Three-Unit Mixed-Use
For Sale
$899,999
Pending
35 S BROADWAY, Pitman, NJ 08071
Fully occupied property combining a commercial component with two residential units along South Broadway in Pitman.
Property Size4,816 SF
Days on Market52
Property Features for 35 S BROADWAY
General Information
Standard status
Pending
Size
4,816 SF
Property subtype
Commercial
Occupancy
100%
Net Operating Income
$69,000
Additional Details
Gross Income
$84,000
Road Access
Yes
Building Details
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty - Margate
(609) 399-5454
Listed By:
Nicholas M Brennan · License #2445553
(609) 802-7454
Source:
Cummingsrealtors
Added: Jul 31
Changed: Sep 19
Last Checked: Sep 19 at 10:35AM
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 Realty - Margate
Investment Insights
Based on property information with market context.
Located at 35-37 S Broadway in Pitman, New Jersey, this 4,816-square-foot mixed-use building contains three occupied units: a commercial space and two residential units. The property was built in 1920 and combines street-level commercial utility with residential income-producing space.
Recent capital work includes a complete electrical rewire, new plumbing, mini-split systems in the commercial area, fresh paint, and new flooring in the commercial space and one residential unit. The asset reports a cap rate over 7.5% and is positioned on South Broadway in Pitman’s downtown area.
Recent capital work includes a complete electrical rewire, new plumbing, mini-split systems in the commercial area, fresh paint, and new flooring in the commercial space and one residential unit. The asset reports a cap rate over 7.5% and is positioned on South Broadway in Pitman’s downtown area.
Key Highlights
- Three‑unit mixed‑use building with one commercial space and two residential units
- 4,816 SF building on South Broadway in Pitman, NJ
- Fully occupied property with 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
$56,291
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
6.25%
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%
$1,125,820
$1.1M
Cap Rate 7%
$804,157
$804.2K
Cap Rate 9%
$625,456
$625.5K
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
$108.6K $22.56/SF
− Vacancy
−$6.3K −$1.31/SF
EGI
$102.3K $21.25/SF
− OpEx
−$46.1K −$9.56/SF
NOI
$56.3K $11.69/SF
Area
Gloucester County, NJ
Vacancy
5.80%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,125,820
Cap Rate 7%
$804,157
Cap Rate 9%
$625,456
Alternative Uses
Best Use
Apartment 5plus
$804.2K
$703.6K – $938.2K
NOI $56,291 @ 7.0% cap · market cap 6.25%
Second Best
Retail
$778.8K
$681.5K – $908.6K
NOI $54,516 @ 7.0% cap · market cap 6.06%
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
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 72%
Home Improvements & Furnishings 28%
7-Eleven
Shops & Services
4,750 visits/mo
0.2 miles
Sherwin-Williams Paint Store
Home Improvements & Furnishings
3,238 visits/mo
0.2 miles
Fulton Bank
Shops & Services
1,865 visits/mo
0.1 miles
Fulton Bank
Shops & Services
1,685 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied property combining a commercial component with two residential units along South Broadway in Pitman.
Where is this mixed-use property located?
The property is located at 35 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: Three‑unit mixed‑use building with one commercial space and two residential units; 4,816 SF building on South Broadway in Pitman, NJ; Fully occupied property with reported cap rate over 7.5%
