Castle Apartments 232 Cooper St 27 Unit Apartment Building $5,304,496 CAD ($196,463 CAD/Unit) 6.70% Cap Rate Camden, NJ 08102

Castle Apartments is a 27-unit, 41-bedroom multifamily property at 232 Cooper Street in Camden, New Jersey. This historic building, with its notable charm and spacious units, offers investors a core asset with immediate in-place cash flow and a clear value-add story in the revitalizing Camden Waterfront area.
The Property's diverse unit mix is a significant draw, featuring studios (11%), one-bedroom (59%), two-bedroom (11%), three-bedroom (15%), and four-bedroom (4%) units, ensuring sustained rental demand from a wide pool of residents, whether they be students or young professionals. The asset is well-suited for investors looking to capitalize on rental upside, as it is poised for improvement and offers an exceptional opportunity to capture rent premiums and utility reimbursements.
Currently, the asset is operating at 85% occupancy, with an average in-place rent of $1,314. The 2026 Pro Forma forecasts a Net Operating Income (NOI) of $260,672, based on a stabilized vacancy assumption of 5%. This stabilization represents a major opportunity for a new owner to quickly lease the four vacant units and push the asset to its highest potential net operating income. By executing a targeted renovation program, a new owner can capture a definitive path to increased cash flow, as the existing rents trail market rates for fully upgraded historic units in this area.
Castle Apartments benefits from efficient operations and strong infrastructure. The mechanical systems include a single gas-fired hot water heater (replaced in 2025). Heating is provided by electric baseboards, and cooling is handled by window units. Utilities are efficient for ownership, as units are individually metered, with residents responsible for both electric and gas. This structure minimizes ownership's exposure to volatile utility costs. Ownership pays for water/sewer, which is something a new owner could start to bill back for. The Property provides tenants with desirable on-site amenities, including shared laundry and outdoor space.
The Property's location on Cooper Street in Camden is strategically positioned within a local market experiencing significant revitalization and investment, providing long-term rental demand from young professionals and students attending the Rutgers University, Rowan University, and Cooper Medical School of Rowan University. The historical significance of the building adds a unique layer of appeal often missing in newer construction.
Castle Apartments presents an exceptional opportunity to acquire an apartment community with both proven income and substantial upside potential in a growing Camden market, all within a building that offers a unique and appealing historic aesthetic.