Building Details

Year Built 1997

Listed By: Richard Show Phone

Added: Apr 17 Changed: Jun 18

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Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$51,279

Cap Rate

8.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,025,580 $1.0M

Cap Rate 7%

$732,557 $732.6K

Cap Rate 9%

$569,767 $569.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,500 SF

Gross rent

$93.7K $26.76/SF

− Vacancy

−$25.3K −$7.23/SF

EGI

$68.4K $19.53/SF

− OpEx

−$17.1K −$4.88/SF

NOI

$51.3K $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 Rate 5%

$1,025,580

Cap Rate 7%

$732,557

Cap Rate 9%

$569,767

Alternative Uses

Best Use

Office B

$732.6K

$641.0K – $854.7K (±1% cap)

NOI $51,279 @ 7.0% cap · market cap 8.62%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$1.30M

$1.14M – $1.52M (±1% cap)

NOI $91,236 @ 7.0% cap · market cap 15.33%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Hair Salon Nail Salon Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

233

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Prime office building suitable for many uses on 3/4 acre.

Where is this office building located?

The property is located at 701 Somerstown Ln Galloway Township, NJ.

What is the asking price?

The asking price for this property is $595,000.