Corner Residential Income
New
For Sale
$249,900
630 COVINGTON COURT, Sewell, NJ 08080
Updated second-floor condo with remodeled baths, new kitchen appliances, private balcony, and assigned parking.
Property Size1,086 SF
Days on Market5
Property Features for 630 COVINGTON COURT
General Information
Standard status
Active
Size
1,086 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
tennis courts
balcony
lawn care
snow removal
Building Details
Building Size
1,086 SF
Year Built
1989
Listing Agency:
Keller Williams Realty - Moorestown
Listed By:
Mary E. Ghaly
(856) 316-1100
Source:
Patciervo.kw
Added: Sep 4
Changed: Sep 6
Last Checked: Sep 8 at 3:27AM
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 Keller Williams Realty - Moorestown
Investment Insights
Based on property information with market context.
This corner condo is configured as a second-floor residence with two bedrooms, two full bathrooms, a living room with a high ceiling, dining area, eat-in kitchen, laundry room, and multiple closets. Recent improvements include fresh interior paint, new kitchen appliances, waterproof flooring in the kitchen and bathrooms, updated carpet, new bathroom fixtures, and a full-size washer and dryer. The kitchen includes a gas range, dishwasher, and disposal, while the main bedroom has a walk-in closet and private bathroom.
A sliding glass door opens to a private balcony overlooking lawn area. The unit includes one assigned parking space along with additional free parking. Community features include tennis courts, lawn care, and snow removal. Built in 1989, the property has a documented rental history and is available for immediate occupancy.
A sliding glass door opens to a private balcony overlooking lawn area. The unit includes one assigned parking space along with additional free parking. Community features include tennis courts, lawn care, and snow removal. Built in 1989, the property has a documented rental history and is available for immediate occupancy.
Key Highlights
- Corner condo with two bedrooms and two full bathrooms
- Updated kitchen with stainless steel appliances, gas range, dishwasher, and disposal
- Remodeled bathrooms with waterproof flooring, new toilets, and new vanities
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
$12,694
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
5.08%
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%
$253,880
$253.9K
Cap Rate 7%
$181,343
$181.3K
Cap Rate 9%
$141,044
$141.0K
Market Conditions
NOI Build-Up for 1,086 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
$24.5K $22.56/SF
− Vacancy
−$1.4K −$1.31/SF
EGI
$23.1K $21.25/SF
− OpEx
−$10.4K −$9.56/SF
NOI
$12.7K $11.69/SF
Area
Gloucester County, NJ
Vacancy
5.80%
Lease Rate
$22.56 /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%
$253,880
Cap Rate 7%
$181,343
Cap Rate 9%
$141,044
Alternative Uses
Best Use
Apartment 5plus
$181.3K
$158.7K – $211.6K
NOI $12,694 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$365.0K
$319.4K – $425.9K
NOI $25,553 @ 7.0% cap · market cap 10.23%
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
85
Businesses Nearby
Explore this area
Business Placement
Demographics for 08080, NJ
37,942
Population
14,746
Households
2.6
Avg Household Size
43
Median Age
44%
College-Educated
96%
High-School Grad
29.2 sq mi
ZIP Area
1,299
Density / Sq Mi
$119,919
Median Household Income
$61,474
Median Earnings
$1,674
Median Rent
$330,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated second-floor condo with remodeled baths, new kitchen appliances, private balcony, and assigned parking.
Where is this residential income property located?
The property is located at 630 COVINGTON COURT Sewell, NJ.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Corner condo with two bedrooms and two full bathrooms; Updated kitchen with stainless steel appliances, gas range, dishwasher, and disposal; Remodeled bathrooms with waterproof flooring, new toilets, and new vanities
