Flex Warehouse with Storage
For Sale
$249,000
223 W PARK AVENUE, Vineland, NJ 08360
Flex warehouse includes office, conference room, kitchenette, restroom, and two 12-by-8 bays plus an additional storage shed.
Property Size2,400 SF
Price / SF$103.75
Days on Market51
Property Features for 223 W PARK AVENUE
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Commercial
Amenities
loft
office
conference room
kitchenette
restroom
storage shed
Building Details
Year Built
1952
Listing Agency:
Collini Real Estate LLC
(856) 364-0772
Listed By:
Stacy Schnell · License #1537581
(856) 364-0772
Source:
Cummingsrealtors
Added: Jul 4
Changed: Aug 23
Last Checked: Aug 23 at 4:51AM
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 Collini Real Estate LLC
Investment Insights
Based on property information with market context.
This flex warehouse property was previously used by ServiceMaster and is currently set up for business use with approximately 2,400 square feet per the seller. The building includes two 12-by-8' bays, a loft, an office, a conference room, a kitchenette, and a restroom. Storage is enhanced by an additional 12-by-24' shed.
Parking is available both at the front and in the rear. The property uses a 3rd St entrance and provides additional parking in the rear.
The space is configured with a combination of warehouse and supporting office amenities, making it suitable for operations needing both production/storage area and indoor work space.
Parking is available both at the front and in the rear. The property uses a 3rd St entrance and provides additional parking in the rear.
The space is configured with a combination of warehouse and supporting office amenities, making it suitable for operations needing both production/storage area and indoor work space.
Key Highlights
- Flex warehouse previously used as Service Master, offering approximately 2,400 SF per the seller
- Includes two 12 x 8' bays plus a loft
- Office, conference room, kitchenette, and restroom included
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
$16,836
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
6.76%
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%
$336,720
$336.7K
Cap Rate 7%
$240,514
$240.5K
Cap Rate 9%
$187,067
$187.1K
Market Conditions
NOI Build-Up for 2,400 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
$21.6K $9.00/SF
− Vacancy
−$1.8K −$0.75/SF
EGI
$19.8K $8.25/SF
− OpEx
−$3.0K −$1.24/SF
NOI
$16.8K $7.02/SF
Area
Cumberland County, NJ
Vacancy
8.30%
Lease Rate
$9.00 /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%
$336,720
Cap Rate 7%
$240,514
Cap Rate 9%
$187,067
Alternative Uses
Best Use
Flex RnD
$367.0K
$321.2K – $428.2K
NOI $25,693 @ 7.0% cap · market cap 10.32%
Second Best
Warehouse
$240.5K
$210.5K – $280.6K
NOI $16,836 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$3.60M
$3.15M – $4.20M
NOI $252,253 @ 7.0% cap · market cap 101.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
975
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 08360, NJ
43,043
Population
16,797
Households
2.6
Avg Household Size
38
Median Age
17%
College-Educated
79%
High-School Grad
44.3 sq mi
ZIP Area
972
Density / Sq Mi
$62,604
Median Household Income
$37,236
Median Earnings
$1,164
Median Rent
$199,600
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex warehouse includes office, conference room, kitchenette, restroom, and two 12-by-8 bays plus an additional storage shed.
Where is this flex space located?
The property is located at 223 W PARK AVENUE Vineland, NJ.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Flex warehouse previously used as Service Master, offering approximately 2,400 SF per the seller; Includes two 12 x 8' bays plus a loft; Office, conference room, kitchenette, and restroom included
