Updated Residential Income
For Sale
$274,000
203 HARWOOD COURT, Mount Laurel, NJ 08054
First-floor condominium with refreshed interiors, wooded outlooks, and access to community paths, lakeside gathering areas, shopping, dining, and commuter routes.
Property Size1,044 SF
Price / SF$262.45
Days on Market14
Property Features for 203 HARWOOD COURT
General Information
Standard status
Active
Size
1,044 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
in-unit laundry
ADT security system
paved walking paths
lakes
benches
summer Movie Nights
Building Details
Year Built
1987
Listing Agency:
Real Broker, LLC
(609) 251-4888
Listed By:
Jeremiah F Kobelka · License #1757497
(609) 251-4888
Source:
Cummingsrealtors
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 9 at 5:01AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This first-floor, two-bedroom, two-bath residential income property offers 1,044 square feet of updated living space in The Lakes community. Improvements include high-end laminate flooring, new carpeting in both bedrooms, fresh paint, renovated bathrooms, and a kitchen with granite countertops and newer appliances. In-unit laundry and an existing ADT security system add practical convenience. A three-panel sliding glass door brings natural light into the living area and faces a wooded backdrop. Built in 1987, the condominium combines a private setting with convenient access near the community entrance.
The Lakes includes paved walking paths around its lakes, benches along the water, and summer Movie Nights by the Lake. The property is near shopping, dining, major commuter routes, and other Mount Laurel amenities. The address is 203 Harwood Court, Mount Laurel, NJ 08054.
The Lakes includes paved walking paths around its lakes, benches along the water, and summer Movie Nights by the Lake. The property is near shopping, dining, major commuter routes, and other Mount Laurel amenities. The address is 203 Harwood Court, Mount Laurel, NJ 08054.
Key Highlights
- 1,044 SF first‑floor condominium with 2 bedrooms and 2 baths
- Updated kitchen with granite countertops and newer appliances
- Three‑panel sliding glass door overlooking a wooded backdrop
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
$13,674
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
4.99%
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%
$273,480
$273.5K
Cap Rate 7%
$195,343
$195.3K
Cap Rate 9%
$151,933
$151.9K
Market Conditions
NOI Build-Up for 1,044 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
$26.3K $25.20/SF
− Vacancy
−$1.4K −$1.39/SF
EGI
$24.9K $23.81/SF
− OpEx
−$11.2K −$10.72/SF
NOI
$13.7K $13.10/SF
Area
Burlington County, NJ
Vacancy
5.50%
Lease Rate
$25.20 /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%
$273,480
Cap Rate 7%
$195,343
Cap Rate 9%
$151,933
Alternative Uses
Best Use
Apartment 5plus
$195.3K
$170.9K – $227.9K
NOI $13,674 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.18M
$1.91M – $2.55M
NOI $152,845 @ 7.0% cap · market cap 55.78%
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
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 08054, NJ
44,633
Population
19,966
Households
2.2
Avg Household Size
44
Median Age
56%
College-Educated
96%
High-School Grad
21.7 sq mi
ZIP Area
2,057
Density / Sq Mi
$114,629
Median Household Income
$67,986
Median Earnings
$1,966
Median Rent
$341,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - First-floor condominium with refreshed interiors, wooded outlooks, and access to community paths, lakeside gathering areas, shopping, dining, and commuter routes.
Where is this residential income property located?
The property is located at 203 HARWOOD COURT Mount Laurel, NJ.
What is the asking price?
The asking price for this property is $274,000.
What are key features of this property?
This property features: 1,044 SF first‑floor condominium with 2 bedrooms and 2 baths; Updated kitchen with granite countertops and newer appliances; Three‑panel sliding glass door overlooking a wooded backdrop
