First-Floor Residential Income
For Sale
$157,900
Pending
116A CHERRY PARKE, Cherry Hill, NJ 08002
One-level condominium with refreshed finishes, expanded kitchen cabinetry, in-unit laundry, and access to community amenities.
Property Size944 SF
Days on Market23
Property Features for 116A CHERRY PARKE
General Information
Standard status
Pending
Size
944 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,166
Amenities
community pool
courtyard
basement storage
Building Details
Building Size
944 SF
Year Built
1950
Construction
brick
Listing Agency:
RE/MAX Of Cherry Hill
Listed By:
Patricia A Fiume · License #8633909
(609) 510-1200
Source:
Patmckennarealtors
Added: Aug 13
Changed: Aug 31
Last Checked: Aug 28 at 3:35PM
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 RE/MAX Of Cherry Hill
Investment Insights
Based on property information with market context.
This first-floor, one-level residential income property is located in an all-brick building within the Cherry Parke development. The interior includes a living and dining area, an updated kitchen with an added side work center, white cabinetry, appliances, and ample counter space. Two bedrooms feature newer paint, carpeting, and closet storage, while the hall bathroom includes a tub and shower. A linen closet and stackable washer and dryer add practical functionality, and the basement provides a private storage room measuring approximately 12.8 x 9.8 feet.
Community features include a large open courtyard and pool. The condominium fee covers common-area maintenance, exterior and lawn maintenance, snow removal, hot water, and hot-water heat. The property is near shopping and public transportation, including bus service and the Speedline. Built in 1950, the unit is available for quick occupancy.
Community features include a large open courtyard and pool. The condominium fee covers common-area maintenance, exterior and lawn maintenance, snow removal, hot water, and hot-water heat. The property is near shopping and public transportation, including bus service and the Speedline. Built in 1950, the unit is available for quick occupancy.
Key Highlights
- First‑floor, one‑level condominium in an all‑brick building
- Two bedrooms with newer paint, carpeting, and organized closet storage
- Updated kitchen with side work center, added cabinetry, and appliances
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
$14,517
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
9.19%
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%
$290,340
$290.3K
Cap Rate 7%
$207,386
$207.4K
Cap Rate 9%
$161,300
$161.3K
Market Conditions
NOI Build-Up for 944 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
$28.3K $30.00/SF
− Vacancy
−$1.9K −$2.04/SF
EGI
$26.4K $27.96/SF
− OpEx
−$11.9K −$12.58/SF
NOI
$14.5K $15.38/SF
Area
Bergen 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%
$290,340
Cap Rate 7%
$207,386
Cap Rate 9%
$161,300
Alternative Uses
Best Use
Apartment 5plus
$207.4K
$181.5K – $242.0K
NOI $14,517 @ 7.0% cap · market cap 9.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$246.5K
$215.7K – $287.6K
NOI $17,255 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,300
Businesses Nearby
Explore this area
Business Placement
Demographics for 08002, NJ
23,920
Population
9,967
Households
2.4
Avg Household Size
41
Median Age
46%
College-Educated
92%
High-School Grad
7.2 sq mi
ZIP Area
3,322
Density / Sq Mi
$105,523
Median Household Income
$56,963
Median Earnings
$1,895
Median Rent
$301,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-level condominium with refreshed finishes, expanded kitchen cabinetry, in-unit laundry, and access to community amenities.
Where is this residential income property located?
The property is located at 116A CHERRY PARKE Cherry Hill, NJ.
What is the asking price?
The asking price for this property is $157,900.
What are key features of this property?
This property features: First‑floor, one‑level condominium in an all‑brick building; Two bedrooms with newer paint, carpeting, and organized closet storage; Updated kitchen with side work center, added cabinetry, and appliances
