Duplex With Detached
For Sale
$325,000
438 W 3RD Street, Florence, NJ 08518
Multi-Family, FLORENCE, NJ
Property Size1,350 SF
Lot Size0.11 Acres
Price / SF$240.74
Days on Market145
Property Features for 438 W 3RD Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
4
Parking features
Paved or Surfaced, Alley, Garage - Detached, Driveway
Interior features
2nd Kitchen
Elementary school
ROEB/DUFFY
Middle school
FLORENCE TWP. M.S.
High school
FLORENCE TWP. MEM. H.S.
Elementary school district
FLORENCE TOWNSHIP PUBLIC SCHOOLS
Middle school district
FLORENCE TOWNSHIP PUBLIC SCHOOLS
High school district
FLORENCE TOWNSHIP PUBLIC SCHOOLS
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)
Amenities
fenced yard
private entrance
detached garage
Building Details
Year built
1934
Number of units
2
Building materials
Asbestos
Architectural style
Bungalow, Cape Cod
Listing Agency:
RE/MAX at Home · RE/MAX International
(609) 784-8021
Listed By:
Valerie Archer Belardo · License #8732047
(609) 377-6640
Added: Apr 19
Changed: Sep 7
Last Checked: Sep 10 at 1:06AM
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 1,350-square-foot duplex, built in 1934, is arranged as a two-family residence with a first-floor unit and a separate upper-level apartment entrance. Interior features include a second kitchen, while window-unit cooling and other heating serve the property. The home has bungalow and Cape Cod architectural elements and includes a basement.
Set on 0.1147 acres at 438 W 3RD Street in Florence, New Jersey, the property has a fully fenced yard and detached garages at the rear. Parking and access features include a paved driveway and alley access. The two-family layout provides flexibility for an owner-occupant or an investor seeking a residential income property.
Set on 0.1147 acres at 438 W 3RD Street in Florence, New Jersey, the property has a fully fenced yard and detached garages at the rear. Parking and access features include a paved driveway and alley access. The two-family layout provides flexibility for an owner-occupant or an investor seeking a residential income property.
Key Highlights
- Two‑family duplex configuration
- 1,350 square feet on a 0.1147‑acre lot
- First‑floor unit plus separate upper‑level apartment entrance
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
$19,346
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
5.95%
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%
$386,920
$386.9K
Cap Rate 7%
$276,371
$276.4K
Cap Rate 9%
$214,956
$215.0K
Market Conditions
NOI Build-Up for 1,350 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
$29.2K $21.60/SF
− Vacancy
−$1.5K −$1.13/SF
EGI
$27.6K $20.47/SF
− OpEx
−$8.3K −$6.14/SF
NOI
$19.3K $14.33/SF
Area
Burlington County, NJ
Vacancy
5.22%
Lease Rate
$21.60 /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%
$386,920
Cap Rate 7%
$276,371
Cap Rate 9%
$214,956
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 authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
184
Businesses Nearby
Explore this area
Business Placement
Demographics for 08518, NJ
5,943
Population
2,165
Households
2.7
Avg Household Size
42
Median Age
24%
College-Educated
88%
High-School Grad
1.9 sq mi
ZIP Area
3,128
Density / Sq Mi
$102,321
Median Household Income
$45,337
Median Earnings
$1,253
Median Rent
$287,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with a fenced yard, separate upper-level entrance, and rear garages accessed from an alley.
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 duplex configuration; 1,350 square feet on a 0.1147‑acre lot; First‑floor unit plus separate upper‑level apartment entrance
