Renovated Penthouse Residential Income
For Sale
$375,000
Pending
104 ANDOVER PLACE, Robbinsville, NJ 08691
Two-bedroom layout includes a fireplace, luxury flooring, and stainless steel kitchen appliances.
Property Size1,180 SF
Days on Market53
Property Features for 104 ANDOVER PLACE
General Information
Standard status
Pending
Size
1,180 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
pool
toddler pool
fireplace
washer/dryer
Building Details
Year Built
1987
Listing Agency:
Zweet Zpot Real Estate
(609) 791-9594
Listed By:
Drew L Cifrodelli · License #8637660
(609) 791-9594
Source:
Cummingsrealtors
Added: Jul 11
Changed: Aug 31
Last Checked: Aug 31 at 2:05PM
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 Zweet Zpot Real Estate
Investment Insights
Based on property information with market context.
This 1,180-square-foot penthouse residence in Andover Glen was built in 1987 and recently updated with a new kitchen and two new full bathrooms. The interior includes two bedrooms, a living area with fireplace, luxury flooring, large double-hung Pella windows, and a sliding glass door. Kitchen equipment includes stainless steel appliances, a built-in microwave, gas range, and refrigerator. A washer and dryer are also included.
The unit overlooks an open common area and trees, while the community provides two concrete pools and a toddler pool. Additional property features include an open parking lot and a lawn sprinkler system. The residence is located at 104 Andover Place in Robbinsville, New Jersey.
The unit overlooks an open common area and trees, while the community provides two concrete pools and a toddler pool. Additional property features include an open parking lot and a lawn sprinkler system. The residence is located at 104 Andover Place in Robbinsville, New Jersey.
Key Highlights
- 1,180 SF penthouse unit in Andover Glen
- Two bedrooms and two new full bathrooms
- New kitchen with stainless steel appliances, gas range, refrigerator, and built‑in microwave
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
$18,010
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
4.80%
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%
$360,200
$360.2K
Cap Rate 7%
$257,286
$257.3K
Cap Rate 9%
$200,111
$200.1K
Market Conditions
NOI Build-Up for 1,180 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
$35.4K $30.00/SF
− Vacancy
−$2.7K −$2.25/SF
EGI
$32.7K $27.75/SF
− OpEx
−$14.7K −$12.49/SF
NOI
$18.0K $15.26/SF
Area
Mercer County, NJ
Vacancy
7.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$360,200
Cap Rate 7%
$257,286
Cap Rate 9%
$200,111
Alternative Uses
Best Use
Apartment 5plus
$257.3K
$225.1K – $300.2K
NOI $18,010 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$379.6K
$332.2K – $442.9K
NOI $26,575 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
54
Businesses Nearby
Explore this area
Business Placement
Demographics for 08691, NJ
16,866
Population
7,322
Households
2.3
Avg Household Size
43
Median Age
63%
College-Educated
97%
High-School Grad
24.2 sq mi
ZIP Area
697
Density / Sq Mi
$129,900
Median Household Income
$85,331
Median Earnings
$1,845
Median Rent
$523,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom layout includes a fireplace, luxury flooring, and stainless steel kitchen appliances.
Where is this residential income property located?
The property is located at 104 ANDOVER PLACE Robbinsville, NJ.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,180 SF penthouse unit in Andover Glen; Two bedrooms and two new full bathrooms; New kitchen with stainless steel appliances, gas range, refrigerator, and built‑in microwave
