Haddon Heights Medical Office
For Sale
Contact for pricing
17 White Horse Pike, Haddon Heights, NJ 08035
Medical office suite for sale, leased through 2025.
Property Size1,172 SF
Price / SF$191.98
Days on Market1082
Property Features for 17 White Horse Pike
General Information
Standard status
Active
Size
1,172 SF
Total Parking Spaces
65
Property subtype
Office, Special Purpose
Zoning
COMMERCIAL
Building Details
Year Built
1960
Listing Agency:
The Gorman Group
(856) 858-2200
Listed By:
Patrick Gorman · License #340986
Source:
Crexi
Added: Sep 13, 2023
Changed: Aug 28
Last Checked: Aug 25 at 10:33PM
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 The Gorman Group
Investment Insights
Based on property information with market context.
Available for purchase is a medical office suite, identified as Unit #5, situated within the Heights Professional Center. The unit is currently leased to Novacare, a long-term tenant, at a rate of $2,540.94 per month through December 31, 2025, with a five-year lease term that includes incremental rental increases. The suite features an open layout, complemented by a private office, a private exam room, a bathroom, and a laundry/storage area located at the rear of the unit. Novacare is responsible for HOA dues ($157.53 for monthly maintenance & $324.94 monthly assessment), utilities, and additional insurance coverage. The landlord is responsible for County Sewer and Real estate taxes. Also available is Unit #7, featuring an open layout with space for a private office. This unit is currently rented by real estate professionals at $700 per month on a month-to-month lease. The tenant is responsible for utilities and County Sewer. The landlord covers the HOA assessment of $148.76 per month (including base insurance), a monthly maintenance fee of $92.47, and real estate taxes. The property is located at 17 White Horse Pike, Haddon Heights, NJ 08035.
Key Highlights
- Unit #5: Leased to Novacare at $2,540.94/month through 12/31/25 with a five‑year lease and incremental rental increases.
- Unit #5: Tenant (Novacare) pays HOA dues ($157.53 monthly maintenance & $324.94 monthly assessment), utilities, and additional insurance.
- Unit #5: Features an open layout with a private office, exam room, bathroom, and laundry/storage area.
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
$16,446
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
7.31%
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%
$328,920
$328.9K
Cap Rate 7%
$234,943
$234.9K
Cap Rate 9%
$182,733
$182.7K
Market Conditions
NOI Build-Up for 1,172 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
$25.7K $21.96/SF
− Vacancy
−$3.8K −$3.25/SF
EGI
$21.9K $18.71/SF
− OpEx
−$5.5K −$4.68/SF
NOI
$16.4K $14.03/SF
Area
Camden County, NJ
Vacancy
14.80%
Lease Rate
$21.96 /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%
$328,920
Cap Rate 7%
$234,943
Cap Rate 9%
$182,733
Alternative Uses
Best Use
Office B
$234.9K
$205.6K – $274.1K
NOI $16,446 @ 7.0% cap · market cap 7.31%
Second Best
Healthcare Medical
$205.4K
$179.7K – $239.7K
NOI $14,379 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$297.2K
$260.0K – $346.7K
NOI $20,802 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 08035, NJ
7,556
Population
3,326
Households
2.3
Avg Household Size
43
Median Age
55%
College-Educated
96%
High-School Grad
1.6 sq mi
ZIP Area
4,723
Density / Sq Mi
$124,592
Median Household Income
$68,750
Median Earnings
$1,179
Median Rent
$353,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Haddon Vet, LLC — 2 2nd Ave, Haddon Heights, NJ 08035
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- Patsy Picone — 247 S White Horse Pike, Audubon, NJ 081061356, United States
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office suite for sale, leased through 2025.
Where is this medical office space located?
The property is located at 17 White Horse Pike Haddon Heights, NJ.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Unit #5: Leased to Novacare at $2,540.94/month through 12/31/25 with a five‑year lease and incremental rental increases.; Unit #5: Tenant (Novacare) pays HOA dues ($157.53 monthly maintenance & $324.94 monthly assessment), utilities, and additional insurance.; Unit #5: Features an open layout with a private office, exam room, bathroom, and laundry/storage area.
