03702-0000-00033 | Improvements Assessment | $4,575,900 |
| Land Assessment | $2,924,100 | Total Assessment | $7,500,000 |
PROPERTY TAXES
Parcel Number
12-03702-0000-00033
Land Assessment
$2,924,100
Improvements Assessment
$4,575,900
Total Assessment
$7,500,000
zoning
| Zoning Code | BP-2 |
| BP-2 |
Sale Advisor
Sale Advisor
Eric Phillips, Broker of Record
(732) 380-1166
Contact
Eric Phillips is the founder and owner of Phillips Real Estate, LLC, a boutique commercial real estate firm, which specializes in real estate investments, property management, and brokerage.
He launched the company in 2006 to provide property management and real estate advisory services to his growing clientele. Prior to establishing his own firm, Eric was President of Capital Property Management, where he managed that organization’s business operation, which included the financial management and physical maintenance of over 300 properties, with an estimated value of $500 million. He began his career in commercial real estate in 1992, as a sales associate with Gilman Commercial Realty, LLC.
In addition to his work in property management and brokerage, Eric also has extensive knowledge as an investor and manager of a real estate portfolio, which has included properties comprising over 320,000 square feet of office, retail, and flex-warehouse space. In this capacity, he is responsible for supervising investments, including negotiating transactions, overseeing the investment due diligence process, providing analysis, and structuring equity and debt investments, for himself and investors.
This firsthand experience investing in commercial properties has proven to be an invaluable resource for the company’s customers and clients.
Eric is a licensed real estate broker in New Jersey and holds a Bachelor of Science degree from the University of Pittsburgh. He and his wife reside in Holmdel, New Jersey, where they raised their two children.
He launched the company in 2006 to provide property management and real estate advisory services to his growing clientele. Prior to establishing his own firm, Eric was President of Capital Property Management, where he managed that organization’s business operation, which included the financial management and physical maintenance of over 300 properties, with an estimated value of $500 million. He began his career in commercial real estate in 1992, as a sales associate with Gilman Commercial Realty, LLC.
In addition to his work in property management and brokerage, Eric also has extensive knowledge as an investor and manager of a real estate portfolio, which has included properties comprising over 320,000 square feet of office, retail, and flex-warehouse space. In this capacity, he is responsible for supervising investments, including negotiating transactions, overseeing the investment due diligence process, providing analysis, and structuring equity and debt investments, for himself and investors.
This firsthand experience investing in commercial properties has proven to be an invaluable resource for the company’s customers and clients.
Eric is a licensed real estate broker in New Jersey and holds a Bachelor of Science degree from the University of Pittsburgh. He and his wife reside in Holmdel, New Jersey, where they raised their two children.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Keisha Hartshorn
Contact
Auctioneer License:
Ten-X Commercial, LLC Arlene Richardson RE Brkr 2187404
-
Eric Phillips -
Phillips Real Estate, LLC
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Increased NOI | 100% Occupied MOB/WH | 6 Industrial Way W
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