Building Details

Year Built 1900

Listing Agency: Hedenberg Real Estate Company LLC Show Phone

Listed By: Brandon Hedenberg · License #AB069194 Show Phone

Source: Cummingsrealtors

Added: Oct 21 Changed: Oct 23 Last Checked: Oct 23 at 4:05PM

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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 Hedenberg Real Estate Company LLC

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This retail space at 18 Pitman Avenue has an existing retail configuration and measures approximately 1,500 square feet. The layout is also described as suitable for office or food-service use.

The property is in Pitman’s Uptown District, along Pitman Avenue and a short distance from Broadway. Established shops, dining businesses, and local attractions are in the surrounding downtown area.

Key Highlights

• Approximately 1,500 square feet
• Existing retail configuration with stated potential for office or food‑service use
• Located in Pitman’s Uptown District on Pitman Avenue, near Broadway

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,980

Suggested Prices Based on Cap Rates

Cap Rate 5%

$339,600 $339.6K

Cap Rate 7%

$242,571 $242.6K

Cap Rate 9%

$188,667 $188.7K

What to ask about pricing

Market Conditions

NOI Build-Up for 1,500 SF

Gross rent

$25.6K $17.04/SF

− Vacancy

−$1.3K −$0.87/SF

EGI

$24.3K $16.17/SF

− OpEx

−$7.3K −$4.85/SF

NOI

$17.0K $11.32/SF

Area

Gloucester County, NJ

Vacancy

5.10%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$339,600

Cap Rate 7%

$242,571

Cap Rate 9%

$188,667

Alternative Uses

Best Use

Retail

$242.6K

$212.3K – $283.0K (±1% cap)

NOI $16,980 @ 7.0% cap · market cap 566.00%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$504.2K

$441.2K – $588.3K (±1% cap)

NOI $35,295 @ 7.0% cap · market cap 1,176.50%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Hammer & Stain Pitman Hardware & Home Improvement Diane Gruszewski Foster Care Service Inked Beauty Medical Clinic Clever Care Inc Medical Supply Store Manganello Chris Law Firm

Suggested Use

Top Pick Law Firm Kitchen & Bath Showroom Plumbing Service (Bike/Boat/Book/etc) Store Carpet & Flooring Store Real Estate Agency

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

Paved road access

Location Intelligence

Trade Area within ½ mile

593

Businesses Nearby

12k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 72% Home Improvements & Furnishings 28%

7-Eleven Shops & Services

4,750 visits/mo 0.4 miles

Sherwin-Williams Paint Store Home Improvements & Furnishings

3,238 visits/mo 0.2 miles

Fulton Bank Shops & Services

1,865 visits/mo 0.2 miles

Fulton Bank Shops & Services

1,685 visits/mo 0.1 miles

Demographics for 08071, NJ

9,259

Population

3,984

Households

2.3

Avg Household Size

42

Median Age

45%

College-Educated

97%

High-School Grad

3.3 sq mi

ZIP Area

2,806

Density / Sq Mi

$97,222

Median Household Income

$51,243

Median Earnings

$1,488

Median Rent

$258,400

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - The existing retail layout is described as adaptable for office or food-service use as well.

Where is this retail space located?

The property is located at 18 PITMAN AVENUE Pitman, NJ.

What are key features of this property?

This property features: Approximately 1,500 square feet; Existing retail configuration with stated potential for office or food‑service use; Located in Pitman’s Uptown District on Pitman Avenue, near Broadway