Updated Income
For Sale
$210,000
24 EAVES MILL ROAD, Medford, NJ 08055
One-bedroom condominium with refreshed systems, in-unit laundry, extensive basement storage, and access to a community pool.
Property Size840 SF
Price / SF$250
Days on Market40
Property Features for 24 EAVES MILL ROAD
General Information
Standard status
Active
Size
840 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,100
Amenities
community pool
landscaped seating area
in-unit washer/dryer
basement storage
Building Details
Building Size
840 SF
Year Built
1970
Listing Agency:
EXP Realty, LLC
(484) 709-6738
Listed By:
Regina Marie Parks · License #1866000
(484) 709-6738
Source:
Patmckennarealtors
Added: Jul 1
Changed: Aug 8
Last Checked: Aug 9 at 11:51AM
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 residential income property is an 840-square-foot, one-bedroom, one-bath condominium built in 1970. Recent improvements include kitchen appliances replaced in 2022, refreshed cabinetry in 2026, updated electrical and a bathroom exhaust fan installed in 2024, plus new light fixtures and a thermostat. The unit also includes a professionally installed washer and ventless dryer combination, organized closet and storage systems, pet-safe window screens, and an expansive basement for additional storage.
The condominium is positioned across from the community pool and has a landscaped seating area at the front. Sunset views are available from the living room. Additional updates include the front screen door in 2022, mailbox in 2024, and heater repair in 2025.
The condominium is positioned across from the community pool and has a landscaped seating area at the front. Sunset views are available from the living room. Additional updates include the front screen door in 2022, mailbox in 2024, and heater repair in 2025.
Key Highlights
- 840 SF condominium with 1 bedroom and 1 bath
- Kitchen appliances replaced in 2022; cabinetry refreshed in 2026
- Updated electrical, light fixtures, thermostat, and bathroom exhaust fan in 2024
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
$11,002
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
5.24%
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%
$220,040
$220.0K
Cap Rate 7%
$157,171
$157.2K
Cap Rate 9%
$122,244
$122.2K
Market Conditions
NOI Build-Up for 840 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
$21.2K $25.20/SF
− Vacancy
−$1.2K −$1.39/SF
EGI
$20.0K $23.81/SF
− OpEx
−$9.0K −$10.72/SF
NOI
$11.0K $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%
$220,040
Cap Rate 7%
$157,171
Cap Rate 9%
$122,244
Alternative Uses
Best Use
Apartment 5plus
$157.2K
$137.5K – $183.4K
NOI $11,002 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.76M
$1.54M – $2.05M
NOI $122,979 @ 7.0% cap · market cap 58.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
790
Businesses Nearby
Explore this area
Business Placement
Demographics for 08055, NJ
28,806
Population
11,103
Households
2.6
Avg Household Size
45
Median Age
63%
College-Educated
98%
High-School Grad
40.0 sq mi
ZIP Area
720
Density / Sq Mi
$158,487
Median Household Income
$77,304
Median Earnings
$1,502
Median Rent
$456,000
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 - One-bedroom condominium with refreshed systems, in-unit laundry, extensive basement storage, and access to a community pool.
Where is this residential income property located?
The property is located at 24 EAVES MILL ROAD Medford, NJ.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: 840 SF condominium with 1 bedroom and 1 bath; Kitchen appliances replaced in 2022; cabinetry refreshed in 2026; Updated electrical, light fixtures, thermostat, and bathroom exhaust fan in 2024
