Residential Income Property with Rooftop
For Sale
$375,000
238 SOCIETY HILL BOULEVARD, Cherry Hill, NJ 08003
Two-bedroom condominium with a finished lower level, private primary bath, garage, and access to community recreation amenities.
Property Size1,290 SF
Days on Market66
Property Features for 238 SOCIETY HILL BOULEVARD
General Information
Standard status
Active
Size
1,290 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2.5BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,501
Amenities
swimming pool
tennis courts
recreation center
rooftop deck
Building Details
Building Size
1,290 SF
Year Built
1980
Listing Agency:
RE/MAX ONE Realty-Moorestown
Listed By:
Stefani Roach · License #8938810
(609) 670-4082
Source:
Patmckennarealtors
Added: Jul 1
Changed: Sep 4
Last Checked: Sep 4 at 10:47AM
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 RE/MAX ONE Realty-Moorestown
Investment Insights
Based on property information with market context.
This residential income property is a two-bedroom, 2 1/2-bath condominium built in 1980. The interior includes an open layout with hardwood flooring, neutral finishes, six-panel doors, and a living room centered on a marble fireplace. The kitchen features stainless steel appliances, a built-in microwave, electric range, and substantial cabinetry adjoining the dining area. A primary suite includes its own full bath, while the finished lower level adds a walk-in closet, hardwood floors, and a half bath.
Outdoor and practical features include a rooftop deck and a one-car garage with storage capacity. The property is within the Society Hill community, where residents have access to a swimming pool, tennis courts, and recreation center. A new air conditioner is scheduled for July 2026 and includes a 10-year warranty. Major highways, Philadelphia, shopping, dining, and everyday services are described as nearby.
Outdoor and practical features include a rooftop deck and a one-car garage with storage capacity. The property is within the Society Hill community, where residents have access to a swimming pool, tennis courts, and recreation center. A new air conditioner is scheduled for July 2026 and includes a 10-year warranty. Major highways, Philadelphia, shopping, dining, and everyday services are described as nearby.
Key Highlights
- Two‑bedroom, 2 1/2‑bath condominium built in 1980
- Rooftop deck plus one‑car garage
- Finished lower level with walk‑in closet, hardwood floors, and half bath
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
$19,838
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
5.29%
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%
$396,760
$396.8K
Cap Rate 7%
$283,400
$283.4K
Cap Rate 9%
$220,422
$220.4K
Market Conditions
NOI Build-Up for 1,290 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
$38.7K $30.00/SF
− Vacancy
−$2.6K −$2.04/SF
EGI
$36.1K $27.96/SF
− OpEx
−$16.2K −$12.58/SF
NOI
$19.8K $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%
$396,760
Cap Rate 7%
$283,400
Cap Rate 9%
$220,422
Alternative Uses
Best Use
Apartment 5plus
$283.4K
$248.0K – $330.6K
NOI $19,838 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$336.8K
$294.7K – $393.0K
NOI $23,579 @ 7.0% cap · market cap 6.29%
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 - Two-bedroom condominium with a finished lower level, private primary bath, garage, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 238 SOCIETY HILL BOULEVARD Cherry Hill, NJ.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑bedroom, 2 1/2‑bath condominium built in 1980; Rooftop deck plus one‑car garage; Finished lower level with walk‑in closet, hardwood floors, and half bath
