Agricultural Land with Workshop &
For Sale
$349,900
1834 STATE HIGHWAY, Mullica Hill, NJ 08062
Residential, MULLICA HILL, NJ
Property Size1,504 SF
Lot Size1.34 Acres
Price / SF$232.65
Days on Market51
Property Features for 1834 STATE HIGHWAY
General Information
Property type
Land
Property subtype
Other
Parking
2
Parking features
Garage - Detached
Subdivision
NONE AVAILABLE
Elementary school district
KINGSWAY REGIONAL HIGH
Middle school district
KINGSWAY REGIONAL HIGH
High school district
KINGSWAY REGIONAL HIGH
Standard status
Active
Size
1,504 SF
Lot size
1.34 Acres
Taxes and HOA fees
Tax Annual Amount
2624
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Ductless
Building Details
Year built
1922
Floors in Building
1
Building materials
Frame
Architectural style
Craftsman
Listing Agency:
Century 21 Rauh & Johns · Century 21 Real Estate
(856) 582-0366
Listed By:
Frances Manzoni · License #NJ-0344511
(609) 221-5737
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 21 at 7:06PM
MLS# NJGL2074198
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.
Investment Insights
Based on property information with market context.
Set on 1.34 acres of flag-shaped AR-zoned land in South Harrison Township, this property combines a substantial garage/workshop with a fully finished interior office suite, totaling approximately 1,504 square feet. The workshop includes a wide overhead garage door, concrete floors, exposed wood-beam ceilings, and built-in shelving. A separate secondary outbuilding provides additional covered storage.
The office interior is finished to a high standard with luxury vinyl plank flooring, recessed lighting, vaulted ceilings, and a mini-split HVAC system. Additional comfort features include an electric fireplace. The kitchenette includes white shaker cabinets, granite countertops, a full subway tile backsplash, stainless steel appliances, and a utility sink. A full bathroom with an updated vanity and tile flooring rounds out the space.
The property offers practical site access and maneuverability, with a sweeping gravel loop drive for truck, trailer, and equipment handling, plus ample open parking and room to expand. A long flag driveway off Route 45 is designed to balance visibility and privacy. The grounds are framed by mature trees and the open South Jersey farmland setting. Intended uses should be confirmed with South Harrison Township, and buyers should perform their own due diligence regarding permitted uses under the current AR zoning. Access is convenient to the NJ Turnpike, I-295, and Route 55, with downtown Mullica Hill’s shops and restaurants minutes away.
The office interior is finished to a high standard with luxury vinyl plank flooring, recessed lighting, vaulted ceilings, and a mini-split HVAC system. Additional comfort features include an electric fireplace. The kitchenette includes white shaker cabinets, granite countertops, a full subway tile backsplash, stainless steel appliances, and a utility sink. A full bathroom with an updated vanity and tile flooring rounds out the space.
The property offers practical site access and maneuverability, with a sweeping gravel loop drive for truck, trailer, and equipment handling, plus ample open parking and room to expand. A long flag driveway off Route 45 is designed to balance visibility and privacy. The grounds are framed by mature trees and the open South Jersey farmland setting. Intended uses should be confirmed with South Harrison Township, and buyers should perform their own due diligence regarding permitted uses under the current AR zoning. Access is convenient to the NJ Turnpike, I-295, and Route 55, with downtown Mullica Hill’s shops and restaurants minutes away.
Key Highlights
- 1.34‑acre flag‑shaped AR‑zoned lot in South Harrison Township
- 1922 Craftsman home with frame construction
- Detached garage/workshop with a wide overhead garage door, plus a separate secondary outbuilding for covered storage
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
$19,918
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
5.69%
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%
$398,360
$398.4K
Cap Rate 7%
$284,543
$284.5K
Cap Rate 9%
$221,311
$221.3K
Market Conditions
NOI Build-Up for 1,504 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
$25.8K $17.14/SF
− Vacancy
−$2.3K −$1.56/SF
EGI
$23.4K $15.58/SF
− OpEx
−$3.5K −$2.34/SF
NOI
$19.9K $13.24/SF
Area
Gloucester County, NJ
Vacancy
9.10%
Lease Rate
$17.14 /SF/Yr
Expense Ratio
15.00%
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%
$398,360
Cap Rate 7%
$284,543
Cap Rate 9%
$221,311
Alternative Uses
Best Use
Warehouse
$284.5K
$249.0K – $332.0K
NOI $19,918 @ 7.0% cap · market cap 5.69%
Second Best
Industrial
$234.3K
$205.0K – $273.4K
NOI $16,403 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$505.6K
$442.4K – $589.8K
NOI $35,389 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 08062, NJ
17,446
Population
5,796
Households
3
Avg Household Size
40
Median Age
54%
College-Educated
95%
High-School Grad
32.2 sq mi
ZIP Area
542
Density / Sq Mi
$159,386
Median Household Income
$74,254
Median Earnings
$1,097
Median Rent
$468,600
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flag-shaped AR-zoned land with a garage/workshop, finished office suite, and covered secondary outbuilding.
Where is this flex space located?
The property is located at 1834 STATE HIGHWAY Mullica Hill, NJ.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 1.34‑acre flag‑shaped AR‑zoned lot in South Harrison Township; 1922 Craftsman home with frame construction; Detached garage/workshop with a wide overhead garage door, plus a separate secondary outbuilding for covered storage
