Upper-Unit Residential Income
For Sale
$219,000
4304-B ADELAIDE DRIVE, Mount Laurel, NJ 08054
Freshly painted condo with an open layout, primary suite, balcony, and laundry room in a 55+ community.
Property Size928 SF
Days on Market27
Property Features for 4304-B ADELAIDE DRIVE
General Information
Standard status
Active
Size
928 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,296
Amenities
laundry room
balcony
Building Details
Building Size
928 SF
Year Built
1988
Listing Agency:
Real Broker, LLC
(609) 417-0261
Listed By:
Lina Siciliano · License #1752309
(609) 417-0261
Source:
Patmckennarealtors
Added: Jul 14
Changed: Aug 8
Last Checked: Aug 9 at 11:27AM
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 upper-level condominium at 4304-B Adelaide Drive offers an open floor plan with abundant natural light and neutral carpeting. The residence has been well maintained and freshly painted. Its layout includes a primary suite with a walk-in closet and direct access to the full bathroom, along with a separate laundry room and balcony. Built in 1988, the property is part of Renaissance Club, a 55+ community.
The location provides access to shopping, dining, healthcare, and major highways, including I-295, the NJ Turnpike, and Route 38. The combination of practical interior features, outdoor balcony space, and an active-adult community setting creates a straightforward residential income property offering.
The location provides access to shopping, dining, healthcare, and major highways, including I-295, the NJ Turnpike, and Route 38. The combination of practical interior features, outdoor balcony space, and an active-adult community setting creates a straightforward residential income property offering.
Key Highlights
- Upper‑level condo at 4304‑B Adelaide Drive
- Located in Renaissance Club, a 55+ community
- Open floor plan with abundant natural light
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
$12,155
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
5.55%
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%
$243,100
$243.1K
Cap Rate 7%
$173,643
$173.6K
Cap Rate 9%
$135,056
$135.1K
Market Conditions
NOI Build-Up for 928 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
$23.4K $25.20/SF
− Vacancy
−$1.3K −$1.39/SF
EGI
$22.1K $23.81/SF
− OpEx
−$9.9K −$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%
$243,100
Cap Rate 7%
$173,643
Cap Rate 9%
$135,056
Alternative Uses
Best Use
Apartment 5plus
$173.6K
$151.9K – $202.6K
NOI $12,155 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.94M
$1.70M – $2.26M
NOI $135,863 @ 7.0% cap · market cap 62.04%
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
712
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 - Freshly painted condo with an open layout, primary suite, balcony, and laundry room in a 55+ community.
Where is this residential income property located?
The property is located at 4304-B ADELAIDE DRIVE Mount Laurel, NJ.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Upper‑level condo at 4304‑B Adelaide Drive; Located in Renaissance Club, a 55+ community; Open floor plan with abundant natural light
