Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    54 W PITMAN Street Penns Grove, NJ 08069

    View on Map
    Picture of Land at 54 W PITMAN Street, Penns Grove, NJ
    For Sale
    $40,000

    LAND - PENNS GROVE, NJ

    Lot size:
    0.22 Acres
    Added:
    Jan 31, 2025
    Days on Market:
    425
    Last Refresh:
    Apr 1 at 5:06 am

    Property Features for 54 W PITMAN Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.22 Acres

    Taxes and HOA fees

    TaxAnnualAmount
    277

    We can help!

    Listing Contact
    Joseph E. Venello Jr.

    Listing agent Joseph E. Venello Jr. License #893531

    Listing office American Dream Realty of South Jersey 299 Shell Road, Carneys Point, NJ

    Listing date Jan 31, 2025

    MLS# NJSA2013646

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Land in Penns Grove, NJ

    Located in Penns Grove, New Jersey, this 0.22-acre land parcel is suited for investors looking to build or owner-occupants wanting to construct a custom home. The area is positioned for investment and development, with public water and sewer services available. The site supports various ventures with access to all utilities. Situated just off US Route 130 (Virginia Avenue), the property is in proximity to major cities, highways, shopping, and event locations. It is located in Salem County. This property can also be purchased as part of a package deal.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Penns Grove
    County
    Salem
    State
    New Jersey
    Longitude
    -75.4691553
    Latitude
    39.7338555

    Nearby Similar for Sale

    • $175,000

      Commercial Land on Route 130

      Two commercial lots on highly traveled Route 130.
      45 S VIRGINIA Avenue, PENNS GROVE, NJ 08069
      View Details
    • $75,000

      Land For Sale, Penns Grove

      Commercial land available in Penns Grove, New Jersey.
      65 S BROAD Street, PENNS GROVE, NJ 08069
      View Details
    • $75,000

      Waterfront Land in Penns Grove

      Delaware River view lot, build your riverfront home!
      DELAWARE Drive, PENNS GROVE, NJ 08069
      View Details
    • $475,000

      Professional Office Building For Sale

      Brick colonial-style building on one acre lot, suitable for various businesses.
      317 SHELL Road, PENNS GROVE, NJ 08069
      View Details
    • $20,000

      Buildable Lot in Penns Grove

      Buildable lot available in Penns Grove, New Jersey.
      1 E PITMAN Street, PENNS GROVE, NJ 08069
      View Details
    • $440,000

      Large Lot Near Truck Stops

      Wooded lot with frontage near major transportation routes.
      308 HAWKS BRIDGE Rd, PENNS GROVE, NJ 08069
      View Details
    • $99,000

      Development Land Near Main Street

      Five adjoining lots ideal for residential or commercial development.
      LINCOLN AVENUE & CUMBERLAND, PENNS GROVE, NJ 08069
      View Details
    • $700,000

      Wooded Land in Penns Grove

      43+ acre wooded parcel with road frontage in New Jersey.
      800 W QUILLEYTOWN Road, PENNS GROVE, NJ 08069
      View Details
    • $145,000

      Penns Grove Land Opportunity

      Multiple lots in historic Penns Grove, close to waterfront.
      59-61 WALNUT Street, PENNS GROVE, NJ 08069
      View Details
    • $55,000

      Penns Grove Land For Sale

      Land in Penns Grove, NJ, ideal for investors or homeowners.
      55-57 WALNUT Street, PENNS GROVE, NJ 08069
      View Details
    • $89,900

      Land Opportunity in Penns Grove

      Three lots available in Penns Grove with public utilities.
      34-38 CUMBERLAND Avenue, PENNS GROVE, NJ 08069
      View Details
    • $40,000

      Penns Grove Land For Sale

      Land in Penns Grove with public water and sewer.
      32 WESTMINSTER Avenue, PENNS GROVE, NJ 08069
      View Details

    FAQs

    What type of property is this?
    Land - Land available in Penns Grove, close to major routes.
    Where is this land located?
    The property is located at 54 W PITMAN Street Penns Grove, NJ.
    What is the asking price?
    The asking price for this property is $40,000.
    What are key features of this property?
    This property features: Public water and sewer available.; Located just off US Route 130 (Virginia Avenue) providing easy access to major cities and highways.; Low property taxes.
    (856) 299-6444
    We can help!
    Listing Contact
    Joseph E. Venello Jr.
    Real Estate License ID: 893531
    Learn More
    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.
    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.
    Sign Up Successful!
    You now have access to more from Realmo!