Mixed-Use Property with 4
New
For Sale
$550,000
3400 Cove, Merchantville, NJ 08109
Four occupied units combine residential apartments with street-level commercial space.
Property Size4,500 SF
Price / SF$122.22
Days on Market5
Property Features for 3400 Cove
General Information
Standard status
Active
Size
4,500 SF
Occupancy
100%
Building Details
Year Built
2020
Tenancy
Multi
Listing Agency:
Real Broker, LLC
Listed By:
Alessandro Falcao, Alessandro Falcao
Source:
Soldbypattie
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 9:17AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
Built in 2020, this 4,500-square-foot mixed-use property contains four separate units: three residential apartments and one street-level commercial space. The residential layout includes one 3-bedroom apartment and two 2-bedroom apartments, with finished attic areas providing additional usable room in two units. The commercial unit has a private half bath and is currently operating as a barber shop.
All four units are occupied, including the commercial space’s established tenant. The property places residential and commercial occupancy under one ownership, with access to major roadways, shopping, and public transportation. Its setting near Merchantville and Pennsauken also connects with employment centers in South Jersey and Philadelphia.
All four units are occupied, including the commercial space’s established tenant. The property places residential and commercial occupancy under one ownership, with access to major roadways, shopping, and public transportation. Its setting near Merchantville and Pennsauken also connects with employment centers in South Jersey and Philadelphia.
Key Highlights
- Four occupied units: three residential apartments and one street‑level commercial space
- 4,500‑square‑foot mixed‑use property built in 2020
- Residential mix includes one 3‑bedroom unit and two 2‑bedroom units
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
$47,081
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
8.56%
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%
$941,620
$941.6K
Cap Rate 7%
$672,586
$672.6K
Cap Rate 9%
$523,122
$523.1K
Market Conditions
NOI Build-Up for 4,500 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
$81.0K $18.00/SF
− Vacancy
−$5.7K −$1.26/SF
EGI
$75.3K $16.74/SF
− OpEx
−$28.2K −$6.28/SF
NOI
$47.1K $10.46/SF
Area
Camden County, NJ
Vacancy
7.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$941,620
Cap Rate 7%
$672,586
Cap Rate 9%
$523,122
Alternative Uses
Best Use
Multifamily LT 5
$731.1K
$639.7K – $853.0K
NOI $51,178 @ 7.0% cap · market cap 9.31%
Second Best
Mixed Use
$672.6K
$588.5K – $784.7K
NOI $47,081 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office A
$1.14M
$998.4K – $1.33M
NOI $79,870 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
642
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four occupied units combine residential apartments with street-level commercial space.
Where is this mixed-use property located?
The property is located at 3400 Cove Merchantville, NJ.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Four occupied units: three residential apartments and one street‑level commercial space; 4,500‑square‑foot mixed‑use property built in 2020; Residential mix includes one 3‑bedroom unit and two 2‑bedroom units
