Residential Income Property with
New
For Sale
$329,999
232 TIMBERLAKE DRIVE, Ewing, NJ 08618
Garden-style condominium with private balcony, secure entry, and community pool access.
Property Size1,464 SF
Price / SF$225.41
Days on Market6
Property Features for 232 TIMBERLAKE DRIVE
General Information
Standard status
Active
Size
1,464 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
in-ground pool
balcony
monitored entry
secure main entrance
washer and dryer hookups
Building Details
Year Built
2012
Construction
garden-style
Listing Agency:
BHHS Fox & Roach - Princeton
(609) 924-1600
Listed By:
Lucia Dlugacz · License #RS358693
(609) 921-2600
Source:
Cummingsrealtors
Added: Sep 14
Changed: Sep 18
Last Checked: Sep 18 at 7:03AM
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 BHHS Fox & Roach - Princeton
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath condominium is a garden-style residential income property in The Jefferson, completed in 2012. The 1,464-square-foot unit includes an open kitchen and dining area, washer and dryer hookups, carpeted living spaces, and tile in the kitchen and bathrooms. A balcony adds private outdoor space, while the maintained lot and in-ground pool contribute to the property’s shared amenities. Monitored entry and a secure main entrance are also provided.
Key Highlights
- 2‑bedroom, 2‑bath condominium measuring 1,464 square feet
- Built in 2012 with garden‑style condominium design
- Open kitchen and dining area with washer and dryer hookups
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
$22,344
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
6.77%
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%
$446,880
$446.9K
Cap Rate 7%
$319,200
$319.2K
Cap Rate 9%
$248,267
$248.3K
Market Conditions
NOI Build-Up for 1,464 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
$43.9K $30.00/SF
− Vacancy
−$3.3K −$2.25/SF
EGI
$40.6K $27.75/SF
− OpEx
−$18.3K −$12.49/SF
NOI
$22.3K $15.26/SF
Area
Mercer County, NJ
Vacancy
7.50%
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%
$446,880
Cap Rate 7%
$319,200
Cap Rate 9%
$248,267
Alternative Uses
Best Use
Apartment 5plus
$319.2K
$279.3K – $372.4K
NOI $22,344 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$471.0K
$412.2K – $549.5K
NOI $32,972 @ 7.0% cap · market cap 9.99%
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
530
Businesses Nearby
Explore this area
Business Placement
Demographics for 08618, NJ
37,544
Population
15,284
Households
2.5
Avg Household Size
34
Median Age
24%
College-Educated
86%
High-School Grad
5.9 sq mi
ZIP Area
6,363
Density / Sq Mi
$48,179
Median Household Income
$33,040
Median Earnings
$1,117
Median Rent
$211,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Garden-style condominium with private balcony, secure entry, and community pool access.
Where is this residential income property located?
The property is located at 232 TIMBERLAKE DRIVE Ewing, NJ.
What is the asking price?
The asking price for this property is $329,999.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium measuring 1,464 square feet; Built in 2012 with garden‑style condominium design; Open kitchen and dining area with washer and dryer hookups
