Duplex with Renovated
For Sale
$370,000
223 N MAIN Street, Mullica Hill, NJ 08062
Multi-Family, MULLICA HILL, NJ
Property Size2,064 SF
Lot Size0.27 Acres
Price / SF$179.26
Days on Market47
Property Features for 223 N MAIN Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
7
Parking features
Driveway
Appliances
Oven/Range - Gas, Microwave, Refrigerator
Elementary school district
CLEARVIEW REGIONAL SCHOOLS
Middle school district
CLEARVIEW REGIONAL SCHOOLS
High school district
CLEARVIEW REGIONAL SCHOOLS
Standard status
Active
Size
2,064 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Annual Amount
5178
Utilities
Heating system
Forced Air
Building Details
Year built
1910
Number of units
1
Building materials
Frame
Listing Agency:
Keller Williams - Main Street
(856) 858-2200
Listed By:
Austin Nicholas Wuest · License #2559604
(856) 547-5678
Added: Jul 27
Changed: Sep 2
Last Checked: Sep 11 at 1:06PM
MLS# NJGL2076380
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,064-square-foot duplex contains two side-by-side residences, each configured with three bedrooms and one bathroom. One unit is occupied under a month-to-month lease, while the other is vacant following cosmetic renovation. The property was built in 1910 with frame construction, forced-air heating, and a driveway for parking. Appliances include a gas oven/range, microwave, and refrigerator.
The property occupies 0.27 acres at 223 N MAIN Street in Mullica Hill, Gloucester County, New Jersey. Its two-unit layout supports separate residential occupancy within a single multifamily property, with one unit available for immediate use or leasing and the other currently occupied.
The property occupies 0.27 acres at 223 N MAIN Street in Mullica Hill, Gloucester County, New Jersey. Its two-unit layout supports separate residential occupancy within a single multifamily property, with one unit available for immediate use or leasing and the other currently occupied.
Key Highlights
- Two side‑by‑side units, each with 3 bedrooms and 1 bathroom
- 2,064 square feet on a 0.27‑acre lot
- One unit occupied on a month‑to‑month lease
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
$27,119
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
7.33%
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%
$542,380
$542.4K
Cap Rate 7%
$387,414
$387.4K
Cap Rate 9%
$301,322
$301.3K
Market Conditions
NOI Build-Up for 2,064 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
$40.9K $19.80/SF
− Vacancy
−$2.1K −$1.03/SF
EGI
$38.7K $18.77/SF
− OpEx
−$11.6K −$5.63/SF
NOI
$27.1K $13.14/SF
Area
Gloucester County, NJ
Vacancy
5.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$542,380
Cap Rate 7%
$387,414
Cap Rate 9%
$301,322
Alternative Uses
Best Use
Multifamily LT 5
$387.4K
$339.0K – $452.0K
NOI $27,119 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$344.6K
$301.6K – $402.1K
NOI $24,125 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$693.8K
$607.1K – $809.4K
NOI $48,565 @ 7.0% cap · market cap 13.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
Explore this area
Business Placement
Demographics for 08062, NJ
17,446
Population
5,796
Households
3
Avg Household Size
40
Median Age
54%
College-Educated
95%
High-School Grad
32.2 sq mi
ZIP Area
542
Density / Sq Mi
$159,386
Median Household Income
$74,254
Median Earnings
$1,097
Median Rent
$468,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - One residence is leased month-to-month while the second is vacant after cosmetic renovation.
Where is this duplex located?
The property is located at 223 N MAIN Street Mullica Hill, NJ.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Two side‑by‑side units, each with 3 bedrooms and 1 bathroom; 2,064 square feet on a 0.27‑acre lot; One unit occupied on a month‑to‑month lease
