Renovated Office/Conversion
For Sale
$292,000
County 515 Rte, Vernon, NJ 07462
Recently renovated building in a town center zone, suitable for office use and potential retail or food concept conversion.
Property Size600 SF
Price / SF$486.67
Days on Market200
Property Features for County 515 Rte
General Information
Standard status
Active
Size
600 SF
Property subtype
Office
Zoning
Town Center Zone
Taxes and HOA fees
Annual Taxes
$4,318
Amenities
Central Air
Tile, Carpet
3
Asphalt Shingle
.3379 AC, .3379 AC
Central Business District.
Building Details
Year Built
1950
Listing Agency:
BHHS GROSS AND JANSEN REALTORS
(973) 764-5555
Listed By:
KEVIN COLMAN
Source:
Xome
Added: Jan 23
Changed: Aug 7
Last Checked: Aug 10 at 3:39AM
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 BHHS GROSS AND JANSEN REALTORS
Investment Insights
Based on property information with market context.
The property is a renovated building currently suited for office space use. The owner also indicates it could be a fit for conversion to retail sales or a food concept, subject to use and lease terms that may be negotiated.
The building is positioned within Vernon’s Town Center Zone area, described in the materials as a central location with exposure to both local and destination visitor traffic.
Additionally, proposed building expansion engineering approvals are noted as attached, which may support planned growth depending on the scope of any expansion and the selected property use.
The building is positioned within Vernon’s Town Center Zone area, described in the materials as a central location with exposure to both local and destination visitor traffic.
Additionally, proposed building expansion engineering approvals are noted as attached, which may support planned growth depending on the scope of any expansion and the selected property use.
Key Highlights
- Town Center Zone (TC) commercial property suitable for office use and potential retail or food concept conversion
- Recently renovated building for office space use, with proposed building expansion engineering approvals attached
- Level 0.3379 AC lot with freestanding building
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
$8,419
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
2.88%
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%
$168,380
$168.4K
Cap Rate 7%
$120,271
$120.3K
Cap Rate 9%
$93,544
$93.5K
Market Conditions
NOI Build-Up for 600 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
$13.2K $21.96/SF
− Vacancy
−$2.0K −$3.25/SF
EGI
$11.2K $18.71/SF
− OpEx
−$2.8K −$4.68/SF
NOI
$8.4K $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%
$168,380
Cap Rate 7%
$120,271
Cap Rate 9%
$93,544
Alternative Uses
Best Use
Office B
$120.3K
$105.2K – $140.3K
NOI $8,419 @ 7.0% cap · market cap 2.88%
Second Best
Retail
$82.5K
$72.2K – $96.3K
NOI $5,777 @ 7.0% cap · market cap 1.98%
Theoretical Best
Office A
$152.1K
$133.1K – $177.5K
NOI $10,649 @ 7.0% cap · market cap 3.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
173
Businesses Nearby
Explore this area
Business Placement
Demographics for 07462, NJ
6,670
Population
3,589
Households
1.9
Avg Household Size
43
Median Age
29%
College-Educated
97%
High-School Grad
17.0 sq mi
ZIP Area
392
Density / Sq Mi
$99,125
Median Household Income
$57,154
Median Earnings
$1,614
Median Rent
$252,600
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 - Recently renovated building in a town center zone, suitable for office use and potential retail or food concept conversion.
Where is this office building located?
The property is located at County 515 Rte Vernon, NJ.
What is the asking price?
The asking price for this property is $292,000.
What are key features of this property?
This property features: Town Center Zone (TC) commercial property suitable for office use and potential retail or food concept conversion; Recently renovated building for office space use, with proposed building expansion engineering approvals attached; Level 0.3379 AC lot with freestanding building
