Unique Mixed-Use Property on
For Sale
$2,400,000
40-28 Conrow Road, Delran, NJ 08075
Victorian mansion, additional houses, and large office/school building.
Property Size16,000 SF
Lot Size10.95 Acres
Price / SF$150
Days on Market454
Property Features for 40-28 Conrow Road
General Information
Standard status
Active
Size
16,000 SF
Lot size
10.95 Acres
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1881
Listing Agency:
BHHS Fox & Roach-Marlton
(856) 810-5710
Listed By:
Sidney Benstead · License #8032152
Source:
Deepcreeklake
Added: Jun 2, 2025
Changed: Aug 27
Last Checked: Aug 26 at 10:17AM
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 BHHS Fox & Roach-Marlton
Investment Insights
Based on property information with market context.
This unique mixed-use property is situated on 10.95 acres of land. The property features a Victorian mansion with four bedrooms on the second floor and two bedrooms on the third floor. In addition to the main house, there are two additional houses located on the property. A 16,000+ square foot office/school building is also present. The main house includes an inground pool, a workshop, and a garage. Ample parking is available in the parking lot designated for the office/school building. Any potential buyer would have to get approval from the township for whatever approvals they require. The tax map and zoning permitted uses are attached. This property offers incredible upside potential.
Key Highlights
- 10.95 acres of land
- Victorian mansion with 6 bedrooms
- Additional 2 houses on the property
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
$135,749
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
5.66%
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%
$2,714,980
$2.7M
Cap Rate 7%
$1,939,271
$1.9M
Cap Rate 9%
$1,508,322
$1.5M
Market Conditions
NOI Build-Up for 16,000 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
$253.4K $15.84/SF
− Vacancy
−$36.2K −$2.27/SF
EGI
$217.2K $13.57/SF
− OpEx
−$81.4K −$5.09/SF
NOI
$135.7K $8.48/SF
Area
Burlington County, NJ
Vacancy
14.30%
Lease Rate
$15.84 /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%
$2,714,980
Cap Rate 7%
$1,939,271
Cap Rate 9%
$1,508,322
Alternative Uses
Best Use
Mixed Use
$1.94M
$1.70M – $2.26M
NOI $135,749 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$33.46M
$29.28M – $39.04M
NOI $2,342,459 @ 7.0% cap · market cap 97.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Explore this area
Business Placement
Demographics for 08075, NJ
30,327
Population
12,092
Households
2.5
Avg Household Size
39
Median Age
38%
College-Educated
92%
High-School Grad
9.9 sq mi
ZIP Area
3,063
Density / Sq Mi
$94,576
Median Household Income
$47,979
Median Earnings
$1,427
Median Rent
$288,200
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Victorian mansion, additional houses, and large office/school building.
Where is this mixed-use property located?
The property is located at 40-28 Conrow Road Delran, NJ.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 10.95 acres of land; Victorian mansion with 6 bedrooms; Additional 2 houses on the property
