Residential Income Property with Updated
For Sale
$215,000
Pending
509 WOODCHIP ROAD, Lumberton, NJ 08048
The two-bedroom, two-bath condo offers refreshed finishes and an upgraded outdoor deck.
Property Size1,001 SF
Days on Market19
Property Features for 509 WOODCHIP ROAD
General Information
Standard status
Pending
Size
1,001 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,279
Building Details
Building Size
1,001 SF
Year Built
1988
Listing Agency:
Better Homes and Gardens Real Estate Realty Connect
Listed By:
Jenny Albaz · License #9909199
(856) 371-3996
Source:
Patmckennarealtors
Added: Oct 6
Changed: Oct 21
Last Checked: Oct 23 at 3:13PM
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 Better Homes and Gardens Real Estate Realty Connect
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Investment Insights
Based on property information with market context.
This 1988 residential income property is a two-bedroom, two-bath condominium with approximately 1,001 square feet. Interior work includes new flooring, fresh paint, kitchen cabinets, granite countertops and a stove. Both bathrooms have new vanity cabinets and countertops. Vinyl has been installed on the steps, and the deck features Trex decking and railing. The water heater is approximately 2–3 years old, and the HVAC system is approximately 10 years old.
The property is in the Evergreen Condos community in Lumberton, near Route 38, shopping, dining and commuter routes.
The property is in the Evergreen Condos community in Lumberton, near Route 38, shopping, dining and commuter routes.
Key Highlights
- Two‑bedroom, two‑bath condo with approximately 1,001 square feet
- Kitchen has new cabinets, granite countertops and a new stove
- Updated bathroom vanity cabinets and countertops in both bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,111
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
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
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 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 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.09M
$1.83M – $2.44M
NOI $146,550 @ 7.0% cap · market cap 68.16%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
381
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
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Frequently Asked Questions
What type of property is this?
Residential income property - The two-bedroom, two-bath condo offers refreshed finishes and an upgraded outdoor deck.
Where is this residential income property located?
The property is located at 509 WOODCHIP ROAD Lumberton, NJ.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condo with approximately 1,001 square feet; Kitchen has new cabinets, granite countertops and a new stove; Updated bathroom vanity cabinets and countertops in both bathrooms
