279 S Black Horse Pike - Apartments FOR SALE


Mount Ephraim, NJ 08059
$7,500,000 USD
215-454-2879
279 S Black Horse Pike, Mount Ephraim, NJ for Sale
$7,500,000 USD
Apartments - FOR SALE
1/9
null | 6.3% Cap Rate

279 S Black Horse Pike
Mount Ephraim, NJ 08059


HIGHLIGHTS

  • Strong In-Place Cash Flow & Historical Occupancy: Stabilized Asset Remaining 99% Occupied
  • Immediate Rental Upside with Value-Add Opportunity: ±10% Upside with No Work Needed; +20% Upside with In-Unit Renovations
  • Recent Capital Improvements: New Roof Sealing, Pointing, Mailboxes, and Lighting Installed within the Last 12 Months
  • Secure Access & Ample Parking: Intercom System, Security Cameras, and Resident Off-Street Parking
  • Pride of Ownership: Well-Maintained Property; Long-Term Family Ownership; First Time Property is Being Offered for Sale Since 2010

OVERVIEW

Willow Glen Apartments is a 68-unit, two-building multifamily community located in Mt. Ephraim, New Jersey. Situated along South Black Horse Pike (Route 168), this stabilized asset, currently operating at 99% occupancy, offers investors immediate in-place cash flow combined with a clear value-add story within desirable Camden County. Capital Improvements: Willow Glen consists of two identical 34-unit garden-style buildings, recently enhanced by significant capital expenditures, including a newly-sealed roof on building B, exterior LEED and solar lighting upgrades (Summer 2025), and the façade of building A. The Property benefits from a strong unit mix primarily composed of 65 one-bedroom units (520 SF and 650 SF) and 3 large 850 SF two-bedroom units. Recent Upgrades: Ownership has completed interior upgrades upon turnover, ensuring units feature desirable finishes such as new vinyl plank flooring, new carpets, fresh paint, and updated appliances (new range/oven and fridge). This recent work minimizes immediate capital outlay for a new owner while providing a solid foundation to push rents to market levels. Value-Add Opportunity: The average in-place rent of $1,005 trails market rent of $1,109, representing an opportunity to immediately increase rents by ±10% without any renovation. Furthermore, comparable properties nearby achieve rents of up to $1,675 for the largest units, suggesting a definitive path for a renovation program. The new owner can capture exceptional rent premiums ranging from 20% to 35% by executing a full upgrade scope to match the highest-tier market finishes. Access to Major Highways & Area Employers: Strategically located just 8 miles from Center City Philadelphia, Willow Glen provides residents with a short commute via major area highways (I-295 and Route 42). The Property is central to downtown Philadelphia and South Jersey’s largest employment hubs, including major hospitals (Virtua Health, Cooper Health, Jefferson Health) and corporate campuses (TD Bank, Lockheed Martin), ensuring sustained rental demand from a wide pool of professionals. Operations are efficient, utilizing “Propertyware” software and supported by dedicated on-site management and maintenance staff. A valuable component of the Property is a long-term, low-cost lease for an adjacent field, ensuring ample parking for all residents. Willow Glen Apartments presents an exceptional opportunity to acquire a high-occupancy, well-kept apartment community with proven income and substantial rental upside.

FOR SALE DETAILS

PRICE

$7,500,000 USD

PRICE/SF

$187 USD /SF

# OF UNITS

68

PRICE/UNIT

$110,294

CAP RATE

6.3%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Willow Glen Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1965

PARKING SPACES

70

LAND DETAILS

LAND ACRES

0.76 AC

LAND SF

33,302 SF

ZONING

Commercial

APN/PARCEL ID

25-00116-0000-00012-01

ASK ABOUT THIS PROPERTY

215-454-2879

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

215-454-2879

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.