Updated Residential Income
For Sale
$284,900
Pending
2102 THE WOODS, Cherry Hill, NJ 08003
Second-floor loft-style condo with two bedrooms, remodeled bathrooms, a balcony, and assigned parking.
Property Size996 SF
Days on Market72
Property Features for 2102 THE WOODS
General Information
Standard status
Pending
Size
996 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Multifamily Units
1
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$5,500
Amenities
in-unit laundry
private balcony
attic storage
Building Details
Building Size
996 SF
Year Built
1985
Listing Agency:
Keller Williams Realty - Washington Township
Listed By:
Lisa A Warech · License #1973022
(856) 296-7896
Source:
Patmckennarealtors
Added: Jun 24
Changed: Aug 12
Last Checked: Aug 11 at 12:45PM
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 Keller Williams Realty - Washington Township
Investment Insights
Based on property information with market context.
Located at 2102 The Woods in Cherry Hill, this second-floor residential income condo was built in 1985 and provides nearly 1,000 square feet of living space. The loft-style layout includes 2 bedrooms, 2 full bathrooms, cathedral ceilings, and an additional loft area. Recent improvements include interior paint, luxury vinyl plank flooring, carpeting, remodeled bathrooms, lighting, ceiling fans, and contemporary finishes. The primary suite has a private ensuite bathroom and walk-in closet with custom shelving. The kitchen includes stainless steel appliances, while in-unit laundry, attic storage, and a private balcony add convenience.
The property includes an assigned parking space and guest parking. HOA services cover water, exterior building maintenance, landscaping, snow removal, and trash collection. Access to Route 70, Route 38, I-295, the New Jersey Turnpike, and the PATCO Speedline supports travel throughout South Jersey and to Philadelphia. Shopping, dining, medical facilities, parks, and entertainment are also located nearby.
The property includes an assigned parking space and guest parking. HOA services cover water, exterior building maintenance, landscaping, snow removal, and trash collection. Access to Route 70, Route 38, I-295, the New Jersey Turnpike, and the PATCO Speedline supports travel throughout South Jersey and to Philadelphia. Shopping, dining, medical facilities, parks, and entertainment are also located nearby.
Key Highlights
- Nearly 1,000 square feet with 2 bedrooms, 2 full bathrooms, cathedral ceilings, and a loft
- Recent updates include luxury vinyl plank flooring, carpeting, remodeled bathrooms, paint, lighting, and ceiling fans
- Primary suite features an ensuite bathroom and walk‑in closet with custom shelving
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
$15,316
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
5.38%
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%
$306,320
$306.3K
Cap Rate 7%
$218,800
$218.8K
Cap Rate 9%
$170,178
$170.2K
Market Conditions
NOI Build-Up for 996 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
$29.9K $30.00/SF
− Vacancy
−$2.0K −$2.04/SF
EGI
$27.8K $27.96/SF
− OpEx
−$12.5K −$12.58/SF
NOI
$15.3K $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%
$306,320
Cap Rate 7%
$218,800
Cap Rate 9%
$170,178
Alternative Uses
Best Use
Apartment 5plus
$218.8K
$191.5K – $255.3K
NOI $15,316 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$260.1K
$227.6K – $303.4K
NOI $18,205 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Explore this area
Business Placement
Demographics for 08003, NJ
31,402
Population
12,049
Households
2.6
Avg Household Size
44
Median Age
67%
College-Educated
96%
High-School Grad
11.0 sq mi
ZIP Area
2,855
Density / Sq Mi
$155,947
Median Household Income
$77,139
Median Earnings
$1,991
Median Rent
$418,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor loft-style condo with two bedrooms, remodeled bathrooms, a balcony, and assigned parking.
Where is this residential income property located?
The property is located at 2102 THE WOODS Cherry Hill, NJ.
What is the asking price?
The asking price for this property is $284,900.
What are key features of this property?
This property features: Nearly 1,000 square feet with 2 bedrooms, 2 full bathrooms, cathedral ceilings, and a loft; Recent updates include luxury vinyl plank flooring, carpeting, remodeled bathrooms, paint, lighting, and ceiling fans; Primary suite features an ensuite bathroom and walk‑in closet with custom shelving
