Updated Residential Income
New
For Sale
$240,000
504 CHESTNUT STREET Unit 504, Cherry Hill, NJ 08002
Two-bedroom condominium with renovated interiors, private balcony, and shared fitness and pool amenities.
Property Size1,081 SF
Days on Market5
Property Features for 504 CHESTNUT STREET Unit 504
General Information
Standard status
Active
Size
1,081 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,941
Amenities
laundry facility
fitness room
sitting area
in-ground pool
private balcony
Building Details
Building Size
1,081 SF
Year Built
1965
Listing Agency:
Weichert Realtors-Medford
Listed By:
Daxa Parmar · License #2560545
(856) 357-6933
Source:
Patmckennarealtors
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 2 at 9:22PM
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 Weichert Realtors-Medford
Investment Insights
Based on property information with market context.
This residential income condominium at 504 Chestnut Street in Cherry Hill, New Jersey, was built in 1965 and has been updated for contemporary use. The two-bedroom, two-bath residence includes wood flooring across the primary living areas, a refreshed kitchen with custom tile details, and renovated bathrooms. Sliding glass doors connect the living space to a private balcony, while replacement windows installed in 2023 add to the property’s recent improvements.
Shared building amenities include a laundry facility, fitness room, sitting area, and in-ground pool. The building entry has also been recently updated, creating a refreshed arrival experience for residents and guests.
Shared building amenities include a laundry facility, fitness room, sitting area, and in-ground pool. The building entry has also been recently updated, creating a refreshed arrival experience for residents and guests.
Key Highlights
- Two‑bedroom, two‑bath condominium at 504 Chestnut Street, Unit 504
- Private balcony accessed through sliding glass doors
- Updated kitchen with custom tile work and renovated bathrooms
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
$16,624
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
6.93%
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%
$332,480
$332.5K
Cap Rate 7%
$237,486
$237.5K
Cap Rate 9%
$184,711
$184.7K
Market Conditions
NOI Build-Up for 1,081 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
$32.4K $30.00/SF
− Vacancy
−$2.2K −$2.04/SF
EGI
$30.2K $27.96/SF
− OpEx
−$13.6K −$12.58/SF
NOI
$16.6K $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%
$332,480
Cap Rate 7%
$237,486
Cap Rate 9%
$184,711
Alternative Uses
Best Use
Apartment 5plus
$237.5K
$207.8K – $277.1K
NOI $16,624 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$282.3K
$247.0K – $329.3K
NOI $19,759 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,300
Businesses Nearby
Explore this area
Business Placement
Demographics for 08002, NJ
23,920
Population
9,967
Households
2.4
Avg Household Size
41
Median Age
46%
College-Educated
92%
High-School Grad
7.2 sq mi
ZIP Area
3,322
Density / Sq Mi
$105,523
Median Household Income
$56,963
Median Earnings
$1,895
Median Rent
$301,200
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 renovated interiors, private balcony, and shared fitness and pool amenities.
Where is this residential income property located?
The property is located at 504 CHESTNUT STREET Unit 504 Cherry Hill, NJ.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium at 504 Chestnut Street, Unit 504; Private balcony accessed through sliding glass doors; Updated kitchen with custom tile work and renovated bathrooms
