Renovated 21-Unit Apartment
For Sale
$4,500,000
607 W Maple Ave, Merchantville, NJ 08109
Extensively renovated 21-unit multifamily property with modern electrical, HVAC, plumbing, windows, and updated interiors across three buildings.
Property Size20,094 SF
Price / SF$223.95
Days on Market35
Property Features for 607 W Maple Ave
General Information
Standard status
Active
Size
20,094 SF
Additional Details
Highway Access
Yes
Multifamily Units
21
Amenities
stainless steel appliances
dishwashers
central air conditioning
individual metered electric
landscaping
Building Details
Year Built
1984
Tenancy
Multi
Listing Agency:
BHHS Fox & Roach-Marlton
(856) 381-7884
Listed By:
Dawn Varallo · License #1329291
Source:
Kandorre
Added: Jul 21
Changed: Aug 23
Last Checked: Aug 24 at 10:07AM
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 BHHS Fox & Roach-Marlton
Investment Insights
Based on property information with market context.
607 W. Maple Avenue is a substantially renovated 21-unit multifamily community comprised of three residential buildings. Ownership has completed extensive capital improvements across major building systems, including electrical infrastructure, HVAC, roofing, windows, plumbing, insulation, and apartment interior finishes.
Renovations include forced-air heating and central air conditioning installed in every apartment, upgraded hot water systems and plumbing throughout, renovated kitchens with new cabinetry, stainless steel appliances, and dishwashers, and updated bathrooms with modern fixtures and finishes. The property also received new flooring and interior finishes, along with roof replacements, gutters, exterior stucco repairs, exterior painting, landscaping, lighting, and walkway and mailbox/site improvements.
The community features individually metered electric service, with completed electrical replacements described as new 600-amp services, panels, wiring, and transformer work. The improvements are intended to reduce deferred maintenance and support a turnkey, low-near-term-capital-expenditure ownership profile.
Renovations include forced-air heating and central air conditioning installed in every apartment, upgraded hot water systems and plumbing throughout, renovated kitchens with new cabinetry, stainless steel appliances, and dishwashers, and updated bathrooms with modern fixtures and finishes. The property also received new flooring and interior finishes, along with roof replacements, gutters, exterior stucco repairs, exterior painting, landscaping, lighting, and walkway and mailbox/site improvements.
The community features individually metered electric service, with completed electrical replacements described as new 600-amp services, panels, wiring, and transformer work. The improvements are intended to reduce deferred maintenance and support a turnkey, low-near-term-capital-expenditure ownership profile.
Key Highlights
- 21‑unit multifamily community in three residential buildings at 607 W. Maple Avenue in Merchantville, NJ
- Extensive capital improvements completed, including replacement/upgrades to electrical, HVAC, roofing, windows, plumbing, insulation, and apartment interiors
- Electrical system upgrades include complete replacement with new 600‑amp services, individual meters, panels, wiring, and transformer
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
$204,066
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
4.53%
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%
$4,081,320
$4.1M
Cap Rate 7%
$2,915,229
$2.9M
Cap Rate 9%
$2,267,400
$2.3M
Market Conditions
NOI Build-Up for 20,094 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
$393.0K $19.56/SF
− Vacancy
−$22.0K −$1.10/SF
EGI
$371.0K $18.46/SF
− OpEx
−$167.0K −$8.31/SF
NOI
$204.1K $10.16/SF
Area
Camden County, NJ
Vacancy
5.60%
Lease Rate
$19.56 /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%
$4,081,320
Cap Rate 7%
$2,915,229
Cap Rate 9%
$2,267,400
Alternative Uses
Best Use
Apartment 5plus
$2.92M
$2.55M – $3.40M
NOI $204,066 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.09M
$4.46M – $5.94M
NOI $356,646 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
695
Businesses Nearby
Explore this area
Business Placement
Demographics for 08109, NJ
23,306
Population
9,314
Households
2.5
Avg Household Size
41
Median Age
27%
College-Educated
86%
High-School Grad
4.8 sq mi
ZIP Area
4,855
Density / Sq Mi
$84,332
Median Household Income
$44,288
Median Earnings
$1,142
Median Rent
$227,200
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?
Apartment building - Extensively renovated 21-unit multifamily property with modern electrical, HVAC, plumbing, windows, and updated interiors across three buildings.
Where is this apartment building located?
The property is located at 607 W Maple Ave Merchantville, NJ.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 21‑unit multifamily community in three residential buildings at 607 W. Maple Avenue in Merchantville, NJ; Extensive capital improvements completed, including replacement/upgrades to electrical, HVAC, roofing, windows, plumbing, insulation, and apartment interiors; Electrical system upgrades include complete replacement with new 600‑amp services, individual meters, panels, wiring, and transformer
