Upper-Level Residential Income
For Sale
$225,000
412 DOVE COURT, Lumberton, NJ 08048
Updated condominium with an open kitchen, private balcony, and low-maintenance upper-floor setting.
Property Size1,001 SF
Days on Market9
Property Features for 412 DOVE COURT
General Information
Standard status
Active
Size
1,001 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,522
Amenities
private balcony
Building Details
Building Size
1,001 SF
Year Built
1988
Listing Agency:
BHHS Fox & Roach-Mt Laurel
(609) 417-2077
Listed By:
Robert Ieradi · License #8441182
(609) 417-2077
Source:
Patmckennarealtors
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 30 at 10:42PM
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-Mt Laurel
Investment Insights
Based on property information with market context.
This upper-level condominium in the Evergreen Condos community offers a two-bedroom, two-bath layout with an updated interior. The kitchen has been upgraded and connects with the living and dining areas, creating an open shared space. The primary bedroom includes a private full bathroom and closet space, while the second bedroom is served by a hallway bath and can accommodate guests or office use. A private balcony extends the living area, and the unit was built in 1988.
The property is located on Dove Court in Lumberton, New Jersey, near shopping, dining, parks, and major commuter routes. The condominium is being sold as-is, with inspections intended for informational purposes only.
The property is located on Dove Court in Lumberton, New Jersey, near shopping, dining, parks, and major commuter routes. The condominium is being sold as-is, with inspections intended for informational purposes only.
Key Highlights
- Two‑bedroom, two‑bath upper‑level condominium
- Upgraded kitchen connected to living and dining areas
- Primary bedroom with private full bathroom
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
$13,111
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
5.83%
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%
$262,220
$262.2K
Cap Rate 7%
$187,300
$187.3K
Cap Rate 9%
$145,678
$145.7K
Market Conditions
NOI Build-Up for 1,001 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
$25.2K $25.20/SF
− Vacancy
−$1.4K −$1.39/SF
EGI
$23.8K $23.81/SF
− OpEx
−$10.7K −$10.72/SF
NOI
$13.1K $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%
$262,220
Cap Rate 7%
$187,300
Cap Rate 9%
$145,678
Alternative Uses
Best Use
Apartment 5plus
$187.3K
$163.9K – $218.5K
NOI $13,111 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.09M
$1.83M – $2.44M
NOI $146,550 @ 7.0% cap · market cap 65.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
316
Businesses Nearby
Explore this area
Business Placement
Demographics for 08048, NJ
12,782
Population
5,024
Households
2.5
Avg Household Size
41
Median Age
42%
College-Educated
94%
High-School Grad
12.1 sq mi
ZIP Area
1,056
Density / Sq Mi
$111,739
Median Household Income
$58,097
Median Earnings
$1,667
Median Rent
$414,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with an open kitchen, private balcony, and low-maintenance upper-floor setting.
Where is this residential income property located?
The property is located at 412 DOVE COURT Lumberton, NJ.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath upper‑level condominium; Upgraded kitchen connected to living and dining areas; Primary bedroom with private full bathroom
