Office Condominium with Display
New
For Sale
$299,000
3324 Simpson Avenue, Ocean City, NJ 08226
COMMERCIAL - Ocean City, NJ
Property Size580 SF
Price / SF$515.52
Days on Market3
Property Features for 3324 Simpson Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Com
Rooms
Laundry Room, Office
Interior features
Display Window, Smoke/Fire Alarm
Lot features
Island, Shopping Center, Business District
Subdivision
Ocean City
Standard status
Active
Size
580 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
828
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Building Details
Year built
1975
Flooring type
Carpet - Full
Listing Agency:
RIORDAN REAL ESTATE INC.
(609) 263-3235
Listed By:
Brian Riordan
(609) 408-6359
Added: Aug 7
Changed: Aug 8
Last Checked: Aug 9 at 4:06PM
MLS# 262188
Copyright © 2026 Cape May County Association of Realtors. 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 580-square-foot office condominium is located within a professional commercial complex in Ocean City. The space includes an office and laundry room, with a functional layout suited to professional or service-oriented operations. Interior features include a display window, smoke/fire alarm, full carpeting, central air conditioning, and natural gas heating. The condominium was built in 1975 and carries Com zoning.
The property is positioned at 3324 Simpson Avenue in Ocean City, Cape May County, New Jersey. On-site parking and access within the commercial complex support day-to-day occupancy, while the central Ocean City setting places the unit within the city's established business environment.
The property is positioned at 3324 Simpson Avenue in Ocean City, Cape May County, New Jersey. On-site parking and access within the commercial complex support day-to-day occupancy, while the central Ocean City setting places the unit within the city's established business environment.
Key Highlights
- 580 square feet of office condominium space
- Office and laundry room configuration
- Display window and smoke/fire alarm
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
$9,487
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
3.17%
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%
$189,740
$189.7K
Cap Rate 7%
$135,529
$135.5K
Cap Rate 9%
$105,411
$105.4K
Market Conditions
NOI Build-Up for 580 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
$16.2K $27.96/SF
− Vacancy
−$3.6K −$6.15/SF
EGI
$12.6K $21.81/SF
− OpEx
−$3.2K −$5.45/SF
NOI
$9.5K $16.36/SF
Area
Cape May County, NJ
Vacancy
22.00%
Lease Rate
$27.96 /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%
$189,740
Cap Rate 7%
$135,529
Cap Rate 9%
$105,411
Alternative Uses
Best Use
Office B
$135.5K
$118.6K – $158.1K
NOI $9,487 @ 7.0% cap · market cap 3.17%
Second Best
Healthcare Medical
$130.5K
$114.2K – $152.3K
NOI $9,135 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$177.5K
$155.4K – $207.1K
NOI $12,428 @ 7.0% cap · market cap 4.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
141
Businesses Nearby
Explore this area
Business Placement
Demographics for 08226, NJ
11,229
Population
20,905
Households
0.5
Avg Household Size
57
Median Age
55%
College-Educated
97%
High-School Grad
6.8 sq mi
ZIP Area
1,651
Density / Sq Mi
$101,782
Median Household Income
$54,323
Median Earnings
$1,670
Median Rent
$719,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Commercial condominium with office and laundry areas, central air, and natural gas heat.
Where is this office units located?
The property is located at 3324 Simpson Avenue Ocean City, NJ.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 580 square feet of office condominium space; Office and laundry room configuration; Display window and smoke/fire alarm
