Two-Building Office
New
For Sale
$747,000
399 & 385 N ROUTE 73, West Berlin, NJ 08091
Three rentable office units offer private entrances, restrooms, and dedicated office areas within a maintained commercial setting.
Property Size3,346 SF
Days on Market4
Property Features for 399 & 385 N ROUTE 73
General Information
Standard status
Active
Size
3,346 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$15,167
Building Details
Building Size
3,346 SF
Year Built
1980
Listing Agency:
BHHS Fox & Roach-Marlton
Listed By:
Sidney Benstead · License #8032152
(856) 810-5710
Source:
Patmckennarealtors
Added: Sep 15
Changed: Sep 17
Last Checked: Sep 18 at 10:30AM
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 BHHS Fox & Roach-Marlton
Investment Insights
Based on property information with market context.
This offering includes two office buildings that are being sold together, with three rental units configured with private offices, restrooms, and separate entrances. The buildings are supported by a recently installed heating and air-conditioning system from 2023 and have been maintained over time. Both structures date to 1980.
A large fenced parking area serves the property and accommodates approximately 100 cars. The buildings are positioned along Route 73 at a busy intersection in West Berlin, New Jersey, providing a highway-oriented setting for office operations.
A large fenced parking area serves the property and accommodates approximately 100 cars. The buildings are positioned along Route 73 at a busy intersection in West Berlin, New Jersey, providing a highway-oriented setting for office operations.
Key Highlights
- Two office buildings offered together
- Three office rental units with private offices, restrooms, and private entrances
- New heating and A/C installed in 2023
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
$46,953
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
6.29%
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%
$939,060
$939.1K
Cap Rate 7%
$670,757
$670.8K
Cap Rate 9%
$521,700
$521.7K
Market Conditions
NOI Build-Up for 3,346 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
$73.5K $21.96/SF
− Vacancy
−$10.9K −$3.25/SF
EGI
$62.6K $18.71/SF
− OpEx
−$15.7K −$4.68/SF
NOI
$47.0K $14.03/SF
Area
Camden County, NJ
Vacancy
14.80%
Lease Rate
$21.96 /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%
$939,060
Cap Rate 7%
$670,757
Cap Rate 9%
$521,700
Alternative Uses
Best Use
Office B
$670.8K
$586.9K – $782.6K
NOI $46,953 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$848.4K
$742.4K – $989.8K
NOI $59,388 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
466
Businesses Nearby
Explore this area
Business Placement
Demographics for 08091, NJ
5,867
Population
2,588
Households
2.3
Avg Household Size
45
Median Age
26%
College-Educated
90%
High-School Grad
3.3 sq mi
ZIP Area
1,778
Density / Sq Mi
$74,828
Median Household Income
$41,031
Median Earnings
$1,346
Median Rent
$247,700
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 building - Three rentable office units offer private entrances, restrooms, and dedicated office areas within a maintained commercial setting.
Where is this office building located?
The property is located at 399 & 385 N ROUTE 73 West Berlin, NJ.
What is the asking price?
The asking price for this property is $747,000.
What are key features of this property?
This property features: Two office buildings offered together; Three office rental units with private offices, restrooms, and private entrances; New heating and A/C installed in 2023
