Two-Family Residential Income
438 W 3RD Street Florence, NJ 08518
For Sale
$325,000
MULTI_FAMILY - Bungalow, Cape Cod - FLORENCE, NJ
Property Size1,350 SF
Lot Size0.11 Acres
Price / SF$240.74
Days on Market99
Property Features for 438 W 3RD Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Rooms
- Basement
- Parking
- 4
- Parking features
- Driveway, Garage - Detached, Alley, Paved or Surfaced
- Interior features
- 2nd Kitchen
- Standard status
- Active
- Size
- 1,350 SF
- Lot size
- 0.11 Acres
Taxes and HOA fees
- Tax Annual Amount
- 5375
Utilities
- Heating system
- Other (Heating)
- Cooling system
- Window Unit(s)
Building Details
- Year built
- 1934
- Number of units
- 2
- Building materials
- Asbestos
- Architectural style
- Bungalow, Cape Cod
Listing Agency:
RE/MAX at Home
(609) 784-8021
Listed By:
Valerie Archer Belardo · License #8732047
(609) 377-6640
Added: Apr 19
Changed: Jul 18
Last Checked: Jul 26 at 3:06AM
MLS# NJBL2110026
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 two-family duplex offers two separate living areas within a bungalow-style layout. The first floor includes two bedrooms and one bathroom. The second floor provides one bedroom and one bathroom, and the upper unit has its own private entrance.
The property also features a fully fenced yard. Detached garages are located at the rear of the property and accessible via an alley.
Set up as an owner-occupant and rental configuration, the home is positioned for flexible use between the two units while maintaining separate access to the upper-level studio apartment.
The property also features a fully fenced yard. Detached garages are located at the rear of the property and accessible via an alley.
Set up as an owner-occupant and rental configuration, the home is positioned for flexible use between the two units while maintaining separate access to the upper-level studio apartment.
Key Highlights
- Two‑family property built in 1934 with bungalow/Cape Cod architectural style
- Lower unit: 2 bedrooms, 1 bath
- Upper unit: 1 bedroom, 1 bath, plus a studio apartment with its own private entrance
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.2k | $21.60 |
| − Vacancy | −$1.5k | −$1.13 |
| EGI | $27.6k | $20.47 |
| − OpEx | −$8.3k | −$6.14 |
| NOI | $19.3k | $14.33 |
1,350 SF · lease $21.60/SF/yr · vacancy 5.22% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$276.4K
$241.8K – $322.4K
NOI $19,346 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$252.6K
$221.0K – $294.7K
NOI $17,682 @ 7.0% cap · market cap 5.44%
Theoretical Best
Warehouse
$2.82M
$2.47M – $3.29M
NOI $197,645 @ 7.0% cap · market cap 60.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Two-family home with lower 2-bedroom/1-bath unit and upper 1-bedroom/1-bath unit, plus detached rear garages.
Where is this duplex located?
The property is located at 438 W 3RD Street Florence, NJ.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑family property built in 1934 with bungalow/Cape Cod architectural style; Lower unit: 2 bedrooms, 1 bath; Upper unit: 1 bedroom, 1 bath, plus a studio apartment with its own private entrance
