Two-Bedroom Residential Income
New
For Sale
$274,900
6031 MAIN, Voorhees, NJ 08043
A third-floor residence includes a gas fireplace, patio access, and a kitchen with granite counters and stainless steel appliances.
Property Size1,615 SF
Price / SF$170.22
Days on Market5
Property Features for 6031 MAIN
General Information
Standard status
Active
Size
1,615 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$6,041
Building Details
Building Size
1,615 SF
Year Built
2000
Listing Agency:
EXP Realty, LLC
Listed By:
Robert S Grace · License #9693078
(856) 983-0704
Source:
Patmckennarealtors
Added: Sep 21
Changed: Sep 25
Last Checked: Sep 24 at 2:08PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bathroom condominium offers 1,615 square feet on the third floor of a building constructed in 2000. The kitchen includes granite countertops, stainless steel appliances, a wine refrigerator, and a pantry. In the living room, a gas fireplace is finished with handmade tile, and double sliding doors open to the back patio.
The primary bedroom has a walk-in closet and an en-suite bathroom with a jacuzzi tub, tiled walk-in shower, and double sink. The second bedroom has access to the hall bathroom. A stackable washer and dryer are located in the laundry room. The property is at 6031 Main in Voorhees, New Jersey.
The primary bedroom has a walk-in closet and an en-suite bathroom with a jacuzzi tub, tiled walk-in shower, and double sink. The second bedroom has access to the hall bathroom. A stackable washer and dryer are located in the laundry room. The property is at 6031 Main in Voorhees, New Jersey.
Key Highlights
- 2 bedrooms and 2 bathrooms
- 1,615 square feet on the third floor
- Built in 2000
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
$16,401
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
5.97%
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%
$328,020
$328.0K
Cap Rate 7%
$234,300
$234.3K
Cap Rate 9%
$182,233
$182.2K
Market Conditions
NOI Build-Up for 1,615 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
$31.6K $19.56/SF
− Vacancy
−$1.8K −$1.10/SF
EGI
$29.8K $18.46/SF
− OpEx
−$13.4K −$8.31/SF
NOI
$16.4K $10.16/SF
Area
Camden County, NJ
Vacancy
5.60%
Lease Rate
$19.56 /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%
$328,020
Cap Rate 7%
$234,300
Cap Rate 9%
$182,233
Alternative Uses
Best Use
Apartment 5plus
$234.3K
$205.0K – $273.4K
NOI $16,401 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$409.5K
$358.3K – $477.7K
NOI $28,664 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
193
Businesses Nearby
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Business Placement
Demographics for 08043, NJ
31,069
Population
12,688
Households
2.4
Avg Household Size
43
Median Age
60%
College-Educated
96%
High-School Grad
11.5 sq mi
ZIP Area
2,702
Density / Sq Mi
$112,606
Median Household Income
$65,078
Median Earnings
$1,718
Median Rent
$390,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - A third-floor residence includes a gas fireplace, patio access, and a kitchen with granite counters and stainless steel appliances.
Where is this residential income property located?
The property is located at 6031 MAIN Voorhees, NJ.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: 2 bedrooms and 2 bathrooms; 1,615 square feet on the third floor; Built in 2000
