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    Haddon Heights Medical Office Suite Title is generated by Realmo AI

    17 White Horse Pike, Haddon Heights, NJ 08035

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    Medical office suite for sale, leased through 2025.

    Type:Office, Special Purpose
    Property size:
    1,172 SF
    Price / SF:
    $191/SF
    Added:
    Sep 13, 2023
    Days on Market:
    991
    Last Refresh:
    May 13 at 12:06 am

    Property Features for 17 White Horse Pike

    General Information

    Standard status
    Active
    Size
    1,172 SF
    Property subtype
    Office, Special Purpose

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    Patrick Gorman

    Listing agent Patrick Gorman License #340986

    Listing office The Gorman Group

    Listing date Sep 13, 2023

    Source Crexi

    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

    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.
    • Unit #7: Open layout with room for a private office.
    • Unit #7: Tenant pays utilities and County Sewer.
    • Year Built: 1960

    Overview

    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.

    Local 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 $25.7k $21.96
    − Vacancy −$3.8k −$3.25
    EGI $21.9k $18.71
    − OpEx −$5.5k −$4.68
    NOI $16.4k $14.03
    1,172 SF · lease $21.96/SF/yr · vacancy 14.80% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $234.9K
    $205.6K – $274.1K (±1% cap)
    NOI $16,446 @ 7.0% cap · market cap 7.31%
    Second Best
    Healthcare Medical
    $205.4K
    $179.7K – $239.7K (±1% cap)
    NOI $14,379 @ 7.0% cap · market cap 6.39%
    Theoretical Best
    Office A
    $297.2K
    $260.0K – $346.7K (±1% cap)
    NOI $20,802 @ 7.0% cap · market cap 9.25%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    AMBROZY TAX SERVICE ... Tax Preparation Tonia Conover, PT Physician Family Skin Care ... Physician Dr. Boris Kalika Dental Office Joseph Kozielski Physician

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Haddon Vet, LLC — 2 2nd Ave, Haddon Heights, NJ 08035
    • Audubon Family Veterinary Center — 247 S White Horse Pike, Audubon, NJ 08106
    • Patsy Picone — 247 S White Horse Pike, Audubon, NJ 081061356, United States

    Location Insight

    • Map
    • Local Demand
    City
    Haddon Heights
    County
    Camden
    State
    New Jersey
    Longitude
    -75.059179
    Latitude
    39.885279

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    FAQs

    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.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Patrick Gorman
    Real Estate License ID: 340986
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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