2-Bedroom Condo with
For Sale
$234,900
268 STEEPLECHASE COURT, Woodbury, NJ 08096
Tenant occupancy continues through June 2026, followed by a month-to-month arrangement.
Property Size1,434 SF
Days on Market231
Property Features for 268 STEEPLECHASE COURT
General Information
Standard status
Active
Size
1,434 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,280
Amenities
private balcony
in-unit laundry
wood-burning fireplace
Building Details
Building Size
1,434 SF
Year Built
1989
Tenancy
Single
Listing Agency:
Houwzer LLC-Haddonfield
Listed By:
Patricia M Gesswein · License #RS067440
(732) 620-0435
Source:
Patmckennarealtors
Added: Jan 14
Changed: Aug 30
Last Checked: Sep 2 at 1:57AM
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 Houwzer LLC-Haddonfield
Investment Insights
Based on property information with market context.
Built in 1989, this second-floor condominium at 268 Steeplechase Court offers two bedrooms, two full baths, vaulted ceilings, and a loft with a wood-burning fireplace. The loft provides additional interior space, while the main living area opens to a private balcony. The unit also includes in-unit laundry, ample storage, a primary bedroom walk-in closet, and a second bedroom with access to the hall bath.
The property is located in the Steeplechase community within the Deptford Township School District. Community amenities include maintained grounds and a private resident pool. Shopping, restaurants, the Deptford Mall, and major highways are minutes away. The condominium is tenant occupied through JUNE 2026 and transitions to month-to-month tenancy thereafter.
The property is located in the Steeplechase community within the Deptford Township School District. Community amenities include maintained grounds and a private resident pool. Shopping, restaurants, the Deptford Mall, and major highways are minutes away. The condominium is tenant occupied through JUNE 2026 and transitions to month-to-month tenancy thereafter.
Key Highlights
- Two‑bedroom, two‑bath condominium in a second‑floor setting
- Loft with a wood‑burning fireplace and flexible additional living space
- Private balcony, vaulted ceilings, and abundant natural light
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
$16,761
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
7.14%
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%
$335,220
$335.2K
Cap Rate 7%
$239,443
$239.4K
Cap Rate 9%
$186,233
$186.2K
Market Conditions
NOI Build-Up for 1,434 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 $22.56/SF
− Vacancy
−$1.9K −$1.31/SF
EGI
$30.5K $21.25/SF
− OpEx
−$13.7K −$9.56/SF
NOI
$16.8K $11.69/SF
Area
Gloucester County, NJ
Vacancy
5.80%
Lease Rate
$22.56 /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%
$335,220
Cap Rate 7%
$239,443
Cap Rate 9%
$186,233
Alternative Uses
Best Use
Apartment 5plus
$239.4K
$209.5K – $279.4K
NOI $16,761 @ 7.0% cap · market cap 7.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$482.0K
$421.8K – $562.4K
NOI $33,742 @ 7.0% cap · market cap 14.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
284
Businesses Nearby
Explore this area
Business Placement
Demographics for 08096, NJ
36,355
Population
15,013
Households
2.4
Avg Household Size
41
Median Age
30%
College-Educated
92%
High-School Grad
13.9 sq mi
ZIP Area
2,615
Density / Sq Mi
$89,483
Median Household Income
$49,480
Median Earnings
$1,446
Median Rent
$248,400
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 - Tenant occupancy continues through June 2026, followed by a month-to-month arrangement.
Where is this residential income property located?
The property is located at 268 STEEPLECHASE COURT Woodbury, NJ.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium in a second‑floor setting; Loft with a wood‑burning fireplace and flexible additional living space; Private balcony, vaulted ceilings, and abundant natural light
