Medical Office
For Sale
Contact for pricing
624 SHORE RD, Somers Point, NJ 08244
Medical office building positioned along Shore Road, with a 2024 roof and close proximity to Shore Medical Center.
Property Size1,200 SF
Price / SF$437.50
Days on Market60
Property Features for 624 SHORE RD
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Office
Zoning
HVC
Building Details
Year Built
1956
Buildings
1
Stories
1
Units
6
Listing Agency:
Berkshire Hathaway HomeServices Fox & Roach REALTORS Northfield
(609) 226-6680
Listed By:
BRYAN BAEHRLE · License #1644942
Source:
Crexi
Added: Jun 11
Changed: Aug 8
Last Checked: Aug 7 at 1:44AM
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 Northfield
Investment Insights
Based on property information with market context.
This medical office building offers a straightforward, professional setting for healthcare and service-oriented users along Shore Road in Somers Point. The property includes a newer roof, installed in 2024, supporting continued exterior reliability for day-to-day operations.
Located at 624 Shore Rd, the building is positioned along a highly traveled Shore Road corridor. The property is described as just minutes from Ocean City and approximately one block from Shore Medical Center, placing it in close proximity to established medical activity and related services.
For buyers or operators seeking a medical-focused location with convenient access to an active healthcare anchor, this site provides a compact footprint and an address built around visibility and visitor accessibility. Its configuration and purpose as a medical office property can suit owner-users and tenant groups looking to establish or expand presence in the Somers Point area. The combination of the Shore Road setting, nearby Shore Medical Center, and the 2024 roof makes it a practical choice for parties evaluating an office or medical use in an established corridor.
Located at 624 Shore Rd, the building is positioned along a highly traveled Shore Road corridor. The property is described as just minutes from Ocean City and approximately one block from Shore Medical Center, placing it in close proximity to established medical activity and related services.
For buyers or operators seeking a medical-focused location with convenient access to an active healthcare anchor, this site provides a compact footprint and an address built around visibility and visitor accessibility. Its configuration and purpose as a medical office property can suit owner-users and tenant groups looking to establish or expand presence in the Somers Point area. The combination of the Shore Road setting, nearby Shore Medical Center, and the 2024 roof makes it a practical choice for parties evaluating an office or medical use in an established corridor.
Key Highlights
- Medical office building on Somers Point’s Shore Road corridor
- New roof in 2024
- Built in 1956
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
$17,581
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
3.35%
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%
$351,620
$351.6K
Cap Rate 7%
$251,157
$251.2K
Cap Rate 9%
$195,344
$195.3K
Market Conditions
NOI Build-Up for 1,200 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
$32.1K $26.76/SF
− Vacancy
−$8.7K −$7.23/SF
EGI
$23.4K $19.53/SF
− OpEx
−$5.9K −$4.88/SF
NOI
$17.6K $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%
$351,620
Cap Rate 7%
$251,157
Cap Rate 9%
$195,344
Alternative Uses
Best Use
Office B
$251.2K
$219.8K – $293.0K
NOI $17,581 @ 7.0% cap · market cap 3.35%
Second Best
Healthcare Medical
$243.0K
$212.7K – $283.5K
NOI $17,012 @ 7.0% cap · market cap 3.24%
Theoretical Best
Warehouse
$446.9K
$391.0K – $521.4K
NOI $31,281 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
991
Businesses Nearby
Under-served
Demand for This Use
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?
Medical Office Space - Medical office building positioned along Shore Road, with a 2024 roof and close proximity to Shore Medical Center.
Where is this medical office space located?
The property is located at 624 SHORE RD Somers Point, NJ.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Medical office building on Somers Point’s Shore Road corridor; New roof in 2024; Built in 1956
