Three-Bedroom Residential Income
For Sale
$259,900
206 CHESTNUT STREET, Cherry Hill, NJ 08002
Updated condominium residence with shared exercise facilities, lockers, and showers.
Property Size1,334 SF
Days on Market13
Property Features for 206 CHESTNUT STREET
General Information
Standard status
Active
Size
1,334 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Additional Details
HOA Fee
$801
Taxes and HOA fees
Annual Taxes
$4,629
Amenities
storage area
exercise room
Building Details
Building Size
1,334 SF
Year Built
1965
Listing Agency:
Master Keys Realty Group
Listed By:
Ray Montgomery · License #0563271
(609) 424-4883
Source:
Patmckennarealtors
Added: Sep 20
Changed: Oct 1
Last Checked: Oct 1 at 3:38PM
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 Master Keys Realty Group
Investment Insights
Based on property information with market context.
This condominium residence offers three bedrooms and two bathrooms, with wood flooring, a walk-in closet in the primary bedroom, and additional closet storage. The kitchen has white cabinetry, a tile backsplash, recessed lighting, and Samsung stainless steel appliances. Electronic entry locks and automatic window blinds are also installed, and a separate storage area is included.
Residents have access to an exercise room with lockers and showers. Condominium fees cover water and heat. The building dates to 1965.
Residents have access to an exercise room with lockers and showers. Condominium fees cover water and heat. The building dates to 1965.
Key Highlights
- Three bedrooms and two bathrooms
- Kitchen with Samsung stainless steel appliances, white cabinetry, and recessed lighting
- Wood flooring and automatic blinds in the living area
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
$13,548
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
5.21%
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%
$270,960
$271.0K
Cap Rate 7%
$193,543
$193.5K
Cap Rate 9%
$150,533
$150.5K
Market Conditions
NOI Build-Up for 1,334 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
$26.1K $19.56/SF
− Vacancy
−$1.5K −$1.10/SF
EGI
$24.6K $18.46/SF
− OpEx
−$11.1K −$8.31/SF
NOI
$13.5K $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%
$270,960
Cap Rate 7%
$193,543
Cap Rate 9%
$150,533
Alternative Uses
Best Use
Apartment 5plus
$193.5K
$169.4K – $225.8K
NOI $13,548 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$338.2K
$296.0K – $394.6K
NOI $23,677 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium residence with shared exercise facilities, lockers, and showers.
Where is this residential income property located?
The property is located at 206 CHESTNUT STREET Cherry Hill, NJ.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Three bedrooms and two bathrooms; Kitchen with Samsung stainless steel appliances, white cabinetry, and recessed lighting; Wood flooring and automatic blinds in the living area
