Renovated Medical Office
For Sale
$569,000
Pending
55 JIMMIE LEEDS ROAD, Absecon, NJ 08205
Move-in-ready office space with three treatment rooms, ADA-compliant restroom, updated kitchen, and flexible reception area.
Property Size1,856 SF
Days on Market57
Property Features for 55 JIMMIE LEEDS ROAD
General Information
Standard status
Pending
Size
1,856 SF
Total Parking Spaces
16
Property subtype
Industrial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$7,797
Amenities
Central Air
3
Parking.
Lot, Driveway.
0.00 x 0.00
Other.
Building Details
Year Built
1965
Listing Agency:
BHHS Fox & Roach 9th Street-Ocean City
(609) 705-4295
Listed By:
Laura Idell · License #1542588
(609) 705-4295
Source:
Xome
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 11 at 4:56AM
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 9th Street-Ocean City
Investment Insights
Based on property information with market context.
Renovated office building designed with a practical split layout for professional use. One side includes three spacious offices or treatment rooms served by a centrally located ADA-compliant restroom. The opposite side offers a newly updated kitchen, a private office, an additional restroom, and a large front room suited for reception, conference, meeting, or waiting area use.
The property is positioned near the intersection of Jimmie Leeds Road and Great Creek Road with over 200 feet of frontage on both roadways. Multiple points of ingress and egress support convenient access, and the building benefits from exposure along a heavily traveled corridor. Ample on-site parking is provided, including handicap parking with 16+ spaces.
This turnkey space is presented for sale as a move-in-ready option for an owner-user or investor, with terms where the seller will consider lease to purchase or seller financing with an acceptable offer.
The property is positioned near the intersection of Jimmie Leeds Road and Great Creek Road with over 200 feet of frontage on both roadways. Multiple points of ingress and egress support convenient access, and the building benefits from exposure along a heavily traveled corridor. Ample on-site parking is provided, including handicap parking with 16+ spaces.
This turnkey space is presented for sale as a move-in-ready option for an owner-user or investor, with terms where the seller will consider lease to purchase or seller financing with an acceptable offer.
Key Highlights
- Over 200 ft of frontage on both Jimmie Leeds Rd and Great Creek Rd, with multiple ingress/egress for convenient access
- Move‑in‑ready, extensively renovated office layout with three offices or treatment rooms and a centrally located ADA‑compliant restroom
- Updated interior includes a newly updated kitchen, private office, additional restroom, and a large front room for reception/conference/meeting/waiting
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
$27,192
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
4.78%
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%
$543,840
$543.8K
Cap Rate 7%
$388,457
$388.5K
Cap Rate 9%
$302,133
$302.1K
Market Conditions
NOI Build-Up for 1,856 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
$49.7K $26.76/SF
− Vacancy
−$13.4K −$7.23/SF
EGI
$36.3K $19.53/SF
− OpEx
−$9.1K −$4.88/SF
NOI
$27.2K $14.65/SF
Area
Atlantic County, NJ
Vacancy
27.00%
Lease Rate
$26.76 /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%
$543,840
Cap Rate 7%
$388,457
Cap Rate 9%
$302,133
Alternative Uses
Best Use
Office B
$388.5K
$339.9K – $453.2K
NOI $27,192 @ 7.0% cap · market cap 4.78%
Second Best
Healthcare Medical
$375.9K
$328.9K – $438.5K
NOI $26,312 @ 7.0% cap · market cap 4.62%
Theoretical Best
Warehouse
$691.2K
$604.8K – $806.4K
NOI $48,381 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Explore this area
Business Placement
Demographics for 08205, NJ
28,666
Population
11,660
Households
2.5
Avg Household Size
43
Median Age
36%
College-Educated
91%
High-School Grad
42.1 sq mi
ZIP Area
681
Density / Sq Mi
$88,636
Median Household Income
$45,611
Median Earnings
$1,527
Median Rent
$263,300
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?
Office building - Move-in-ready office space with three treatment rooms, ADA-compliant restroom, updated kitchen, and flexible reception area.
Where is this office building located?
The property is located at 55 JIMMIE LEEDS ROAD Absecon, NJ.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: Over 200 ft of frontage on both Jimmie Leeds Rd and Great Creek Rd, with multiple ingress/egress for convenient access; Move‑in‑ready, extensively renovated office layout with three offices or treatment rooms and a centrally located ADA‑compliant restroom; Updated interior includes a newly updated kitchen, private office, additional restroom, and a large front room for reception/conference/meeting/waiting
