Tenant-Occupied Residential Income
For Sale
Contact for pricing
3228 Sayre Drive, Princeton, NJ 08540
Two-bedroom condominium with an in-place lease, private balcony, and access to community recreation amenities.
Property Size964 SF
Price / SF$363.07
Days on Market12
Property Features for 3228 Sayre Drive
General Information
Standard status
Active
Size
964 SF
Property subtype
Multifamily
Zoning
Residential
Building Details
Year Built
1985
Year Renovated
2023
Units
1
Tenancy
Single
Listing Agency:
Weichert, Realtors
(609) 612-0684
Listed By:
Varun Manchanda · License #2330391
Source:
Crexi
Added: Jul 31
Changed: Aug 10
Last Checked: Aug 10 at 1:55PM
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 Weichert, Realtors
Investment Insights
Based on property information with market context.
This tenant-occupied condominium contains two bedrooms and one full bathroom within 964 square feet. The interior includes separate living and dining areas, carpeting, recessed lighting, window blinds, and a private balcony. Kitchen improvements include granite countertops, a dishwasher, microwave, and pantry storage. A renovated bathroom and in-unit washer and dryer add practical convenience. The property was built in 1985 and carries Residential zoning.
The home is located in Princeton Landing, where residents have access to The Smith Clubhouse, swimming and tennis facilities, basketball courts, a playground, fitness center, and clubhouse space. Trash and snow removal are included among the community services. The property is within the West Windsor-Plainsboro School District and near Princeton Junction Train Station, Princeton University, shopping, dining, and major highways. An existing lease runs through May 31, 2027.
The home is located in Princeton Landing, where residents have access to The Smith Clubhouse, swimming and tennis facilities, basketball courts, a playground, fitness center, and clubhouse space. Trash and snow removal are included among the community services. The property is within the West Windsor-Plainsboro School District and near Princeton Junction Train Station, Princeton University, shopping, dining, and major highways. An existing lease runs through May 31, 2027.
Key Highlights
- Tenant occupied with an in‑place lease through May 31, 2027
- 2‑bedroom, 1‑bath condominium totaling 964 square feet
- Updated kitchen with granite countertops, dishwasher, microwave, and pantry
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
$14,713
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
4.20%
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%
$294,260
$294.3K
Cap Rate 7%
$210,186
$210.2K
Cap Rate 9%
$163,478
$163.5K
Market Conditions
NOI Build-Up for 964 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
$28.9K $30.00/SF
− Vacancy
−$2.2K −$2.25/SF
EGI
$26.8K $27.75/SF
− OpEx
−$12.0K −$12.49/SF
NOI
$14.7K $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%
$294,260
Cap Rate 7%
$210,186
Cap Rate 9%
$163,478
Alternative Uses
Best Use
Apartment 5plus
$210.2K
$183.9K – $245.2K
NOI $14,713 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$310.2K
$271.4K – $361.9K
NOI $21,711 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
600
Businesses Nearby
Explore this area
Business Placement
Demographics for 08540, NJ
48,216
Population
19,255
Households
2.5
Avg Household Size
41
Median Age
82%
College-Educated
98%
High-School Grad
51.7 sq mi
ZIP Area
933
Density / Sq Mi
$169,898
Median Household Income
$80,357
Median Earnings
$2,083
Median Rent
$723,400
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 an in-place lease, private balcony, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 3228 Sayre Drive Princeton, NJ.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Tenant occupied with an in‑place lease through May 31, 2027; 2‑bedroom, 1‑bath condominium totaling 964 square feet; Updated kitchen with granite countertops, dishwasher, microwave, and pantry
