Building Details

Year Built 1987

Listing Agency: EXP Realty, LLC m***@gmail.com Show Phone

Listed By: Michael Habib · License #2185004 Show Phone

Source: Cummingsrealtors

Added: Aug 21 Changed: Aug 30 Last Checked: Aug 30 at 5:12PM

Report an Issue

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 EXP Realty, LLC

Investment Insights

Based on property information with market context.

This updated top-floor residential income property offers 1,215 SF of living space with no residence above. The interior features high ceilings, luxury vinyl flooring in the main living areas, and an open living space with a fireplace and private balcony. Recent improvements include a brand-new HVAC system and refreshed bathrooms. A dedicated laundry room adds functional convenience to the layout.

Community amenities include a swimming pool, tennis courts, and a children’s playground. Built in 1987, the property combines a private upper-level position with updated interior features and outdoor space.

Key Highlights

• Top‑floor position with no neighbors above
• 1,215 SF residential income property
• High ceilings, luxury vinyl flooring, and fireplace

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

$18,544

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

5.98%

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%

$370,880 $370.9K

Cap Rate 7%

$264,914 $264.9K

Cap Rate 9%

$206,044 $206.0K

Market Conditions

NOI Build-Up for 1,215 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

$36.5K $30.00/SF

− Vacancy

−$2.7K −$2.25/SF

EGI

$33.7K $27.75/SF

− OpEx

−$15.2K −$12.49/SF

NOI

$18.5K $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%

$370,880

Cap Rate 7%

$264,914

Cap Rate 9%

$206,044

Alternative Uses

Best Use

Apartment 5plus

$264.9K

$231.8K – $309.1K (±1% cap)

NOI $18,544 @ 7.0% cap · market cap 5.98%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$390.9K

$342.1K – $456.1K (±1% cap)

NOI $27,364 @ 7.0% cap · market cap 8.83%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Residential income properties

Suggested Use

Top Pick Building Supply Real Estate Agency Nail Salon Big Box & Wholesale Store Garden Center Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Location Intelligence

Trade Area within ½ mile

239

Businesses Nearby

Explore this area Business Placement

Demographics for 08512, NJ

12,897

Population

5,237

Households

2.5

Avg Household Size

43

Median Age

55%

College-Educated

94%

High-School Grad

22.8 sq mi

ZIP Area

566

Density / Sq Mi

$115,255

Median Household Income

$65,587

Median Earnings

$1,584

Median Rent

$618,300

Median Home Value

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this residential income properties located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Similar For Sale Nearby

Cranbury Office Suite For Sale

1246 Cranbury South River Road, Cranbury, NJ 08512

$1,572,000

19,850 SF

View details

Two-Studio Storefront Retail Building

29 N Main St, Cranbury, NJ 08512

Contact for pricing

4,975 SF

View details

Commercial Land Tract

10 Hightstown Cranbury Station Rd, Cranbury, NJ 08512

Contact for pricing

3.45 Acres

View details

Two-Story Retail Office Building

30 N Main St, Cranbury, NJ 08512

Contact for pricing

View details

Frequently Asked Questions

What type of property is this?

Residential income property - Updated home with high ceilings, a private balcony, fireplace, and access to community recreation.

Where is this residential income property located?

The property is located at 234 WOODMILL DRIVE Cranbury, NJ.

What is the asking price?

The asking price for this property is $310,000.

What are key features of this property?

This property features: Top‑floor position with no neighbors above; 1,215 SF residential income property; High ceilings, luxury vinyl flooring, and fireplace