Residential Income Property with
For Sale
$368,888
1002 W FRONT STREET, Florence, NJ 08518
Multifamily zoning supports residential income use with driveway and parking lot improvements.
Property Size1,689 SF
Price / SF$218.41
Days on Market80
Property Features for 1002 W FRONT STREET
General Information
Standard status
Active
Size
1,689 SF
Property subtype
Residential Income
Zoning
MULTIFAMILY
Taxes and HOA fees
Annual Taxes
$3,896
Amenities
Window Unit(s)
Natural Gas, Baseboard
Gas Water Heater
Driveway, Parking Lot
Other
Building Details
Building Size
1,689 SF
Year Built
1922
Listing Agency:
(856) 613-8003
Listed By:
Jon Benstead
(856) 613-8003
Source:
Evrealestate
Added: May 18
Changed: Aug 2
Last Checked: Aug 5 at 4:26AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Jon Benstead
Investment Insights
Based on property information with market context.
This residential income property was built in 1922 and is designated for multifamily use. The property includes driveway and parking lot improvements, along with window-unit cooling, natural-gas baseboard heating, and a gas water heater.
Located at 1002 W Front Street in Florence, New Jersey, the property is within Burlington County. The available information identifies the asset as a residential income property and notes multifamily zoning.
Located at 1002 W Front Street in Florence, New Jersey, the property is within Burlington County. The available information identifies the asset as a residential income property and notes multifamily zoning.
Key Highlights
- Multifamily zoning designation
- Built in 1922
- Driveway and parking lot improvements
Financial Insights For Apartment 5plus
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 | $42.6k | $25.20 |
| − Vacancy | −$2.3k | −$1.39 |
| EGI | $40.2k | $23.81 |
| − OpEx | −$18.1k | −$10.72 |
| NOI | $22.1k | $13.10 |
1,689 SF · lease $25.20/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$316.0K
$276.5K – $368.7K
NOI $22,122 @ 7.0% cap · market cap 6.00%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.53M
$3.09M – $4.12M
NOI $247,276 @ 7.0% cap · market cap 67.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
191
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Multifamily zoning supports residential income use with driveway and parking lot improvements.
Where is this residential income property located?
The property is located at 1002 W FRONT STREET Florence, NJ.
What is the asking price?
The asking price for this property is $368,888.
What are key features of this property?
This property features: Multifamily zoning designation; Built in 1922; Driveway and parking lot improvements
