Two-Bedroom Condo with
For Sale
$359,000
7381 ELM COURT, Monmouth Junction, NJ 08852
Single-level condo features a wood-burning fireplace, updated kitchen, and an outdoor patio with access to community grounds.
Property Size1,000 SF
Price / SF$359
Days on Market29
Property Features for 7381 ELM COURT
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Apartment
Amenities
wood burning fireplace
in-ground pool
gym with saunas and jacuzzi
clubhouse
tennis courts
playgrounds
Building Details
Year Built
1990
Listing Agency:
Weichert Realtors - Princeton
(732) 403-6385
Listed By:
Harry J Fini Jr. · License #452141
(732) 403-6385
Source:
Cummingsrealtors
Added: Jul 13
Changed: Aug 9
Last Checked: Aug 9 at 5:07AM
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 - Princeton
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath single-level condo includes a bright living area with a wood-burning fireplace, a spacious dining area, and a newly updated kitchen with new cabinets, marble countertops, and new appliances. The primary bedroom features an ensuite full bathroom, and the second bedroom is served by an additional guest bathroom accessible to visitors and overnight guests. From the dining area, step out to an outdoor patio with easy access to the outdoor grounds and a full-sized barbecue grill.
Set within the Whispering Woods community, the property includes exterior and common area maintenance, along with services such as snow removal and trash pickup. Residents also have access to community amenities including an in-ground pool, a gym with saunas and jacuzzi, a clubhouse, two outdoor tennis courts, and two playgrounds, plus plenty of parking for owners and guests.
The condo is located in Monmouth Junction with convenient access to everyday shopping, dining, and major commuter routes.
Set within the Whispering Woods community, the property includes exterior and common area maintenance, along with services such as snow removal and trash pickup. Residents also have access to community amenities including an in-ground pool, a gym with saunas and jacuzzi, a clubhouse, two outdoor tennis courts, and two playgrounds, plus plenty of parking for owners and guests.
The condo is located in Monmouth Junction with convenient access to everyday shopping, dining, and major commuter routes.
Key Highlights
- 1990‑built, single‑level 2‑bedroom, 2‑bath condo with approx. 1,050 SF
- Bright living area with a wood‑burning fireplace plus separate dining space
- Newly updated kitchen with new cabinets, marble countertops, and new appliances
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
$15,378
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
4.28%
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%
$307,560
$307.6K
Cap Rate 7%
$219,686
$219.7K
Cap Rate 9%
$170,867
$170.9K
Market Conditions
NOI Build-Up for 1,000 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
$30.0K $30.00/SF
− Vacancy
−$2.0K −$2.04/SF
EGI
$28.0K $27.96/SF
− OpEx
−$12.6K −$12.58/SF
NOI
$15.4K $15.38/SF
Area
Middlesex 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%
$307,560
Cap Rate 7%
$219,686
Cap Rate 9%
$170,867
Alternative Uses
Best Use
Apartment 5plus
$219.7K
$192.2K – $256.3K
NOI $15,378 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$261.1K
$228.5K – $304.6K
NOI $18,278 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
Explore this area
Business Placement
Demographics for 08852, NJ
18,956
Population
6,721
Households
2.8
Avg Household Size
39
Median Age
65%
College-Educated
94%
High-School Grad
13.3 sq mi
ZIP Area
1,425
Density / Sq Mi
$121,771
Median Household Income
$72,679
Median Earnings
$1,897
Median Rent
$489,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Single-level condo features a wood-burning fireplace, updated kitchen, and an outdoor patio with access to community grounds.
Where is this residential income property located?
The property is located at 7381 ELM COURT Monmouth Junction, NJ.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: 1990‑built, single‑level 2‑bedroom, 2‑bath condo with approx. 1,050 SF; Bright living area with a wood‑burning fireplace plus separate dining space; Newly updated kitchen with new cabinets, marble countertops, and new appliances
