First-Floor Residential Income
For Sale
$255,000
355 WOODLAKE DRIVE, Marlton, NJ 08053
Two-bedroom condo with one-level living, a fireplace, private patio, and access to extensive Kings Grant amenities.
Property Size959 SF
Days on Market21
Property Features for 355 WOODLAKE DRIVE
General Information
Standard status
Active
Size
959 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,241
Amenities
private patio
wood-burning fireplace
lake
sandy beach
scenic walking trails
tot lots
volleyball courts
tennis courts
basketball courts
community pool
golf course (additional fee)
Building Details
Building Size
959 SF
Year Built
1985
Listing Agency:
BHHS Fox & Roach-Marlton
(856) 979-8024
Listed By:
Jennean A Veale · License #0343731
(856) 979-8024
Source:
Patmckennarealtors
Added: Aug 3
Changed: Aug 20
Last Checked: Aug 22 at 10:35AM
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-Marlton
Investment Insights
Based on property information with market context.
This first-floor condominium at 355 Woodlake Drive offers a two-bedroom, two-bath layout with convenient single-level living. The interior includes a living room with a wood-burning fireplace, sliding-door access to a private patio, and an updated kitchen with new cabinetry and a stove installed in 2010. Replacement windows and several system updates add to the property's practical appeal, including HVAC from 2014, a hot water heater installed in 2024, and a washer and dryer added in 2022.
The home is part of Kings Grant in Marlton, where community amenities include a lake for kayaking, a sandy beach, walking trails, tot lots, volleyball, tennis and basketball courts, and a community pool. A nearby golf course is also available for an additional fee. Shopping, restaurants, major highways, and bridges are located nearby.
The home is part of Kings Grant in Marlton, where community amenities include a lake for kayaking, a sandy beach, walking trails, tot lots, volleyball, tennis and basketball courts, and a community pool. A nearby golf course is also available for an additional fee. Shopping, restaurants, major highways, and bridges are located nearby.
Key Highlights
- First‑floor condominium with 2 bedrooms and 2 bathrooms
- Wood‑burning fireplace and sliding‑door access to a private patio
- Kitchen cabinetry and stove updated in 2010
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
$9,739
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
3.82%
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%
$194,780
$194.8K
Cap Rate 7%
$139,129
$139.1K
Cap Rate 9%
$108,211
$108.2K
Market Conditions
NOI Build-Up for 959 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
$18.8K $19.56/SF
− Vacancy
−$1.1K −$1.10/SF
EGI
$17.7K $18.46/SF
− OpEx
−$8.0K −$8.31/SF
NOI
$9.7K $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%
$194,780
Cap Rate 7%
$139,129
Cap Rate 9%
$108,211
Alternative Uses
Best Use
Apartment 5plus
$139.1K
$121.7K – $162.3K
NOI $9,739 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$243.2K
$212.8K – $283.7K
NOI $17,021 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Explore this area
Business Placement
Demographics for 08053, NJ
46,826
Population
20,090
Households
2.3
Avg Household Size
43
Median Age
53%
College-Educated
98%
High-School Grad
29.2 sq mi
ZIP Area
1,604
Density / Sq Mi
$116,745
Median Household Income
$67,439
Median Earnings
$1,939
Median Rent
$368,100
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 - Two-bedroom condo with one-level living, a fireplace, private patio, and access to extensive Kings Grant amenities.
Where is this residential income property located?
The property is located at 355 WOODLAKE DRIVE Marlton, NJ.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: First‑floor condominium with 2 bedrooms and 2 bathrooms; Wood‑burning fireplace and sliding‑door access to a private patio; Kitchen cabinetry and stove updated in 2010
