Flex Industrial Condo with Drive-In
For Sale
Contact for pricing
521 Woodbine Ocean View Rd, Ocean View, NJ 08230
Finished offices and open warehouse space accommodate contractor, distribution, or light manufacturing operations.
Property Size6,000 SF
Price / SF$144.96
Days on Market155
Property Features for 521 Woodbine Ocean View Rd
General Information
Standard status
Active
Size
6,000 SF
Class
B
Total Parking Spaces
4
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
20 ft
Warehouse Space
5,000 SF
Office Build-Out
1,000 SF
Drive-In Doors
2
Building Details
Year Built
2007
Buildings
1
Stories
1
Units
1
Listing Agency:
Berkshire Hathaway HomeServices Fox & Roach REALTORS Ocean City
(856) 366-9577
Listed By:
Mary Oteri · License #1968538
Source:
Crexi
Added: Mar 30
Changed: Aug 30
Last Checked: Aug 30 at 6:18PM
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 Berkshire Hathaway HomeServices Fox & Roach REALTORS Ocean City
Investment Insights
Based on property information with market context.
This 6,000 SF flex industrial condominium combines approximately 1,000 SF of finished office area with 5,000 SF of warehouse space. The office portion includes a foyer, reception area, kitchenette, two private offices or a conference room, and two restrooms. Warehouse features include 20-foot clear height, two 12-foot by 14-foot drive-in doors, an enclosed workstation, and additional storage accessed by stairs.
The property includes three reserved parking spaces, one ADA-compliant space, and use of a larger shared parking area. Located at 521 Woodbine Ocean View Rd in Dennis, New Jersey, the unit sits on Route 550 and is minutes from Garden State Parkway Exit 17, with access toward Cape May and Atlantic County markets. Built in 2007, the facility is configured for contractors, distribution, and light manufacturing users.
The property includes three reserved parking spaces, one ADA-compliant space, and use of a larger shared parking area. Located at 521 Woodbine Ocean View Rd in Dennis, New Jersey, the unit sits on Route 550 and is minutes from Garden State Parkway Exit 17, with access toward Cape May and Atlantic County markets. Built in 2007, the facility is configured for contractors, distribution, and light manufacturing users.
Key Highlights
- 6,000 SF flex industrial condominium built in 2007
- Approximately 1,000 SF of finished office space and 5,000 SF of warehouse space
- 20‑foot clear height with two 12' x 14' drive‑in doors
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
$67,392
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
7.75%
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%
$1,347,840
$1.3M
Cap Rate 7%
$962,743
$962.7K
Cap Rate 9%
$748,800
$748.8K
Market Conditions
NOI Build-Up for 6,000 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
$115.2K $19.20/SF
− Vacancy
−$11.5K −$1.92/SF
EGI
$103.7K $17.28/SF
− OpEx
−$36.3K −$6.05/SF
NOI
$67.4K $11.23/SF
Area
Cape May County, NJ
Vacancy
10.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$1,347,840
Cap Rate 7%
$962,743
Cap Rate 9%
$748,800
Alternative Uses
Best Use
Office B
$1.40M
$1.23M – $1.64M
NOI $98,140 @ 7.0% cap · market cap 11.28%
Second Best
Flex RnD
$962.7K
$842.4K – $1.12M
NOI $67,392 @ 7.0% cap · market cap 7.75%
Theoretical Best
Office A
$1.84M
$1.61M – $2.14M
NOI $128,563 @ 7.0% cap · market cap 14.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
2
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 08230, NJ
5,908
Population
2,669
Households
2.2
Avg Household Size
49
Median Age
44%
College-Educated
98%
High-School Grad
19.5 sq mi
ZIP Area
303
Density / Sq Mi
$110,667
Median Household Income
$63,750
Median Earnings
$1,757
Median Rent
$406,900
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?
Flex space - Finished offices and open warehouse space accommodate contractor, distribution, or light manufacturing operations.
Where is this flex space located?
The property is located at 521 Woodbine Ocean View Rd Ocean View, NJ.
What is the asking price?
The asking price for this property is $869,777.
What are key features of this property?
This property features: 6,000 SF flex industrial condominium built in 2007; Approximately 1,000 SF of finished office space and 5,000 SF of warehouse space; 20‑foot clear height with two 12' x 14' drive‑in doors
