Three-Story Mixed-Use Office
For Sale
Contact for pricing
403 S White Horse Pike, Audubon, NJ 08106
Office operations occupy the first floor, with a separately accessed short-term rental unit on the second floor.
Property Size2,300 SF
Price / SF$151.74
Days on Market27
Property Features for 403 S White Horse Pike
General Information
Standard status
Active
Size
2,300 SF
Total Parking Spaces
2
Property subtype
Mixed Use, Office
Zoning
A1 - Business District
Investment Type
Value Add
Building Details
Stories
3
Listing Agency:
Vantage Real Estate Services Cherry Hill
Listed By:
Ken Richardson · License #NJ 1865294
Source:
Crexi
Added: Aug 4
Changed: Aug 30
Last Checked: Aug 30 at 1:16AM
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 Vantage Real Estate Services Cherry Hill
Investment Insights
Based on property information with market context.
Located at 403 S White Horse Pike in Audubon, NJ, this three-story mixed-use property contains approximately 2,300 SF on approximately 0.2 acres. The first floor is configured for general office use, providing an established commercial component within the building.
The second floor functions as a short-term rental with its own private entrance. The third floor was formerly used for the same purpose and is currently vacant, offering an additional area for future reactivation. The property is zoned A1 - Business District and combines office space with existing and potential short-term rental accommodations.
The second floor functions as a short-term rental with its own private entrance. The third floor was formerly used for the same purpose and is currently vacant, offering an additional area for future reactivation. The property is zoned A1 - Business District and combines office space with existing and potential short-term rental accommodations.
Key Highlights
- ± 2,300 SF mixed‑use building on ± 0.2 acres
- First floor configured for general office use
- Second‑floor short‑term rental has a private entrance
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
$24,064
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
6.90%
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%
$481,280
$481.3K
Cap Rate 7%
$343,771
$343.8K
Cap Rate 9%
$267,378
$267.4K
Market Conditions
NOI Build-Up for 2,300 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
$41.4K $18.00/SF
− Vacancy
−$2.9K −$1.26/SF
EGI
$38.5K $16.74/SF
− OpEx
−$14.4K −$6.28/SF
NOI
$24.1K $10.46/SF
Area
Camden County, NJ
Vacancy
7.00%
Lease Rate
$18.00 /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%
$481,280
Cap Rate 7%
$343,771
Cap Rate 9%
$267,378
Alternative Uses
Best Use
Office B
$461.1K
$403.4K – $537.9K
NOI $32,275 @ 7.0% cap · market cap 9.25%
Second Best
Mixed Use
$343.8K
$300.8K – $401.1K
NOI $24,064 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$583.2K
$510.3K – $680.4K
NOI $40,822 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Explore this area
Business Placement
Demographics for 08106, NJ
9,698
Population
3,996
Households
2.4
Avg Household Size
43
Median Age
43%
College-Educated
96%
High-School Grad
1.6 sq mi
ZIP Area
6,061
Density / Sq Mi
$107,539
Median Household Income
$61,139
Median Earnings
$1,083
Median Rent
$286,500
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?
Mixed-use property - Office operations occupy the first floor, with a separately accessed short-term rental unit on the second floor.
Where is this mixed-use property located?
The property is located at 403 S White Horse Pike Audubon, NJ.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: ± 2,300 SF mixed‑use building on ± 0.2 acres; First floor configured for general office use; Second‑floor short‑term rental has a private entrance
