10-Unit Apartment
For Sale
$1,750,000
21 Big Oak Rd, Bridgeton, NJ 08302
All residences feature a consistent three-bedroom layout.
Property Size8,620 SF
Lot Size7.50 Acres
Days on Market55
Property Features for 21 Big Oak Rd
General Information
Standard status
Active
Size
8,620 SF
Lot size
7.50 Acres
Property subtype
Multifamily
Occupancy
95%
Units
Unit Mix
10 x 3BR
Multifamily Units
10
Additional Details
Average Monthly Rent
$1,735
Road Access
Yes
Amenities
All Three-Bedroom Unit Mix: Ten spacious 3BR units averaging 862 SF, a family-oriented, low-turnover mix that's rare in South Jersey and commands premium rents over typical 1BR product.
15.3% Mark-to-Market Upside: In-place rents of $1,735 sit well below the $2,000 market rate, with renovated comps hitting $2,300 - clear runway for rent growth and value creation.
Supply-Constrained Workforce Market: Sub-5% vacancy, no meaningful new construction, and a durable renter base of working families create a stable rent floor and lasting cash flow.
Building Details
Building Size
8,620 SF
Year Built
1935
Units
10
Listing Agency:
(215) 531-7028
Listed By:
Carson Rooney · License #License(s): PA: RS369801, NJ: 2562695
(215) 531-7028
Source:
Marcusmillichap
Added: Jul 9
Changed: Aug 31
Last Checked: Aug 31 at 12:48PM
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 Carson Rooney
Investment Insights
Based on property information with market context.
This apartment property includes ten units, each configured as a three-bedroom residence averaging 862 square feet. The community occupies a 7.5-acre parcel, providing a substantial land component alongside the residential improvements. The property was originally constructed in 1935 and updated in 2025.
Residents have access to Route 49 and Route 77, providing connections across Cumberland and Salem Counties. The uniform unit mix creates a consistent physical configuration throughout the property, while the recent updates complement the original improvements.
Residents have access to Route 49 and Route 77, providing connections across Cumberland and Salem Counties. The uniform unit mix creates a consistent physical configuration throughout the property, while the recent updates complement the original improvements.
Key Highlights
- Ten‑unit apartment property on a 7.5‑acre parcel
- All units are three‑bedroom residences
- Units average 862 square feet
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
$103,196
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
5.90%
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%
$2,063,920
$2.1M
Cap Rate 7%
$1,474,229
$1.5M
Cap Rate 9%
$1,146,622
$1.1M
Market Conditions
NOI Build-Up for 8,620 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
$200.7K $23.28/SF
− Vacancy
−$13.0K −$1.51/SF
EGI
$187.6K $21.77/SF
− OpEx
−$84.4K −$9.80/SF
NOI
$103.2K $11.97/SF
Area
Cumberland County, NJ
Vacancy
6.50%
Lease Rate
$23.28 /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%
$2,063,920
Cap Rate 7%
$1,474,229
Cap Rate 9%
$1,146,622
Alternative Uses
Best Use
Apartment 5plus
$1.47M
$1.29M – $1.72M
NOI $103,196 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.94M
$11.33M – $15.10M
NOI $906,010 @ 7.0% cap · market cap 51.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Explore this area
Business Placement
Demographics for 08302, NJ
47,826
Population
16,038
Households
3
Avg Household Size
36
Median Age
13%
College-Educated
77%
High-School Grad
142.6 sq mi
ZIP Area
335
Density / Sq Mi
$60,301
Median Household Income
$34,137
Median Earnings
$1,351
Median Rent
$202,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - All residences feature a consistent three-bedroom layout.
Where is this apartment building located?
The property is located at 21 Big Oak Rd Bridgeton, NJ.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Ten‑unit apartment property on a 7.5‑acre parcel; All units are three‑bedroom residences; Units average 862 square feet
