Building Details

Building Size 1,141 SF

Year Built 1989

Listing Agency: The Plum Real Estate Group, LLC

Listed By: George L Plum · License #0903493 Show Phone

Source: Patmckennarealtors

Added: Sep 9 Changed: Sep 11 Last Checked: Sep 11 at 2:45PM

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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 The Plum Real Estate Group, LLC

Investment Insights

Based on property information with market context.

This first-floor residential income property is a two-bedroom, two-bath condominium in the Steeplechase community of Deptford Township. The open living arrangement includes a sliding glass door, wood-burning fireplace, and newly installed flooring throughout. Walls have been freshly painted in bright, neutral tones, while both bathrooms feature updated ceramic tile flooring. The primary bedroom includes a private full bathroom, and the second bedroom offers generous closet storage.

Heating and air conditioning were replaced in 2025. The property was built in 1989 and provides access to Route 42, Route 55, I-295, and the Atlantic City Expressway, connecting the area with shore destinations and Center City Philadelphia.

Key Highlights

• First‑floor two‑bedroom condominium
• Two full bathrooms, including a private bath in the primary bedroom
• New flooring throughout and freshly painted interior

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

$13,336

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

5.23%

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%

$266,720 $266.7K

Cap Rate 7%

$190,514 $190.5K

Cap Rate 9%

$148,178 $148.2K

Market Conditions

NOI Build-Up for 1,141 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

$25.7K $22.56/SF

− Vacancy

−$1.5K −$1.31/SF

EGI

$24.2K $21.25/SF

− OpEx

−$10.9K −$9.56/SF

NOI

$13.3K $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%

$266,720

Cap Rate 7%

$190,514

Cap Rate 9%

$148,178

Alternative Uses

Best Use

Apartment 5plus

$190.5K

$166.7K – $222.3K (±1% cap)

NOI $13,336 @ 7.0% cap · market cap 5.23%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$383.5K

$335.6K – $447.5K (±1% cap)

NOI $26,847 @ 7.0% cap · market cap 10.53%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Residential income properties

Suggested Use

Top Pick Law Firm Real Estate Agency Food Market Cafe & Coffee Shop Grocery & Convenience Store Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

109

Businesses Nearby

Explore this area Business Placement

Demographics for 08096, NJ

36,355

Population

15,013

Households

2.4

Avg Household Size

41

Median Age

30%

College-Educated

92%

High-School Grad

13.9 sq mi

ZIP Area

2,615

Density / Sq Mi

$89,483

Median Household Income

$49,480

Median Earnings

$1,446

Median Rent

$248,400

Median Home Value

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Residential income property - First-floor condominium with two full bathrooms, updated finishes, and a wood-burning fireplace.

Where is this residential income property located?

The property is located at 655 STEEPLECHASE COURT Deptford, NJ.

What is the asking price?

The asking price for this property is $255,000.

What are key features of this property?

This property features: First‑floor two‑bedroom condominium; Two full bathrooms, including a private bath in the primary bedroom; New flooring throughout and freshly painted interior