For Sale
$595,000
701 Somerstown Ln, Galloway Township, NJ 08205
Prime office building suitable for many uses on 3/4 acre.
Property Size3,500 SF
Lot Size0.75 Acres
Price / SF$170
Days on Market110
Property Features for 701 Somerstown Ln
General Information
Standard status
Active
Property type
Office buildings, Office Spaces, Commercial real estate
Size
3,500 SF
Lot size
0.75 Acres
Building Details
Year Built
1997
Listing Agency:
(609) 226-0400
Listed By:
Richard
(609) 226-0400
Added: Apr 17
Changed: Jun 18
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $93.7k | $26.76 |
| − Vacancy | −$25.3k | −$7.23 |
| EGI | $68.4k | $19.53 |
| − OpEx | −$17.1k | −$4.88 |
| NOI | $51.3k | $14.65 |
3,500 SF · lease $26.76/SF/yr · vacancy 27.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$732.6K
$641.0K – $854.7K
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
NOI $91,236 @ 7.0% cap · market cap 15.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
85
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 - 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.
