Somers Point Office Condo For
For Sale
$500,000
599 Shore Road Unit 202, Somers Point, NJ 08244
Office condo near Shore Memorial Hospital with six individual offices.
Property Size1,875 SF
Price / SF$266.67
Days on Market208
Property Features for 599 Shore Road Unit 202
General Information
Standard status
Active
Size
1,875 SF
Property subtype
Commercial
Building Details
Year Built
1800
Listing Agency:
C21/ Action Plus Realty
(800) 299-2129
Listed By:
Joan L Velardi · License #0337813
Source:
Actionplusrealty
Added: Feb 2
Changed: Aug 28
Last Checked: Aug 26 at 10:14AM
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 C21/ Action Plus Realty
Investment Insights
Based on property information with market context.
This 1845 square foot office condo is available for sale or lease in Somers Manor. Located on the second floor, the unit features six individual offices, a staff room, a kitchen area, and two restrooms. The building is handicapped accessible and equipped with an elevator. Its location offers proximity to Shore Memorial Hospital, Ocean City, major shore areas, and the Garden State Parkway ramp. The zoning is HVC.
Key Highlights
- Prime Location: Near Shore Memorial Hospital, Ocean City, major shore areas, and Parkway ramp.
- Spacious Office Condo: 1845 sq. ft. with 6 individual offices, staff room, and kitchen area.
- Two 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
$27,471
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
5.49%
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%
$549,420
$549.4K
Cap Rate 7%
$392,443
$392.4K
Cap Rate 9%
$305,233
$305.2K
Market Conditions
NOI Build-Up for 1,875 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
$50.2K $26.76/SF
− Vacancy
−$13.5K −$7.23/SF
EGI
$36.6K $19.53/SF
− OpEx
−$9.2K −$4.88/SF
NOI
$27.5K $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%
$549,420
Cap Rate 7%
$392,443
Cap Rate 9%
$305,233
Alternative Uses
Best Use
Office B
$392.4K
$343.4K – $457.9K
NOI $27,471 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$698.2K
$611.0K – $814.6K
NOI $48,877 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,258
Businesses Nearby
Explore this area
Business Placement
Demographics for 08244, NJ
10,535
Population
5,898
Households
1.8
Avg Household Size
47
Median Age
30%
College-Educated
89%
High-School Grad
4.9 sq mi
ZIP Area
2,150
Density / Sq Mi
$67,500
Median Household Income
$38,709
Median Earnings
$1,266
Median Rent
$278,500
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?
Office units - Office condo near Shore Memorial Hospital with six individual offices.
Where is this office units located?
The property is located at 599 Shore Road Unit 202 Somers Point, NJ.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Prime Location: Near Shore Memorial Hospital, Ocean City, major shore areas, and Parkway ramp.; Spacious Office Condo: 1845 sq. ft. with 6 individual offices, staff room, and kitchen area.; Two Restrooms
