Mixed-Use Restaurant
For Sale
$799,000
24 S Centre Street S, Merchantville, NJ 08109
Commercial Sale, Merchantville, NJ
Property Size3,248 SF
Lot Size0.08 Acres
Price / SF$245
Days on Market104
Property Features for 24 S Centre Street S
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-1
Parking
1
Parking features
Driveway
Lot features
Commercial Area
Standard status
Active
APN
24000220000000260000X
Size
3,248 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1957
Floors in Building
2
Flooring type
Tile - Ceramic
Building materials
Brick
Roof type
Asphalt
Listing Agency:
KELLER WILLIAMS ELITE REALTORS · Keller Williams Realty
(732) 549-1998
Listed By:
Yi Shang
(732) 549-1998
Added: May 11
Changed: Aug 19
Last Checked: Aug 22 at 1:06PM
MLS# 2615552R
Copyright © 2026 All Jersey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,248-square-foot mixed-use property at 24 S Centre Street includes a restaurant-oriented first floor with dining space, a commercial kitchen, prep area, and two ADA-compliant restrooms. Rooftop HVAC, commercial ventilation, and a full basement support the operational layout. The upper level contains a two-bedroom apartment with multiple living areas and a kitchen fitted with stainless steel appliances.
Built in 1957 on 0.0826 acres, the brick building is located in Merchantville’s downtown district and carries B-1 zoning. The property has ceramic tile flooring, forced-air heating, central air, public water, public sewer, an asphalt roof, and driveway parking. Its location provides access to nearby Cherry Hill, Collingswood, Philadelphia, shopping, dining, and commuter routes.
Built in 1957 on 0.0826 acres, the brick building is located in Merchantville’s downtown district and carries B-1 zoning. The property has ceramic tile flooring, forced-air heating, central air, public water, public sewer, an asphalt roof, and driveway parking. Its location provides access to nearby Cherry Hill, Collingswood, Philadelphia, shopping, dining, and commuter routes.
Key Highlights
- 3,248‑square‑foot mixed‑use building on 0.0826 acres
- First floor includes dining area, commercial kitchen, prep space, and two ADA‑compliant restrooms
- Upper‑level two‑bedroom apartment with multiple living areas and 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 - Restaurant-ready first floor pairs with a two-bedroom apartment above.
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: 3,248‑square‑foot mixed‑use building on 0.0826 acres; First floor includes dining area, commercial kitchen, prep space, and two ADA‑compliant restrooms; Upper‑level two‑bedroom apartment with multiple living areas and stainless‑steel appliances
