Flex Warehouse with Versatile
For Sale
$425,000
Pending
348 Ogden Station Rd, Wenonah, NJ 08090
Flex warehouse building on a 0.57-acre lot with layout suited for contractor, storage, and light industrial uses.
Property Size3,680 SF
Lot Size0.57 Acres
Days on Market152
Property Features for 348 Ogden Station Rd
General Information
Standard status
Pending
Size
3,680 SF
Lot size
0.57 Acres
Taxes and HOA fees
Annual Taxes
$9,333
Listing Agency:
Hedenberg Real Estate Company LLC
(856) 556-0011
Listed By:
Brandon Hedenberg · License #1752988
(856) 397-5744
Source:
Exprealty
Added: Apr 7
Changed: Aug 21
Last Checked: Sep 4 at 8:27AM
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 Hedenberg Real Estate Company LLC
Investment Insights
Based on property information with market context.
The property is a flex warehouse building with approximately 3,680+/- SF situated on a 0.57-acre lot. The layout is described as functional for a variety of uses, including contractor space, storage, light industrial, or general flex use, supporting both owner-user and investor interest. An added value component noted in the remarks is the potential to subdivide the property to create a separate single-family building lot, subject to municipal (Deptford Twp) approvals and applicable zoning requirements.
Located at 348 Ogden Station Rd in Wenonah, NJ, the property is in Gloucester County and is described as providing convenient access to Route 45 and surrounding South Jersey markets, with connectivity to the greater Philadelphia region. The area is characterized as a mix of residential and small business uses, aligning with local operators and service-based businesses.
Overall, this is a versatile flex warehouse asset presented for sale with both multi-use functionality and possible subdivision pathway pending approval.
Located at 348 Ogden Station Rd in Wenonah, NJ, the property is in Gloucester County and is described as providing convenient access to Route 45 and surrounding South Jersey markets, with connectivity to the greater Philadelphia region. The area is characterized as a mix of residential and small business uses, aligning with local operators and service-based businesses.
Overall, this is a versatile flex warehouse asset presented for sale with both multi-use functionality and possible subdivision pathway pending approval.
Key Highlights
- 3,680+/- SF flex warehouse building on a 0.57‑acre lot in Wenonah, NJ (Gloucester County).
- Functional flex/warehouse layout suited for contractor space, storage, light industrial, or general flex use.
- Potential to subdivide the property to create a separate single‑family building lot, subject to Deptford Twp approvals and zoning requirements.
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
$32,471
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
7.64%
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%
$649,420
$649.4K
Cap Rate 7%
$463,871
$463.9K
Cap Rate 9%
$360,789
$360.8K
Market Conditions
NOI Build-Up for 3,680 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
$55.2K $15.00/SF
− Vacancy
−$5.2K −$1.43/SF
EGI
$50.0K $13.58/SF
− OpEx
−$17.5K −$4.75/SF
NOI
$32.5K $8.82/SF
Area
Gloucester County, NJ
Vacancy
9.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$649,420
Cap Rate 7%
$463,871
Cap Rate 9%
$360,789
Alternative Uses
Best Use
Warehouse
$696.2K
$609.2K – $812.3K
NOI $48,735 @ 7.0% cap · market cap 11.47%
Second Best
Industrial
$573.4K
$501.7K – $668.9K
NOI $40,135 @ 7.0% cap · market cap 9.44%
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,590 @ 7.0% cap · market cap 20.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 08090, NJ
8,537
Population
3,158
Households
2.7
Avg Household Size
42
Median Age
33%
College-Educated
95%
High-School Grad
2.9 sq mi
ZIP Area
2,944
Density / Sq Mi
$114,742
Median Household Income
$57,610
Median Earnings
$265,300
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 building on a 0.57-acre lot with layout suited for contractor, storage, and light industrial uses.
Where is this flex space located?
The property is located at 348 Ogden Station Rd Wenonah, NJ.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 3,680+/- SF flex warehouse building on a 0.57‑acre lot in Wenonah, NJ (Gloucester County).; Functional flex/warehouse layout suited for contractor space, storage, light industrial, or general flex use.; Potential to subdivide the property to create a separate single‑family building lot, subject to Deptford Twp approvals and zoning requirements.
