Building Details

Building Size 1,241 SF

Year Built 1989

Listing Agency: Penzone Realty

Listed By: Patricia Baer · License #787251 Show Phone

Source: Patmckennarealtors

Added: Nov 29, 2025 Changed: Sep 20 Last Checked: Sep 24 at 7:05PM

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Investment Insights

Based on property information with market context.

This first-floor condominium in Deptford Township was built in 1989 and offers two bedrooms, two full bathrooms, and ceramic tile flooring. The kitchen includes a refrigerator, gas stove, and dishwasher, with appliances conveyed as-is. A gas fireplace anchors the living room, which opens to a patio. The laundry room includes a washer, gas dryer, and sink. Gas heat, gas hot water, and central air serve the home, while reserved parking is included.

The property is situated in the Steeplechase neighborhood near shopping and Routes 42 and 55. The address is 409 Steeplechase Court, Unit 409, Deptford, New Jersey 08096.

Key Highlights

• First‑floor condominium in Steeplechase neighborhood
• Two bedrooms and two full bathrooms
• Living room with gas fireplace and patio 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

$14,505

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

5.92%

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%

$290,100 $290.1K

Cap Rate 7%

$207,214 $207.2K

Cap Rate 9%

$161,167 $161.2K

Market Conditions

NOI Build-Up for 1,241 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

$28.0K $22.56/SF

− Vacancy

−$1.6K −$1.31/SF

EGI

$26.4K $21.25/SF

− OpEx

−$11.9K −$9.56/SF

NOI

$14.5K $11.69/SF

Area

Gloucester County, NJ

Vacancy

5.80%

Lease Rate

$22.56 /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%

$290,100

Cap Rate 7%

$207,214

Cap Rate 9%

$161,167

Alternative Uses

Best Use

Apartment 5plus

$207.2K

$181.3K – $241.8K (±1% cap)

NOI $14,505 @ 7.0% cap · market cap 5.92%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$417.1K

$365.0K – $486.7K (±1% cap)

NOI $29,200 @ 7.0% cap · market cap 11.92%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Residential income properties

Suggested Use

Top Pick Law Firm Real Estate Agency Hair Salon Food Market (Bike/Boat/Book/etc) Store Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

109

Businesses Nearby

Explore this area Business Placement

Demographics for 08096, NJ

36,355

Population

15,013

Households

2.4

Avg Household Size

41

Median Age

30%

College-Educated

92%

High-School Grad

13.9 sq mi

ZIP Area

2,615

Density / Sq Mi

$89,483

Median Household Income

$49,480

Median Earnings

$1,446

Median Rent

$248,400

Median Home Value

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Frequently Asked Questions

What type of property is this?

Residential income property - Two-bedroom condominium with a patio, gas fireplace, reserved parking, and in-unit laundry.

Where is this residential income property located?

The property is located at 409 STEEPLECHASE COURT Unit 409 Deptford, NJ.

What is the asking price?

The asking price for this property is $245,000.

What are key features of this property?

This property features: First‑floor condominium in Steeplechase neighborhood; Two bedrooms and two full bathrooms; Living room with gas fireplace and patio access