Two-Level Retail
New
For Sale
$389,000
2015 COVE ROAD, Pennsauken, NJ 08110
Open layouts on both floors support retail, office, showroom, or service uses.
Property Size1,800 SF
Price / SF$216.11
Days on Market4
Property Features for 2015 COVE ROAD
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Retail
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$4,725
Building Details
Building Size
1,800 SF
Year Built
1978
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
BHHS Fox & Roach-Marlton
Listed By:
Maggie Chau Nguyen · License #2443918
(267) 441-3294
Source:
Patmckennarealtors
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 3:22PM
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 BHHS Fox & Roach-Marlton
Investment Insights
Based on property information with market context.
This two-level storefront contains approximately 1,800 square feet, divided into 900 square feet per floor. Each level has an open-concept layout with entry and exit points at both the front and rear. The building dates to 1978, with an 8-year-old roof and a 4-year-old HVAC system. A dedicated parking area is positioned in front of the property.
The site is just off Westfield Avenue, with Route 130 and Center City Philadelphia described as minutes away. The property has operated as a bridal salon under the current owner since 2002; a prior owner also ran a business there beginning in 1978.
The site is just off Westfield Avenue, with Route 130 and Center City Philadelphia described as minutes away. The property has operated as a bridal salon under the current owner since 2002; a prior owner also ran a business there beginning in 1978.
Key Highlights
- Approximately 1,800 square feet across two levels, with 900 square feet on each floor
- Both floors have open layouts and front and rear ingress/egress
- Roof is 8 years old; HVAC system is 4 years old
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
$17,331
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
4.46%
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%
$346,620
$346.6K
Cap Rate 7%
$247,586
$247.6K
Cap Rate 9%
$192,567
$192.6K
Market Conditions
NOI Build-Up for 1,800 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
$27.0K $15.00/SF
− Vacancy
−$2.2K −$1.25/SF
EGI
$24.8K $13.76/SF
− OpEx
−$7.4K −$4.13/SF
NOI
$17.3K $9.63/SF
Area
Camden County, NJ
Vacancy
8.30%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$346,620
Cap Rate 7%
$247,586
Cap Rate 9%
$192,567
Alternative Uses
Best Use
Retail
$247.6K
$216.6K – $288.9K
NOI $17,331 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$456.4K
$399.4K – $532.5K
NOI $31,948 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
591
Businesses Nearby
22k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 71%
Shops & Services 29%
Associated Supermarkets
Groceries
16,028 visits/mo
0.2 miles
7-Eleven
Shops & Services
6,433 visits/mo
0.3 miles
Demographics for 08110, NJ
19,599
Population
6,738
Households
2.9
Avg Household Size
37
Median Age
20%
College-Educated
77%
High-School Grad
6.5 sq mi
ZIP Area
3,015
Density / Sq Mi
$81,307
Median Household Income
$40,804
Median Earnings
$1,192
Median Rent
$194,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Similar Off Market Nearby
- Miriam's Flowers and Events — 6307 Westfield Ave, Pennsauken Township, NJ 08110
Frequently Asked Questions
What type of property is this?
Storefront property - Open layouts on both floors support retail, office, showroom, or service uses.
Where is this storefront property located?
The property is located at 2015 COVE ROAD Pennsauken, NJ.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Approximately 1,800 square feet across two levels, with 900 square feet on each floor; Both floors have open layouts and front and rear ingress/egress; Roof is 8 years old; HVAC system is 4 years old
