Building Details

Year built 1932

Listing Agency: Keller Williams Realty Jersey Shore - Margate k***@kw.com Show Phone

Listed By: Nicholas (Nick) Brennan · License #2445553 Show Phone

Added: May 12 Changed: Aug 22 Last Checked: Aug 23 at 1:06AM

Report an Issue

MLS# 607782

Copyright © 2026 South Jersey Shore Regional 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.

This commercial land offering at 1328 Harding Highway comprises three separately subdivided parcels. One parcel contains an approximately 4,500 +/- SF commercial building currently operating as Lazy Eye Distillery, while the other two parcels are vacant. The property is zoned PVRC and includes central air, electric cooling, natural gas heat, and private well water. The building dates to 1932.

Located in Richland, the property fronts Harding Highway and provides access to the roadway network serving Atlantic County and surrounding South Jersey markets. The combination of an existing commercial structure and two undeveloped parcels supports continued operation, expansion, or separate development across the assembled property.

Key Highlights

• Three separately subdivided commercial lots
• Approximately 4,500 +/- SF commercial distillery building
• Two vacant parcels included for additional development

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

$48,965

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

7.00%

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%

$979,300 $979.3K

Cap Rate 7%

$699,500 $699.5K

Cap Rate 9%

$544,056 $544.1K

Market Conditions

NOI Build-Up for 4,500 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

$81.0K $18.00/SF

− Vacancy

−$5.7K −$1.26/SF

EGI

$75.3K $16.74/SF

− OpEx

−$26.4K −$5.86/SF

NOI

$49.0K $10.88/SF

Area

Atlantic County, NJ

Vacancy

7.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

35.00%

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%

$979,300

Cap Rate 7%

$699,500

Cap Rate 9%

$544,056

Alternative Uses

Best Use

Industrial

$1.38M

$1.21M – $1.61M (±1% cap)

NOI $96,603 @ 7.0% cap · market cap 13.80%

Second Best

Flex RnD

$699.5K

$612.1K – $816.1K (±1% cap)

NOI $48,965 @ 7.0% cap · market cap 7.00%

Theoretical Best

Warehouse

$1.68M

$1.47M – $1.96M (±1% cap)

NOI $117,304 @ 7.0% cap · market cap 16.76%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Commercial land

Suggested Use

Top Pick Garden Center (Bike/Boat/Book/etc) Store Electronics & Wireless Store Arcade & Gaming Center Bar & Pub

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

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

7

Businesses Nearby

Explore this area Business Placement

Demographics for 08350, NJ

611

Population

341

Households

1.8

Avg Household Size

47

Median Age

18%

College-Educated

83%

High-School Grad

3.2 sq mi

ZIP Area

191

Density / Sq Mi

$152,525

Median Household Income

$77,615

Median Earnings

$235,600

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this commercial land located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Similar For Sale Nearby

Three Dilapidated Dwellings On One Lot

228 LORRAINE Avenue, Richland, NJ 08350

$199,900

4,998 SF

View details

Richland Buildable Land For Sale

4401 Prep Street, Richland, NJ 08359

$49,900

8.48 Acres

View details

Frequently Asked Questions

What type of property is this?

Commercial land - Three commercial parcels include an operating distillery building and two vacant lots for additional development.

Where is this commercial land located?

The property is located at 1328 Harding Hwy Richland, NJ.

What is the asking price?

The asking price for this property is $700,000.

What are key features of this property?

This property features: Three separately subdivided commercial lots; Approximately 4,500 +/- SF commercial distillery building; Two vacant parcels included for additional development