Mixed-Use Building with
New
For Sale
$525,000
189 BROADWAY, Westville, NJ 08093
C3-zoned property combines commercial space with residential apartments and separate gas and electric meters.
Property Size3,540 SF
Price / SF$148.31
Days on Market5
Property Features for 189 BROADWAY
General Information
Standard status
Active
Size
3,540 SF
Property subtype
Commercial
Building Details
Year Built
1928
Listing Agency:
Real Broker, LLC
(609) 870-4369
Listed By:
Timothy Kerr Jr. · License #0568781
(609) 870-4369
Source:
Cummingsrealtors
Added: Aug 18
Changed: Aug 22
Last Checked: Aug 22 at 3:51AM
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.
Located at 189 Broadway in Westville, this 3,540-square-foot mixed-use building dates to 1928 and contains two storefronts alongside three residential apartments. One retail space is leased, while the second is vacant. The property also includes private tenant parking and separate gas and electric meters.
The building is situated in downtown Westville within the Commercial C3 district. Potential commercial applications identified for the district include retail, business and professional offices, restaurants, cafés, financial institutions, personal services, commercial laundry services, and medical or dental offices; specific use should be confirmed with Westville Zoning. The property also offers access to major highways and neighboring towns.
The building is situated in downtown Westville within the Commercial C3 district. Potential commercial applications identified for the district include retail, business and professional offices, restaurants, cafés, financial institutions, personal services, commercial laundry services, and medical or dental offices; specific use should be confirmed with Westville Zoning. The property also offers access to major highways and neighboring towns.
Key Highlights
- Two storefronts and three residential apartments in one mixed‑use building
- 3,540‑square‑foot property at 189 Broadway, Westville, NJ 08093
- One retail space is leased; the second storefront is vacant
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
Property Profile
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 - C3-zoned property combines commercial space with residential apartments and separate gas and electric meters.
Where is this mixed-use property located?
The property is located at 189 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: Two storefronts and three residential apartments in one mixed‑use building; 3,540‑square‑foot property at 189 Broadway, Westville, NJ 08093; One retail space is leased; the second storefront is vacant
