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 Market41
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
(609) 510-1200
Listed By:
Patricia A Fiume · License #8633909
Source:
Elkaimpropertygroup
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 28 at 12:45PM
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
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 = 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
$104,950
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
8.75%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
