Renovated Residential Income
For Sale
$267,499
3502 JENNIFER COURT, Voorhees, NJ 08043
Open-concept condominium with updated kitchens, baths, appliances, flooring, windows, and HVAC.
Property Size1,119 SF
Days on Market24
Property Features for 3502 JENNIFER COURT
General Information
Standard status
Active
Size
1,119 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,440
Amenities
swimming pool
wood burning fireplace
Building Details
Building Size
1,119 SF
Year Built
1984
Listing Agency:
Houwzer LLC-Haddonfield
Listed By:
Patricia M Gesswein · License #068287
(732) 620-0435
Source:
Patmckennarealtors
Added: Sep 9
Changed: Sep 26
Last Checked: Oct 1 at 5:25PM
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.
This residential income property is an open-concept condominium built in 1984 and substantially renovated throughout. Improvements include redesigned kitchen and bathrooms, a granite breakfast table, higher-end appliances, a dual-purpose washer and dryer, LVP flooring, updated windows, and a new sliding door. The primary suite features a redesigned bathroom and an added walk-in closet, while the home also includes a wood-burning fireplace, newer HVAC, and a new hot water heater.
Community amenities and access add to the property’s functionality. Residents have access to a swimming pool, with shops, I-295, and PATCO located nearby. The condominium is in Voorhees, New Jersey, at 3502 Jennifer Court.
Community amenities and access add to the property’s functionality. Residents have access to a swimming pool, with shops, I-295, and PATCO located nearby. The condominium is in Voorhees, New Jersey, at 3502 Jennifer Court.
Key Highlights
- Open‑concept condominium built in 1984
- Kitchen and both bathrooms renovated
- Primary suite includes redesigned bath and added walk‑in closet
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
$11,364
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
4.25%
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%
$227,280
$227.3K
Cap Rate 7%
$162,343
$162.3K
Cap Rate 9%
$126,267
$126.3K
Market Conditions
NOI Build-Up for 1,119 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
$21.9K $19.56/SF
− Vacancy
−$1.2K −$1.10/SF
EGI
$20.7K $18.46/SF
− OpEx
−$9.3K −$8.31/SF
NOI
$11.4K $10.16/SF
Area
Camden County, NJ
Vacancy
5.60%
Lease Rate
$19.56 /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%
$227,280
Cap Rate 7%
$162,343
Cap Rate 9%
$126,267
Alternative Uses
Best Use
Apartment 5plus
$162.3K
$142.1K – $189.4K
NOI $11,364 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$283.7K
$248.3K – $331.0K
NOI $19,861 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
193
Businesses Nearby
Explore this area
Business Placement
Demographics for 08043, NJ
31,069
Population
12,688
Households
2.4
Avg Household Size
43
Median Age
60%
College-Educated
96%
High-School Grad
11.5 sq mi
ZIP Area
2,702
Density / Sq Mi
$112,606
Median Household Income
$65,078
Median Earnings
$1,718
Median Rent
$390,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Open-concept condominium with updated kitchens, baths, appliances, flooring, windows, and HVAC.
Where is this residential income property located?
The property is located at 3502 JENNIFER COURT Voorhees, NJ.
What is the asking price?
The asking price for this property is $267,499.
What are key features of this property?
This property features: Open‑concept condominium built in 1984; Kitchen and both bathrooms renovated; Primary suite includes redesigned bath and added walk‑in closet
