17 East 17 E Maple Ave 18 Unit Apartment Building $3,100,000 ($172,222/Unit) 6.20% Cap Rate Merchantville, NJ 08109

17 East Maple is a well-maintained 18-unit multifamily community located in the heart of Merchantville, New Jersey. This charming, walkable borough is uniquely situated "Halfway to Everywhere," offering immediate proximity to Cherry Hill, Pennsauken, and downtown Philadelphia via nearby NJ Transit routes and major highways.
Constructed in 1970, 17 East Maple is a garden-style community characterized by its brick exterior, pitched roofs, and private entrances. All units are separately metered and are large one-bedroom units, approximately 700 square feet. The property boasts excellent visibility along East Maple Avenue, one of the borough’s primary corridors. It sits within the desirable Wellwood residential neighborhood, just steps from Merchantville’s boutique downtown shops, cafés, and weekend markets.
The property is currently 100% occupied, with existing tenants paying an average in-place rent of $1,411, well below the market-supported pro forma rent of $1,595. This discrepancy creates a compelling 13% mark-to-market rent growth opportunity. Notably, rents at 17 East are the lowest among comparable product in Merchantville, despite the units being among the largest one-bedrooms in the submarket.
The Property features new energy-efficient vinyl windows, modernized kitchens, updated lighting, fresh landscaping, new signage, and a high-efficiency boiler with a central hot water system. As a result, the Property requires no immediate capital investment, allowing a new owner to focus on strategic interior upgrades such as vinyl plank flooring, bathroom renovations, and adding in-unit washers/dryers. This presents a solid value add opportunity for investors seeking stable cash flow with upside and minimal work needed to the units in order to chase 10% - 15% upside in rents.
Tenants benefit from seamless access to retail, employment, and entertainment, including the Cherry Hill Mall (3 miles), Route 130, Route 38, and the Ben Franklin Bridge - all under four miles from the Property. A bus stop at the front door connects directly to Philadelphia, Cherry Hill, and Moorestown, adding to the Property's strong location fundamentals.
17 East Maple presents a rare chance to acquire a fully occupied, well-positioned asset with proven income, significant rent growth potential, and no deferred maintenance, offering investors both immediate yield and long-term value creation in one of Camden County’s most desirable communities.