Residential Income Property with
New
For Sale
$265,000
2215 DURHAM COURT, Mount Laurel, NJ 08054
Third-floor condo offers two bedrooms, one bath, vaulted ceilings, private balcony, and a flexible upper-level loft.
Property Size1,284 SF
Price / SF$206.39
Days on Market4
Property Features for 2215 DURHAM COURT
General Information
Standard status
Active
Size
1,284 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,207
Amenities
fireplace
private balcony
pickleball
basketball courts
baseball fields
jog/walking paths
Building Details
Building Size
1,284 SF
Year Built
1987
Listing Agency:
Keller Williams Realty - Moorestown
Listed By:
Mary L Kolanko · License #674339
(609) 502-5962
Source:
Patmckennarealtors
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 3 at 2:21AM
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 - Moorestown
Investment Insights
Based on property information with market context.
This 1,284-square-foot, third-floor condo includes two bedrooms, one bath, a kitchen, dining area, living room with fireplace, and an upper-level loft. Vaulted ceilings create an open interior, while luxury vinyl plank flooring, a bay window, and private balcony extend the living and dining area. The kitchen has newer appliances, cabinet storage, and direct separation from the utility and laundry room. The primary bedroom includes two double closets and access to an oversized bath with soaking tub, stall shower, vanity, and linen storage. The second bedroom can serve as an office or guest room.
Property updates include all-new Anderson windows, HVAC installed in 2020, a water heater from 2019, and a washer and dryer. Community recreation amenities include pickleball and basketball courts, baseball fields, jogging and walking paths, nearby parks, and trails. The property is near schools, dining, shopping, and entertainment, with access to Rte 38, Rte 295, Rte 70, and NJTPK.
Property updates include all-new Anderson windows, HVAC installed in 2020, a water heater from 2019, and a washer and dryer. Community recreation amenities include pickleball and basketball courts, baseball fields, jogging and walking paths, nearby parks, and trails. The property is near schools, dining, shopping, and entertainment, with access to Rte 38, Rte 295, Rte 70, and NJTPK.
Key Highlights
- 1,284‑square‑foot third‑floor condo with two bedrooms and one bath
- Flexible upper‑level loft with open‑concept space and double closets
- Living room with fireplace, vaulted ceilings, luxury vinyl plank flooring, and private balcony
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
$16,817
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
6.35%
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%
$336,340
$336.3K
Cap Rate 7%
$240,243
$240.2K
Cap Rate 9%
$186,856
$186.9K
Market Conditions
NOI Build-Up for 1,284 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
$32.4K $25.20/SF
− Vacancy
−$1.8K −$1.39/SF
EGI
$30.6K $23.81/SF
− OpEx
−$13.8K −$10.72/SF
NOI
$16.8K $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%
$336,340
Cap Rate 7%
$240,243
Cap Rate 9%
$186,856
Alternative Uses
Best Use
Apartment 5plus
$240.2K
$210.2K – $280.3K
NOI $16,817 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.69M
$2.35M – $3.13M
NOI $187,982 @ 7.0% cap · market cap 70.94%
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
435
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Third-floor condo offers two bedrooms, one bath, vaulted ceilings, private balcony, and a flexible upper-level loft.
Where is this residential income property located?
The property is located at 2215 DURHAM COURT Mount Laurel, NJ.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: 1,284‑square‑foot third‑floor condo with two bedrooms and one bath; Flexible upper‑level loft with open‑concept space and double closets; Living room with fireplace, vaulted ceilings, luxury vinyl plank flooring, and private balcony
