Updated Residential Income
For Sale
$315,000
Pending
388 TAVISTOCK, Cherry Hill, NJ 08034
Condominium features an open kitchen with granite counters, wood cabinetry, and access to shared recreational amenities.
Property Size1,005 SF
Days on Market60
Property Features for 388 TAVISTOCK
General Information
Standard status
Pending
Size
1,005 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$5,894
Building Details
Building Size
1,005 SF
Year Built
1987
Listing Agency:
Keller Williams Realty - Moorestown
Listed By:
Amy M Ryan · License #1540866
(609) 351-9129
Source:
Patmckennarealtors
Added: Jul 22
Changed: Sep 17
Last Checked: Sep 18 at 10:29AM
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 Keller Williams Realty - Moorestown
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath condominium in the Tavistock community was built in 1987 and has been updated for comfortable residential use. The open kitchen includes granite countertops, wood cabinetry, and generous workspace, creating a practical connection to the main living area.
Community amenities include a swimming pool, tennis courts, and fitness center. The property is located in Cherry Hill near shopping, dining, major highways, and the PATCO Speedline, providing access to regional commuting routes and everyday services.
Community amenities include a swimming pool, tennis courts, and fitness center. The property is located in Cherry Hill near shopping, dining, major highways, and the PATCO Speedline, providing access to regional commuting routes and everyday services.
Key Highlights
- 2‑bedroom, 2‑bath condominium in the Tavistock community
- Updated open kitchen with granite countertops and wood cabinetry
- Community swimming pool, tennis courts, and fitness center
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
$15,455
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
4.91%
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%
$309,100
$309.1K
Cap Rate 7%
$220,786
$220.8K
Cap Rate 9%
$171,722
$171.7K
Market Conditions
NOI Build-Up for 1,005 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
$30.2K $30.00/SF
− Vacancy
−$2.1K −$2.04/SF
EGI
$28.1K $27.96/SF
− OpEx
−$12.6K −$12.58/SF
NOI
$15.5K $15.38/SF
Area
Bergen County, NJ
Vacancy
6.80%
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%
$309,100
Cap Rate 7%
$220,786
Cap Rate 9%
$171,722
Alternative Uses
Best Use
Apartment 5plus
$220.8K
$193.2K – $257.6K
NOI $15,455 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$262.4K
$229.6K – $306.2K
NOI $18,370 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,277
Businesses Nearby
Explore this area
Business Placement
Demographics for 08034, NJ
19,256
Population
8,108
Households
2.4
Avg Household Size
42
Median Age
53%
College-Educated
94%
High-School Grad
5.9 sq mi
ZIP Area
3,264
Density / Sq Mi
$111,244
Median Household Income
$56,792
Median Earnings
$1,707
Median Rent
$335,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium features an open kitchen with granite counters, wood cabinetry, and access to shared recreational amenities.
Where is this residential income property located?
The property is located at 388 TAVISTOCK Cherry Hill, NJ.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath condominium in the Tavistock community; Updated open kitchen with granite countertops and wood cabinetry; Community swimming pool, tennis courts, and fitness center
