Building Details

Year built 1966

Number of units 4

Building materials Frame

Architectural style Ranch, Colonial

Listing Agency: Keller Williams Real Estate-Langhorne · Keller Williams Realty d***@kw.com Show Phone

Listed By: Lukasz Boczniewicz · License #1973582 Show Phone

Added: Sep 19, 2025 Changed: Sep 2 Last Checked: Sep 11 at 11:06AM

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MLS# NJBL2096332

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 6,000-square-foot multifamily property comprises nine occupied units across a five-building configuration on 4.33 acres. The unit mix includes two studios, four one-bedroom units, two two-bedroom units, and one three-bedroom main house. Seven units have been renovated, and a new septic system was installed in 2021. Property features include frame construction, baseboard and forced-air heating, central air, window units, driveway parking, and a fireplace. Built in 1966, the buildings include ranch and colonial architectural elements.

A separate sixth building remains in shell condition, with water, gas, and electric service run to the structure. It is not connected to the new septic system and is offered as-is, with any future use subject to independent township, parking, and septic approvals. The property is located at 424 Trenton Road in Browns Mills, Burlington County, New Jersey.

Key Highlights

• Nine units with a mix of two studios, four 1‑bedroom units, two 2‑bedroom units, and one 3‑bedroom main house
• 100% occupied with a 7.38% Cap Rate on actuals
• 6,000 square feet on 4.33 acres

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

$78,586

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

7.14%

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%

$1,571,720 $1.6M

Cap Rate 7%

$1,122,657 $1.1M

Cap Rate 9%

$873,178 $873.2K

Market Conditions

NOI Build-Up for 6,000 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

$151.2K $25.20/SF

− Vacancy

−$8.3K −$1.39/SF

EGI

$142.9K $23.81/SF

− OpEx

−$64.3K −$10.72/SF

NOI

$78.6K $13.10/SF

Area

Burlington County, NJ

Vacancy

5.50%

Lease Rate

$25.20 /SF/Yr

Expense Ratio

45.00%

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%

$1,571,720

Cap Rate 7%

$1,122,657

Cap Rate 9%

$873,178

Alternative Uses

Best Use

Apartment 5plus

$1.12M

$982.3K – $1.31M (±1% cap)

NOI $78,586 @ 7.0% cap · market cap 7.14%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$12.55M

$10.98M – $14.64M (±1% cap)

NOI $878,422 @ 7.0% cap · market cap 79.86%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

1031 exchange properties

Suggested Use

Top Pick Real Estate Agency Building Supply Restaurant Law Firm Big Box & Wholesale Store Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

9

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

60

Businesses Nearby

Explore this area Business Placement

Demographics for 08015, NJ

19,691

Population

7,864

Households

2.5

Avg Household Size

40

Median Age

19%

College-Educated

87%

High-School Grad

56.2 sq mi

ZIP Area

350

Density / Sq Mi

$78,926

Median Household Income

$42,483

Median Earnings

$1,190

Median Rent

$215,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Five-building layout offers a residential-scale configuration with varied unit sizes.

Where is this apartment building located?

The property is located at 424 TRENTON Road Browns Mills, NJ.

What is the asking price?

The asking price for this property is $1,100,000.

What are key features of this property?

This property features: Nine units with a mix of two studios, four 1‑bedroom units, two 2‑bedroom units, and one 3‑bedroom main house; 100% occupied with a 7.38% Cap Rate on actuals; 6,000 square feet on 4.33 acres