Mixed-Use Property in
For Sale
$799,000
24 S Centre Street S, Merchantville, NJ 08109
Versatile property with restaurant and residential spaces in downtown Merchantville.
Property Size3,248 SF
Price / SF$245
Days on Market112
Property Features for 24 S Centre Street S
General Information
Standard status
Active
Size
3,248 SF
Taxes and HOA fees
Annual Taxes
$1.00
Listing Agency:
KELLER WILLIAMS ELITE REALTORS
(732) 549-1998
Listed By:
YI SHANG
Source:
Exprealty
Added: May 11
Changed: Aug 20
Last Checked: Aug 29 at 2:58PM
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 KELLER WILLIAMS ELITE REALTORS
Investment Insights
Based on property information with market context.
This mixed-use property is located in the heart of Merchantville's downtown district. The first floor is set up for restaurant use and features a spacious dining area, a commercial kitchen, a prep area, and two ADA-compliant restrooms. Rooftop HVAC and commercial ventilation systems are installed for restaurant operations. A full basement provides room for storage or additional operational use. The upper level offers a residential apartment with 2 bedrooms, multiple living areas, and a kitchen equipped with stainless steel appliances. The property is situated near Cherry Hill, Collingswood, and Philadelphia, and benefits from strong visibility, easy accessibility, and close proximity to shopping, dining, and major commuter routes. The property size is 3248 square feet. It is suited for owner-operators, mixed-use investors, or those seeking both residential and commercial income potential.
Key Highlights
- Mixed‑use property in Merchantville's downtown district offering both commercial and residential income potential.
- First floor equipped for restaurant use with a spacious dining area, commercial kitchen, prep area, and ADA‑compliant restrooms.
- Spacious 2‑bedroom residential apartment on the upper level with stainless steel appliances.
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
$40,998
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
5.13%
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%
$819,960
$820.0K
Cap Rate 7%
$585,686
$585.7K
Cap Rate 9%
$455,533
$455.5K
Market Conditions
NOI Build-Up for 3,248 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
$58.5K $18.00/SF
− Vacancy
−$3.8K −$1.17/SF
EGI
$54.7K $16.83/SF
− OpEx
−$13.7K −$4.21/SF
NOI
$41.0K $12.62/SF
Area
Camden County, NJ
Vacancy
6.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$819,960
Cap Rate 7%
$585,686
Cap Rate 9%
$455,533
Alternative Uses
Best Use
Specialty Retail
$585.7K
$512.5K – $683.3K
NOI $40,998 @ 7.0% cap · market cap 5.13%
Second Best
Mixed Use
$485.5K
$424.8K – $566.4K
NOI $33,982 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$823.5K
$720.6K – $960.8K
NOI $57,648 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
695
Businesses Nearby
Explore this area
Business Placement
Demographics for 08109, NJ
23,306
Population
9,314
Households
2.5
Avg Household Size
41
Median Age
27%
College-Educated
86%
High-School Grad
4.8 sq mi
ZIP Area
4,855
Density / Sq Mi
$84,332
Median Household Income
$44,288
Median Earnings
$1,142
Median Rent
$227,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Versatile property with restaurant and residential spaces in downtown Merchantville.
Where is this mixed-use property located?
The property is located at 24 S Centre Street S Merchantville, NJ.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Mixed‑use property in Merchantville's downtown district offering both commercial and residential income potential.; First floor equipped for restaurant use with a spacious dining area, commercial kitchen, prep area, and ADA‑compliant restrooms.; Spacious 2‑bedroom residential apartment on the upper level with stainless steel appliances.
