First-Floor Residential Income
For Sale
$234,500
404 WILLOW TURN, Mount Laurel, NJ 08054
Two-bedroom condominium with one-floor living, a shared attached garage, and access to open green space.
Property Size932 SF
Days on Market37
Property Features for 404 WILLOW TURN
General Information
Standard status
Active
Size
932 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,642
Building Details
Building Size
932 SF
Year Built
1982
Listing Agency:
Real Broker, LLC
Listed By:
Jordan Cass · License #2559238
(215) 779-7457
Source:
Patmckennarealtors
Added: Aug 6
Changed: Sep 10
Last Checked: Sep 9 at 10:40PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This first-floor condominium, built in 1982, provides two bedrooms and one full bathroom in a single-level layout. The interior includes a living room, dining area, and primary bedroom with a walk-in closet and direct bathroom access. Fresh paint and clean finishes are also noted throughout the home. A shared one-car attached garage serves the property, adding practical storage and parking convenience.
The residence overlooks open green space, with Larchmont Elementary School situated beyond the property. Shopping, dining, parks, and major highways are located nearby, supporting convenient access to everyday services and transportation routes.
The residence overlooks open green space, with Larchmont Elementary School situated beyond the property. Shopping, dining, parks, and major highways are located nearby, supporting convenient access to everyday services and transportation routes.
Key Highlights
- First‑floor condominium with two bedrooms and one full bathroom
- One‑floor layout includes living room, dining area, and primary bedroom
- Primary bedroom features a walk‑in closet and direct bathroom access
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
$12,207
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
5.21%
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%
$244,140
$244.1K
Cap Rate 7%
$174,386
$174.4K
Cap Rate 9%
$135,633
$135.6K
Market Conditions
NOI Build-Up for 932 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
$23.5K $25.20/SF
− Vacancy
−$1.3K −$1.39/SF
EGI
$22.2K $23.81/SF
− OpEx
−$10.0K −$10.72/SF
NOI
$12.2K $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%
$244,140
Cap Rate 7%
$174,386
Cap Rate 9%
$135,633
Alternative Uses
Best Use
Apartment 5plus
$174.4K
$152.6K – $203.5K
NOI $12,207 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.95M
$1.71M – $2.27M
NOI $136,448 @ 7.0% cap · market cap 58.19%
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
621
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 - Two-bedroom condominium with one-floor living, a shared attached garage, and access to open green space.
Where is this residential income property located?
The property is located at 404 WILLOW TURN Mount Laurel, NJ.
What is the asking price?
The asking price for this property is $234,500.
What are key features of this property?
This property features: First‑floor condominium with two bedrooms and one full bathroom; One‑floor layout includes living room, dining area, and primary bedroom; Primary bedroom features a walk‑in closet and direct bathroom access
