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    Medical Office Corner Suite Title is generated by Realmo AI

    515 N BLACK HORSE PIKE, Runnemede, NJ 08078

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    For Sale
    $289,000

    CommercialSale - RUNNEMEDE, NJ

    Property size:
    1,512 SF
    Lot size:
    0.09 Acres
    Price / SF:
    $191/SF
    Added:
    Jul 31, 2025
    Days on Market:
    311
    Last Refresh:
    Jun 6 at 1:06 pm

    Property Features for 515 N BLACK HORSE PIKE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    1,512 SF
    Lot size
    0.09 Acres

    Taxes and HOA fees

    Tax Annual Amount
    6128

    Utilities

    Heating system
    Central, Hot Water (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1950
    Flooring type
    Carpet
    Roof type
    Built-Up
    Architectural style
    Other

    We can help!

    Listing Contact
    Chris Benstead

    Listing agent Chris Benstead

    Listing office BHHS Fox & Roach Marlton-Voorhees Home Marketing Center 7000 Lincoln Drive East Suite 106, NJ

    Listing date Jul 31, 2025

    MLS# NJCD2099010 Listing URL

    Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Great Location on a Corner Lot
    • Benefit from on‑site parking
    • Versatile space suitable for various uses, currently medical offices
    • Multiple exam rooms/offices (over 8)
    • New AC unit
    • Upgrades in very good condition

    Overview

    This property is currently configured for medical office use and is set up for day-to-day patient visits. The interior layout includes more than eight exam rooms or offices, a reception area, a doctor’s office, and two restrooms. The property has undergone recent improvements, including a newly replaced AC unit, and the remaining upgrades are described as being in very good condition.

    The building sits on a corner lot and offers on-site parking, supporting convenient arrival for staff and patients. It is located in a busy area within Runnemede, New Jersey.

    While the property is currently used as a chiropractic office, the listing indicates a range of other uses may be available. With dedicated exam and office space, along with reception and restroom facilities, the suite may fit medical and professional users seeking a ready-to-operate configuration and straightforward parking access.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $33.2k $21.96
    − Vacancy −$4.9k −$3.25
    EGI $28.3k $18.71
    − OpEx −$7.1k −$4.68
    NOI $21.2k $14.03
    1,512 SF · lease $21.96/SF/yr · vacancy 14.80% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $303.1K
    $265.2K – $353.6K (±1% cap)
    NOI $21,217 @ 7.0% cap · market cap 7.34%
    Second Best
    Healthcare Medical
    $265.0K
    $231.9K – $309.2K (±1% cap)
    NOI $18,550 @ 7.0% cap · market cap 6.42%
    Theoretical Best
    Office A
    $383.4K
    $335.5K – $447.3K (±1% cap)
    NOI $26,836 @ 7.0% cap · market cap 9.29%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Black Horse Pike ... Alternative Medicine Practice

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Runnemede
    County
    Camden
    State
    New Jersey
    Longitude
    -75.07479
    Latitude
    39.85362

    FAQs

    What type of property is this?
    Medical Office Space - Corner-lot medical office with on-site parking, multiple exam rooms, and a newly replaced AC unit.
    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 $289,000.
    What are key features of this property?
    This property features: Great Location on a Corner Lot; Benefit from on‑site parking; Versatile space suitable for various uses, currently medical offices
    (609) 410-1878
    We can help!
    Listing Contact
    Chris Benstead
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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