Two-Unit
For Sale
$225,000
Pending
914 N High St, Millville, NJ 08332
Tenant-occupied residential income property with two-bedroom layouts and current TWP COs.
Property Size1,703 SF
Days on Market38
Property Features for 914 N High St
General Information
Standard status
Pending
Size
1,703 SF
Property subtype
Multi-Family
Net Operating Income
$30,318
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Keller Williams - Main Street
Listed By:
Carol Terrell · License #0227464
(856) 534-4238
Source:
Bernadetteaugello
Added: Jul 30
Changed: Sep 2
Last Checked: Sep 5 at 10:06AM
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 Keller Williams - Main Street
Investment Insights
Based on property information with market context.
Built in 1890, this 1,703-square-foot duplex contains two residential units, each configured with two bedrooms and one bathroom. Tenants are currently in place, and the property is being offered in its existing condition. The units have current TWP CO's and housing documentation where required.
Located at 914 N High St in Millville, New Jersey, the property is near local parks, dams, bridges, eateries, and entertainment. The duplex is offered as-is, with buyer due diligence required before purchase.
Located at 914 N High St in Millville, New Jersey, the property is near local parks, dams, bridges, eateries, and entertainment. The duplex is offered as-is, with buyer due diligence required before purchase.
Key Highlights
- Two‑unit duplex with 1,703 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Tenants currently occupy both units
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
$20,388
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
9.06%
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%
$407,760
$407.8K
Cap Rate 7%
$291,257
$291.3K
Cap Rate 9%
$226,533
$226.5K
Market Conditions
NOI Build-Up for 1,703 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
$39.6K $23.28/SF
− Vacancy
−$2.6K −$1.51/SF
EGI
$37.1K $21.77/SF
− OpEx
−$16.7K −$9.80/SF
NOI
$20.4K $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%
$407,760
Cap Rate 7%
$291,257
Cap Rate 9%
$226,533
Alternative Uses
Best Use
Multifamily LT 5
$316.4K
$276.8K – $369.1K
NOI $22,147 @ 7.0% cap · market cap 9.84%
Second Best
Apartment 5plus
$291.3K
$254.9K – $339.8K
NOI $20,388 @ 7.0% cap · market cap 9.06%
Theoretical Best
Office A
$2.56M
$2.24M – $2.98M
NOI $178,995 @ 7.0% cap · market cap 79.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
Explore this area
Business Placement
Demographics for 08332, NJ
35,396
Population
15,063
Households
2.3
Avg Household Size
40
Median Age
18%
College-Educated
86%
High-School Grad
104.5 sq mi
ZIP Area
339
Density / Sq Mi
$65,825
Median Household Income
$39,595
Median Earnings
$1,223
Median Rent
$195,900
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?
Duplex - Tenant-occupied residential income property with two-bedroom layouts and current TWP COs.
Where is this duplex located?
The property is located at 914 N High St Millville, NJ.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,703 square feet; Each unit includes 2 bedrooms and 1 bathroom; Tenants currently occupy both units
