Mixed-Use Building with
For Sale
$525,000
189-191 BROADWAY, Westville, NJ 08093
Downtown commercial property combines retail frontage with residential apartments and separate utility metering.
Property Size3,540 SF
Price / SF$148.31
Days on Market41
Property Features for 189-191 BROADWAY
General Information
Standard status
Active
Size
3,540 SF
Property subtype
Multi-Family
Listing Agency:
Real Broker, LLC
(609) 870-4369
Listed By:
Timothy Kerr Jr. · License #0568781
(609) 870-4369
Source:
Keygroupmd
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 9:51AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This 3,540-square-foot mixed-use building combines two storefronts with residential apartments in a downtown commercial setting. One retail space is leased, while the second is vacant and available for a new business use. The building is described as being in great condition and includes separate gas and electric meters.
Private tenant parking is provided on site. The property is located at 189-191 Broadway in downtown Westville, within the community’s business district and with access to major highways and neighboring towns. One one-bedroom apartment is scheduled to become vacant July 31st, creating an additional occupancy change for an owner-occupant or leasing strategy.
Private tenant parking is provided on site. The property is located at 189-191 Broadway in downtown Westville, within the community’s business district and with access to major highways and neighboring towns. One one-bedroom apartment is scheduled to become vacant July 31st, creating an additional occupancy change for an owner-occupant or leasing strategy.
Key Highlights
- 3,540‑square‑foot mixed‑use building at 189‑191 Broadway, Westville, NJ 08093
- Two storefronts with one retail space leased and the other vacant
- Residential apartments included within the mixed‑use configuration
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
$41,377
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
7.88%
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%
$827,540
$827.5K
Cap Rate 7%
$591,100
$591.1K
Cap Rate 9%
$459,744
$459.7K
Market Conditions
NOI Build-Up for 3,540 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
$79.9K $22.56/SF
− Vacancy
−$4.6K −$1.31/SF
EGI
$75.2K $21.25/SF
− OpEx
−$33.9K −$9.56/SF
NOI
$41.4K $11.69/SF
Area
Gloucester County, NJ
Vacancy
5.80%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
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%
$827,540
Cap Rate 7%
$591,100
Cap Rate 9%
$459,744
Alternative Uses
Best Use
Apartment 5plus
$591.1K
$517.2K – $689.6K
NOI $41,377 @ 7.0% cap · market cap 7.88%
Second Best
Retail
$572.5K
$500.9K – $667.9K
NOI $40,072 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,295 @ 7.0% cap · market cap 15.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
Explore this area
Business Placement
Demographics for 08093, NJ
9,933
Population
4,473
Households
2.2
Avg Household Size
39
Median Age
22%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
2,483
Density / Sq Mi
$70,257
Median Household Income
$41,051
Median Earnings
$1,230
Median Rent
$192,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown commercial property combines retail frontage with residential apartments and separate utility metering.
Where is this mixed-use property located?
The property is located at 189-191 BROADWAY Westville, NJ.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 3,540‑square‑foot mixed‑use building at 189‑191 Broadway, Westville, NJ 08093; Two storefronts with one retail space leased and the other vacant; Residential apartments included within the mixed‑use configuration
