Renovated Residential Income
For Sale
$235,000
1046 HARBOUR DRIVE Unit 1046, Palmyra, NJ 08065
Updated condominium with community amenities, convenient regional access, and low-maintenance ownership features.
Property Size1,056 SF
Days on Market15
Property Features for 1046 HARBOUR DRIVE Unit 1046
General Information
Standard status
Active
Size
1,056 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,024
Amenities
outdoor pool
clubhouse
tennis courts
pickleball courts
walking paths
playgrounds
common grounds
Building Details
Building Size
1,056 SF
Year Built
1972
Listing Agency:
Keller Williams Realty - Washington Township
(856) 302-4003
Listed By:
Daniel J Mauz · License #0559622
(856) 302-4003
Source:
Lizclarkrealestate
Added: Jul 30
Changed: Aug 12
Last Checked: Aug 12 at 2:19PM
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 Keller Williams Realty - Washington Township
Investment Insights
Based on property information with market context.
This residential income property is a recently renovated two-bedroom, one-bath condominium in the Palmyra Harbour community. Interior improvements include a new HVAC system, new flooring, and a fully updated bathroom. The residence is described as bright and move-in ready, with a layout suited to residential occupancy or investor ownership.
Community services covered by the association include water, lawn care, exterior building maintenance, snow removal, and trash removal. Residents also have access to an outdoor pool, clubhouse, tennis courts, pickleball courts, walking paths, playgrounds, and common grounds. The property was built in 1972 and is near major highways, shopping, dining, and the Tacony-Palmyra Bridge, providing access toward Philadelphia.
Community services covered by the association include water, lawn care, exterior building maintenance, snow removal, and trash removal. Residents also have access to an outdoor pool, clubhouse, tennis courts, pickleball courts, walking paths, playgrounds, and common grounds. The property was built in 1972 and is near major highways, shopping, dining, and the Tacony-Palmyra Bridge, providing access toward Philadelphia.
Key Highlights
- Two‑bedroom, one‑bath condominium in Palmyra Harbour
- Recently renovated with new flooring and a fully updated bathroom
- New HVAC system
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
$13,831
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
5.89%
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%
$276,620
$276.6K
Cap Rate 7%
$197,586
$197.6K
Cap Rate 9%
$153,678
$153.7K
Market Conditions
NOI Build-Up for 1,056 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
$26.6K $25.20/SF
− Vacancy
−$1.5K −$1.39/SF
EGI
$25.1K $23.81/SF
− OpEx
−$11.3K −$10.72/SF
NOI
$13.8K $13.10/SF
Area
Burlington County, NJ
Vacancy
5.50%
Lease Rate
$25.20 /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%
$276,620
Cap Rate 7%
$197,586
Cap Rate 9%
$153,678
Alternative Uses
Best Use
Apartment 5plus
$197.6K
$172.9K – $230.5K
NOI $13,831 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.21M
$1.93M – $2.58M
NOI $154,602 @ 7.0% cap · market cap 65.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Explore this area
Business Placement
Demographics for 08065, NJ
7,438
Population
3,406
Households
2.2
Avg Household Size
42
Median Age
30%
College-Educated
95%
High-School Grad
1.8 sq mi
ZIP Area
4,132
Density / Sq Mi
$85,014
Median Household Income
$51,085
Median Earnings
$1,680
Median Rent
$216,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with community amenities, convenient regional access, and low-maintenance ownership features.
Where is this residential income property located?
The property is located at 1046 HARBOUR DRIVE Unit 1046 Palmyra, NJ.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath condominium in Palmyra Harbour; Recently renovated with new flooring and a fully updated bathroom; New HVAC system
