Renovated Multi-Tenant Office
For Sale
$1,200,000
8 N Broadway, Pitman, NJ 08071
Three levels offer medical, meeting, reception, treatment, kitchen, and office configurations within a professionally maintained commercial property.
Property Size9,500 SF
Price / SF$126.32
Days on Market90
Property Features for 8 N Broadway
General Information
Standard status
Active
Size
9,500 SF
Total Parking Spaces
20
Additional Details
Office Units
3
Building Details
Year Built
1906
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
RE/MAX Of Cherry Hill
Listed By:
Patricia A Fiume · License #8633909
(609) 510-1200
Source:
Danmauz
Added: Jul 20
Changed: Oct 7
Last Checked: Oct 16 at 10:12AM
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 RE/MAX Of Cherry Hill
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Investment Insights
Based on property information with market context.
This historic office building at 8 N Broadway in Pitman extends across approximately 9,000 square feet and currently accommodates three tenants. The property has a refinished stucco exterior and remodeled interior areas arranged across three floors. The first floor includes a large waiting area, equipment and workout areas, offices, and treatment rooms, with mobility-friendly features. The second floor provides conference and meeting space, a built-in bar, offices, waiting and sitting areas, a dining room, a game room, and two bathrooms. The third floor includes reception and sitting areas, multiple offices, a full bathroom, kitchen or break-room space, and a large open area.
Mechanical updates include a new second-floor A/C unit, a newer third-floor HVAC system, and a nearly new 40-gallon hot water heater. Approximately 20 parking spaces serve the property, while the basement provides utility and storage access. The building sits just off the corner of N. Broadway and E. Holly in the Pitman business district.
Mechanical updates include a new second-floor A/C unit, a newer third-floor HVAC system, and a nearly new 40-gallon hot water heater. Approximately 20 parking spaces serve the property, while the basement provides utility and storage access. The building sits just off the corner of N. Broadway and E. Holly in the Pitman business district.
Key Highlights
- Approximately 9,000 square feet across a three‑story historic office building
- Three current tenants occupy medical, conference, meeting, and office areas
- First floor remodeled in 2024 with waiting, treatment, equipment, and workout areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$104,950
Cap Rate
8.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,099,000
$2.1M
Cap Rate 7%
$1,499,286
$1.5M
Cap Rate 9%
$1,166,111
$1.2M
Market Conditions
NOI Build-Up for 9,500 SF
Gross rent
$202.9K $21.36/SF
− Vacancy
−$28.0K −$2.95/SF
EGI
$174.9K $18.41/SF
− OpEx
−$70.0K −$7.36/SF
NOI
$105.0K $11.05/SF
Area
Gloucester County, NJ
Vacancy
13.80%
Lease Rate
$21.36 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,099,000
Cap Rate 7%
$1,499,286
Cap Rate 9%
$1,166,111
Alternative Uses
Best Use
Office B
$2.14M
$1.87M – $2.50M
NOI $149,817 @ 7.0% cap · market cap 12.48%
Second Best
Healthcare Medical
$1.50M
$1.31M – $1.75M
NOI $104,950 @ 7.0% cap · market cap 8.75%
Theoretical Best
Office A
$3.19M
$2.79M – $3.73M
NOI $223,533 @ 7.0% cap · market cap 18.63%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Explore this area
Business Placement
Demographics for 08071, NJ
9,259
Population
3,984
Households
2.3
Avg Household Size
42
Median Age
45%
College-Educated
97%
High-School Grad
3.3 sq mi
ZIP Area
2,806
Density / Sq Mi
$97,222
Median Household Income
$51,243
Median Earnings
$1,488
Median Rent
$258,400
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - Three levels offer medical, meeting, reception, treatment, kitchen, and office configurations within a professionally maintained commercial property.
Where is this office building located?
The property is located at 8 N Broadway Pitman, NJ.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Approximately 9,000 square feet across a three‑story historic office building; Three current tenants occupy medical, conference, meeting, and office areas; First floor remodeled in 2024 with waiting, treatment, equipment, and workout areas
