End-Unit Residential Income
For Sale
$269,000
3002 GREENWOOD COURT, Mount Laurel, NJ 08054
Updated two-bedroom condominium with private patio, in-unit laundry, assigned parking, and access to community recreation amenities.
Property Size1,182 SF
Price / SF$227.58
Days on Market10
Property Features for 3002 GREENWOOD COURT
General Information
Standard status
Active
Size
1,182 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
$3,989
Amenities
in-unit laundry
private patio
assigned parking
baseball
basketball
pickle ball
tennis
walking trails
tot lot/playground
picnic area
Building Details
Building Size
1,182 SF
Year Built
1987
Listing Agency:
BHHS Fox & Roach - Haddonfield
(609) 980-3730
Listed By:
Diane Narleski · License #2081723
(609) 980-3730
Source:
Patmckennarealtors
Added: Jul 31
Changed: Aug 8
Last Checked: Aug 8 at 9:15AM
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 - Haddonfield
Investment Insights
Based on property information with market context.
This end-unit condominium offers approximately 1,182 square feet with two bedrooms, two full bathrooms, and an open-concept living and dining area. The kitchen includes stainless steel appliances, wood cabinetry, and an open sightline to the main living space. Laminate plank flooring, neutral finishes, granite bathroom countertops, ceramic tile flooring, and an HVAC system installed in 2022 add to the updated interior. A primary suite includes an en suite bath and substantial closet space, while the second bedroom can serve as guest accommodation, office space, or a flexible-use room. In-unit laundry, assigned parking, and a private patio overlooking maintained common grounds complete the property.
Key Highlights
- Approximately 1,182 square feet with 2 bedrooms and 2 full bathrooms
- End‑unit condominium with a private patio overlooking common grounds
- HVAC system installed in 2022
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
$15,481
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
5.76%
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%
$309,620
$309.6K
Cap Rate 7%
$221,157
$221.2K
Cap Rate 9%
$172,011
$172.0K
Market Conditions
NOI Build-Up for 1,182 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
$29.8K $25.20/SF
− Vacancy
−$1.6K −$1.39/SF
EGI
$28.1K $23.81/SF
− OpEx
−$12.7K −$10.72/SF
NOI
$15.5K $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%
$309,620
Cap Rate 7%
$221,157
Cap Rate 9%
$172,011
Alternative Uses
Best Use
Apartment 5plus
$221.2K
$193.5K – $258.0K
NOI $15,481 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.47M
$2.16M – $2.88M
NOI $173,049 @ 7.0% cap · market cap 64.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
435
Businesses Nearby
Explore this area
Business Placement
Demographics for 08054, NJ
44,633
Population
19,966
Households
2.2
Avg Household Size
44
Median Age
56%
College-Educated
96%
High-School Grad
21.7 sq mi
ZIP Area
2,057
Density / Sq Mi
$114,629
Median Household Income
$67,986
Median Earnings
$1,966
Median Rent
$341,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom condominium with private patio, in-unit laundry, assigned parking, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 3002 GREENWOOD COURT Mount Laurel, NJ.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Approximately 1,182 square feet with 2 bedrooms and 2 full bathrooms; End‑unit condominium with a private patio overlooking common grounds; HVAC system installed in 2022
