Two-Bedroom Residential Income
For Sale
$449,000
2023 CRESCENT WAY, Cherry Hill, NJ 08002
Condominium residence with two assigned garage spaces, private balcony, and updated heating and air-conditioning systems.
Property Size1,358 SF
Days on Market22
Property Features for 2023 CRESCENT WAY
General Information
Standard status
Active
Size
1,358 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$6,849
Building Details
Building Size
1,358 SF
Year Built
2006
Listing Agency:
RE/MAX Preferred - Sewell
Listed By:
Edward R Marrone · License #9804970
(856) 491-0988
Source:
Patmckennarealtors
Added: Aug 14
Changed: Sep 2
Last Checked: Sep 2 at 9:17PM
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 Preferred - Sewell
Investment Insights
Based on property information with market context.
This two-bedroom, two-bath condominium at Plaza Grande at Garden State Park offers a spacious residential layout with newer hardwood flooring and a private balcony facing a park-like setting. Heating and air-conditioning systems are both less than two years old, and the residence is available for immediate occupancy.
The property includes secured indoor garage parking with two assigned spaces. Residents have access to a clubhouse with facilities intended to support an active lifestyle. The community is designated for residents age 55 and older. Built in 2006, the home is located at 2023 Crescent Way in Cherry Hill, New Jersey.
The property includes secured indoor garage parking with two assigned spaces. Residents have access to a clubhouse with facilities intended to support an active lifestyle. The community is designated for residents age 55 and older. Built in 2006, the home is located at 2023 Crescent Way in Cherry Hill, New Jersey.
Key Highlights
- Two‑bedroom, two‑full‑bath condominium
- Newer hardwood flooring throughout the residence
- Private balcony overlooking a park‑like setting
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
$20,883
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
4.65%
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%
$417,660
$417.7K
Cap Rate 7%
$298,329
$298.3K
Cap Rate 9%
$232,033
$232.0K
Market Conditions
NOI Build-Up for 1,358 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
$40.7K $30.00/SF
− Vacancy
−$2.8K −$2.04/SF
EGI
$38.0K $27.96/SF
− OpEx
−$17.1K −$12.58/SF
NOI
$20.9K $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%
$417,660
Cap Rate 7%
$298,329
Cap Rate 9%
$232,033
Alternative Uses
Best Use
Apartment 5plus
$298.3K
$261.0K – $348.1K
NOI $20,883 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$354.6K
$310.3K – $413.7K
NOI $24,822 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Condominium residence with two assigned garage spaces, private balcony, and updated heating and air-conditioning systems.
Where is this residential income property located?
The property is located at 2023 CRESCENT WAY Cherry Hill, NJ.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two‑bedroom, two‑full‑bath condominium; Newer hardwood flooring throughout the residence; Private balcony overlooking a park‑like setting
