Corner Lot Medical Office
For Sale
$269,000
515 N BLACK HORSE PIKE, Runnemede, NJ 08078
Medical office suite with over eight exam rooms, reception area, and on-site parking on a corner lot.
Property Size1,512 SF
Days on Market401
Property Features for 515 N BLACK HORSE PIKE
General Information
Standard status
Active
Size
1,512 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$6,128
Building Details
Building Size
1,512 SF
Year Built
1950
Listing Agency:
BHHS Fox & Roach-Marlton
Listed By:
Christopher Benstead · License #8830917
(856) 810-5711
Source:
Brucerealty
Added: Jul 31, 2025
Changed: Aug 31
Last Checked: Sep 4 at 1:28PM
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 property is currently configured for medical office use and offers a reception area, an office for a doctor, and more than eight exam rooms/office spaces. The interior also includes two restrooms. Updates include a newly installed AC unit, along with recent replacements and other upgrades reported to be in very good condition.
The building sits on a corner lot and includes on-site parking, which supports client and staff access. The seller notes the property is located in a busy area.
For a tenant or buyer seeking flexible office space with a medical-ready layout, the existing room count and reception support a straightforward day-to-day operation.
The building sits on a corner lot and includes on-site parking, which supports client and staff access. The seller notes the property is located in a busy area.
For a tenant or buyer seeking flexible office space with a medical-ready layout, the existing room count and reception support a straightforward day-to-day operation.
Key Highlights
- Medical office currently used as a chiropractor’s office
- Over 8 exam rooms/office areas plus a reception area
- Includes Dr’s office and 2 restrooms
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
$21,217
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
7.89%
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%
$424,340
$424.3K
Cap Rate 7%
$303,100
$303.1K
Cap Rate 9%
$235,744
$235.7K
Market Conditions
NOI Build-Up for 1,512 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
$33.2K $21.96/SF
− Vacancy
−$4.9K −$3.25/SF
EGI
$28.3K $18.71/SF
− OpEx
−$7.1K −$4.68/SF
NOI
$21.2K $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%
$424,340
Cap Rate 7%
$303,100
Cap Rate 9%
$235,744
Alternative Uses
Best Use
Office B
$303.1K
$265.2K – $353.6K
NOI $21,217 @ 7.0% cap · market cap 7.89%
Second Best
Healthcare Medical
$265.0K
$231.9K – $309.2K
NOI $18,550 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$383.4K
$335.5K – $447.3K
NOI $26,836 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
558
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 08078, NJ
8,074
Population
3,338
Households
2.4
Avg Household Size
39
Median Age
25%
College-Educated
94%
High-School Grad
1.9 sq mi
ZIP Area
4,249
Density / Sq Mi
$97,857
Median Household Income
$47,516
Median Earnings
$1,375
Median Rent
$215,400
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?
Medical Office Space - Medical office suite with over eight exam rooms, reception area, and on-site parking on a corner lot.
Where is this medical office space located?
The property is located at 515 N BLACK HORSE PIKE Runnemede, NJ.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Medical office currently used as a chiropractor’s office; Over 8 exam rooms/office areas plus a reception area; Includes Dr’s office and 2 restrooms
