Residential Income Condo
New
For Sale
$225,000
115 E KINGS HIGHWAY Unit #310, Maple Shade, NJ 08052
Two-bedroom condominium with a private balcony, in-unit laundry, dedicated parking, and shared recreational amenities.
Property Size1,136 SF
Days on Market3
Property Features for 115 E KINGS HIGHWAY Unit #310
General Information
Standard status
Active
Size
1,136 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,870
Amenities
pool
clubhouse
walking paths
in-unit laundry
balcony
storage
dedicated parking
Building Details
Building Size
1,136 SF
Year Built
1972
Buildings
1
Listing Agency:
Keller Williams Realty
Listed By:
Claude F White Jr. · License #2293952
(609) 841-3564
Source:
Patmckennarealtors
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 12 at 2:52PM
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
Investment Insights
Based on property information with market context.
This second-floor condominium at Watergate Condominiums features an open living and dining arrangement, two bedrooms, an updated bathroom, and a kitchen with substantial cabinet and counter space. A private balcony faces the parking area near the community pool, while in-unit laundry and additional storage support everyday functionality. Dedicated parking is positioned behind the building.
Residents have access to a pool, clubhouse, and walking paths. The condominium fee includes heat, water, and sewer. The property is located in Maple Shade near Cherry Hill, Moorestown, and major highways. Built in 1972, the unit combines a practical residential layout with community amenities and included building services.
Residents have access to a pool, clubhouse, and walking paths. The condominium fee includes heat, water, and sewer. The property is located in Maple Shade near Cherry Hill, Moorestown, and major highways. Built in 1972, the unit combines a practical residential layout with community amenities and included building services.
Key Highlights
- Two‑bedroom, second‑floor condominium at Watergate Condominiums
- Private balcony overlooking the parking area near the community pool
- In‑unit laundry, abundant storage, and dedicated parking behind the 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
$17,469
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
7.76%
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%
$349,380
$349.4K
Cap Rate 7%
$249,557
$249.6K
Cap Rate 9%
$194,100
$194.1K
Market Conditions
NOI Build-Up for 1,136 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
−$2.3K −$2.04/SF
EGI
$31.8K $27.96/SF
− OpEx
−$14.3K −$12.58/SF
NOI
$17.5K $15.38/SF
Area
Ocean County, NJ
Vacancy
6.80%
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%
$349,380
Cap Rate 7%
$249,557
Cap Rate 9%
$194,100
Alternative Uses
Best Use
Apartment 5plus
$249.6K
$218.4K – $291.2K
NOI $17,469 @ 7.0% cap · market cap 7.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$296.6K
$259.6K – $346.1K
NOI $20,764 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
563
Businesses Nearby
Explore this area
Business Placement
Demographics for 08052, NJ
20,003
Population
9,401
Households
2.1
Avg Household Size
38
Median Age
34%
College-Educated
96%
High-School Grad
3.8 sq mi
ZIP Area
5,264
Density / Sq Mi
$75,732
Median Household Income
$49,963
Median Earnings
$1,574
Median Rent
$235,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with a private balcony, in-unit laundry, dedicated parking, and shared recreational amenities.
Where is this residential income property located?
The property is located at 115 E KINGS HIGHWAY Unit #310 Maple Shade, 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: Two‑bedroom, second‑floor condominium at Watergate Condominiums; Private balcony overlooking the parking area near the community pool; In‑unit laundry, abundant storage, and dedicated parking behind the building
