Updated 2BR Condo in Canal
For Sale
$429,900
111 WORLIDGE COURT #3, Princeton, NJ 08540
Updated 2-bedroom, 2-bath condo with private patio, included appliance package, and community amenities.
Property Size1,138 SF
Price / SF$377.77
Days on Market55
Property Features for 111 WORLIDGE COURT #3
General Information
Standard status
Active
Size
1,138 SF
Property subtype
Apartment
Building Details
Year Built
1987
Listing Agency:
Keller Williams Real Estate - Princeton
(609) 987-8889
Listed By:
Jenifer Lee Williams · License #2564662
(609) 903-8790
Source:
Cummingsrealtors
Added: Jul 12
Changed: Sep 3
Last Checked: Sep 4 at 6:22AM
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 Real Estate - Princeton
Investment Insights
Based on property information with market context.
Situated in the Canal Pointe community, this updated 2-bedroom, 2-bath Belvedere model condo is filled with natural light and designed with an open, spacious layout. The home features updated flooring throughout, upgraded bathrooms including a primary bath with double sinks, and a kitchen with a new granite countertop and tile flooring. A modern appliance package is included, featuring a gas range, built-in microwave, garbage disposal, refrigerator, and dishwasher. A private patio provides outdoor space for everyday use. Select furnishings and a 65-inch flat-screen TV are also included with the sale.
Residents have access to community amenities including an outdoor pool, tennis courts, and a clubhouse. Association services include snow removal, trash removal, and lawn service for low-maintenance living.
The condo is located just minutes from downtown Princeton, parks, recreational walkways, shopping, dining, and major commuter routes, and is conveniently close to the Princeton Junction train station, with direct rail service to New York City and Philadelphia. The property is within the West Windsor-Plainsboro Regional School District.
Residents have access to community amenities including an outdoor pool, tennis courts, and a clubhouse. Association services include snow removal, trash removal, and lawn service for low-maintenance living.
The condo is located just minutes from downtown Princeton, parks, recreational walkways, shopping, dining, and major commuter routes, and is conveniently close to the Princeton Junction train station, with direct rail service to New York City and Philadelphia. The property is within the West Windsor-Plainsboro Regional School District.
Key Highlights
- Updated 2‑bedroom, 2‑bath Belvedere model condo in the Canal Pointe community (built 1987).
- Upgraded bathrooms include a spacious primary bath with double sinks.
- Kitchen updates include a new granite countertop and tile flooring, plus a modern appliance package (gas range, microwave, disposal, refrigerator, dishwasher).
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
$17,369
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
4.04%
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%
$347,380
$347.4K
Cap Rate 7%
$248,129
$248.1K
Cap Rate 9%
$192,989
$193.0K
Market Conditions
NOI Build-Up for 1,138 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
$34.1K $30.00/SF
− Vacancy
−$2.6K −$2.25/SF
EGI
$31.6K $27.75/SF
− OpEx
−$14.2K −$12.49/SF
NOI
$17.4K $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%
$347,380
Cap Rate 7%
$248,129
Cap Rate 9%
$192,989
Alternative Uses
Best Use
Apartment 5plus
$248.1K
$217.1K – $289.5K
NOI $17,369 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$366.1K
$320.4K – $427.2K
NOI $25,630 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
987
Businesses Nearby
Explore this area
Business Placement
Demographics for 08540, NJ
48,216
Population
19,255
Households
2.5
Avg Household Size
41
Median Age
82%
College-Educated
98%
High-School Grad
51.7 sq mi
ZIP Area
933
Density / Sq Mi
$169,898
Median Household Income
$80,357
Median Earnings
$2,083
Median Rent
$723,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Updated 2-bedroom, 2-bath condo with private patio, included appliance package, and community amenities.
Where is this multifamily property located?
The property is located at 111 WORLIDGE COURT #3 Princeton, NJ.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Updated 2‑bedroom, 2‑bath Belvedere model condo in the Canal Pointe community (built 1987).; Upgraded bathrooms include a spacious primary bath with double sinks.; Kitchen updates include a new granite countertop and tile flooring, plus a modern appliance package (gas range, microwave, disposal, refrigerator, dishwasher).
