Fully Occupied Mixed-Use
For Sale
Contact for pricing
35-37 S Broadway, Pitman, NJ 08071
Three-unit property combining commercial space with residential occupancy and recent building-system upgrades.
Property Size4,816 SF
Price / SF$186.88
Days on Market12
Property Features for 35-37 S Broadway
General Information
Standard status
Active
Size
4,816 SF
Property subtype
Multifamily, Mixed Use
Zoning
C-1
Occupancy
100%
Net Operating Income
$69,000
Additional Details
Gross Income
$84,000
Building Details
Year Built
1920
Year Renovated
2025
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
Keller Williams Jersey Shore
Listed By:
Nick Brennan · License #2445553
Source:
Crexi
Added: Jul 31
Changed: Aug 10
Last Checked: Aug 10 at 5:35AM
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 Jersey Shore
Investment Insights
Based on property information with market context.
This 4,816-square-foot mixed-use property contains three occupied units, including commercial space and residential accommodations. Built in 1920 and zoned C-1, the building has undergone substantial updates, including electrical rewiring, plumbing work, new mini-split systems serving the commercial area, fresh paint, and flooring replacement in the commercial space and one residential unit.
The property is located at 35-37 S Broadway in Pitman, positioned along South Broadway within the downtown area. The asset produces a reported cap rate over 7.5% and combines established occupancy with completed capital improvements. Residential-unit photographs are available separately at tenant request.
The property is located at 35-37 S Broadway in Pitman, positioned along South Broadway within the downtown area. The asset produces a reported cap rate over 7.5% and combines established occupancy with completed capital improvements. Residential-unit photographs are available separately at tenant request.
Key Highlights
- 4,816 SF mixed‑use building with 3 occupied units
- C‑1 zoning supports the existing mixed‑use configuration
- Reported cap rate over 7.5%
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
$63,279
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
7.03%
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%
$1,265,580
$1.3M
Cap Rate 7%
$903,986
$904.0K
Cap Rate 9%
$703,100
$703.1K
Market Conditions
NOI Build-Up for 4,816 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
$95.4K $19.80/SF
− Vacancy
−$5.0K −$1.03/SF
EGI
$90.4K $18.77/SF
− OpEx
−$27.1K −$5.63/SF
NOI
$63.3K $13.14/SF
Area
Gloucester County, NJ
Vacancy
5.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,265,580
Cap Rate 7%
$903,986
Cap Rate 9%
$703,100
Alternative Uses
Best Use
Multifamily LT 5
$904.0K
$791.0K – $1.05M
NOI $63,279 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$804.2K
$703.6K – $938.2K
NOI $56,291 @ 7.0% cap · market cap 6.25%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,319 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
Explore this area
Business Placement
Demographics for 08071, NJ
9,259
Population
3,984
Households
2.3
Avg Household Size
42
Median Age
45%
College-Educated
97%
High-School Grad
3.3 sq mi
ZIP Area
2,806
Density / Sq Mi
$97,222
Median Household Income
$51,243
Median Earnings
$1,488
Median Rent
$258,400
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 - Three-unit property combining commercial space with residential occupancy and recent building-system upgrades.
Where is this mixed-use property located?
The property is located at 35-37 S Broadway Pitman, NJ.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: 4,816 SF mixed‑use building with 3 occupied units; C‑1 zoning supports the existing mixed‑use configuration; Reported cap rate over 7.5%
