2624-2626 Federal St
11 Unit Apartment Building $1,000,000 ($90,909/Unit) 8.42% Cap Rate Camden, NJ 08105
INVESTMENT HIGHLIGHTS
- Newer Roof with 20 Years Remaining On Warranty
- Qualified Opportunity Zone
- Five Miles to Center City Philadelphia
- Updated Apartment Units
- Blocks to Public transit, Dining, Recreation, and Shopping
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present 2624-2626 Federal St, a mixed-use property in the Marlton submarket of Camden, New Jersey. The
property consists of nine one-bedroom apartments and two commercial spaces, one occupied by a convenience store and the other is soon to be an auto detailing office. The property is located just twenty-five minutes from Philadelphia International Airport and twenty minutes from Center City Philadelphia. The subject property is located just two miles from I-676, the direct route into Philadelphia, and two blocks away from the nearest public transit stop which runs to the Camden waterfront, surrounding suburbs, and Center City.
The subject property is comprised of approximately 8,400 square feet, of which approximately 1,530 square feet is dedicated to the commercial spaces. The current convenience store lease is set to expire June 30, 2031, and the office lease is to expire July 15, 2025. The apartment units were renovated in 2019 and are fully occupied, each of which measures approximately 650 square feet. The building's roof was replaced in 2019 with a twenty-five year warranty included in the sale.
The subject property's proximity to public transit and the city of Philadelphia make it affordable living option for young professionals travelling to and from the city on a daily basis. Though an affordable alternative to Philadelphia, this section of Federal St gives residents a similar "Main St" feel with plenty of retail and restaurant options within walking distance. The subject property also sits just a mile from both Farnham Park and Cramer Hill Waterfront Park, which are both waterfront parks open to the public.
property consists of nine one-bedroom apartments and two commercial spaces, one occupied by a convenience store and the other is soon to be an auto detailing office. The property is located just twenty-five minutes from Philadelphia International Airport and twenty minutes from Center City Philadelphia. The subject property is located just two miles from I-676, the direct route into Philadelphia, and two blocks away from the nearest public transit stop which runs to the Camden waterfront, surrounding suburbs, and Center City.
The subject property is comprised of approximately 8,400 square feet, of which approximately 1,530 square feet is dedicated to the commercial spaces. The current convenience store lease is set to expire June 30, 2031, and the office lease is to expire July 15, 2025. The apartment units were renovated in 2019 and are fully occupied, each of which measures approximately 650 square feet. The building's roof was replaced in 2019 with a twenty-five year warranty included in the sale.
The subject property's proximity to public transit and the city of Philadelphia make it affordable living option for young professionals travelling to and from the city on a daily basis. Though an affordable alternative to Philadelphia, this section of Federal St gives residents a similar "Main St" feel with plenty of retail and restaurant options within walking distance. The subject property also sits just a mile from both Farnham Park and Cramer Hill Waterfront Park, which are both waterfront parks open to the public.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS Under Contract
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 9 | $925.00 | 1,000 |
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Walk Score®
Very Walkable (80)
PROPERTY TAXES
| Parcel Number | 08-01168-0000-00018 | Improvements Assessment | $468,000 |
| Land Assessment | $72,000 | Total Assessment | $470,500 |
ZONING
| Zoning Code | Commercial (Commercial & Apartments) |
