Three-Tenant Medical
For Sale
$2,300,000
110 Harbor Lane, Somers Point, NJ 08244
Net-lease property with on-site parking serving Atlantic and Cape May Counties.
Property Size12,314 SF
Price / SF$186.78
Days on Market725
Property Features for 110 Harbor Lane
General Information
Standard status
Active
Size
12,314 SF
Property subtype
General Commercial
Amenities
Central Air
3
Other
Parking.
50 Parking Spaces. Assigned Parking Space, On Site, On Street.
Building Details
Year Built
1976
Listing Agency:
Keller Williams Realty Freehold
(732) 769-1110
Listed By:
Iftikhar Haq · License #0789304
(732) 769-1110
Source:
Xome
Added: Sep 6, 2024
Changed: Aug 30
Last Checked: Aug 31 at 12:51PM
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 Keller Williams Realty Freehold
Investment Insights
Based on property information with market context.
This medical office property contains three tenant spaces and was constructed in 1976. The asset is structured as a net-lease investment and includes central air conditioning along with 50 on-site parking spaces.
Located in Somers Point, the property serves Atlantic and Cape May Counties. A 7% cap rate is reported for the investment.
Located in Somers Point, the property serves Atlantic and Cape May Counties. A 7% cap rate is reported for the investment.
Key Highlights
- Three‑tenant medical office property
- Net‑lease investment structure
- 50 on‑site parking spaces
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
$180,414
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
7.84%
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%
$3,608,280
$3.6M
Cap Rate 7%
$2,577,343
$2.6M
Cap Rate 9%
$2,004,600
$2.0M
Market Conditions
NOI Build-Up for 12,314 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
$329.5K $26.76/SF
− Vacancy
−$89.0K −$7.23/SF
EGI
$240.6K $19.53/SF
− OpEx
−$60.1K −$4.88/SF
NOI
$180.4K $14.65/SF
Area
Atlantic County, NJ
Vacancy
27.00%
Lease Rate
$26.76 /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%
$3,608,280
Cap Rate 7%
$2,577,343
Cap Rate 9%
$2,004,600
Alternative Uses
Best Use
Office B
$2.58M
$2.26M – $3.01M
NOI $180,414 @ 7.0% cap · market cap 7.84%
Second Best
Healthcare Medical
$2.49M
$2.18M – $2.91M
NOI $174,573 @ 7.0% cap · market cap 7.59%
Theoretical Best
Warehouse
$4.59M
$4.01M – $5.35M
NOI $320,996 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,187
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 08244, NJ
10,535
Population
5,898
Households
1.8
Avg Household Size
47
Median Age
30%
College-Educated
89%
High-School Grad
4.9 sq mi
ZIP Area
2,150
Density / Sq Mi
$67,500
Median Household Income
$38,709
Median Earnings
$1,266
Median Rent
$278,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Somers Point Veterinary Hospital: De Lorenzo Regina C DVM — 1 Braddock Dr, Somers Point, NJ 08244
- Mainland Veterinary Hospital — 425 Bethel Rd, Somers Point, NJ 08244
Frequently Asked Questions
What type of property is this?
Medical Office Space - Net-lease property with on-site parking serving Atlantic and Cape May Counties.
Where is this medical office space located?
The property is located at 110 Harbor Lane Somers Point, NJ.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Three‑tenant medical office property; Net‑lease investment structure; 50 on‑site parking spaces
