Berlin Borough Triplex Investment
For Sale
$525,000
153 New Freedom Road, Berlin, NJ 08009
Well-maintained triplex with subdivision potential in a sought-after location.
Property Size2,447 SF
Lot Size0.91 Acres
Price / SF$214.55
Days on Market146
Property Features for 153 New Freedom Road
General Information
Standard status
Active
Size
2,447 SF
Total Parking Spaces
6
Lot size
0.91 Acres
Property subtype
Multi-Family / Fee Simple
Zoning
R-1
Net Operating Income
$32,937
Taxes and HOA fees
Annual Taxes
$9,138
Amenities
Ceiling Fan(s)
No Pool
Building Details
Year Built
1950
Listing Agency:
LPT Realty, LLC
(609) 868-2114
Listed By:
Stephen B. Clyde · License #337965
(609) 868-2114
Source:
Compass
Added: Mar 19
Changed: Aug 8
Last Checked: Jul 16 at 6:39AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
Located at the entrance of a premier neighborhood in Berlin Borough, this well-maintained triplex at 153 New Freedom Road features three distinct residential units. There are two spacious 2-bedroom, 1-bath apartments and a 1-bedroom, 1-bath apartment. Each unit has separate utilities, a private entrance, and a designated parking area. Recent upgrades include new boilers and hot water heaters installed within the last year. Situated on a 0.91-acre lot that measures 99 feet deep from Chilemi Court and extends 400 feet along the same road, the property offers subdividable potential. The property generates an annual rental income of $46,800 with total operating expenses of $4,725, resulting in a Net Operating Income (NOI) of $42,074.80. The Capitalization Rate (Cap Rate) and Return on Investment (ROI) are approximately 8.01%, and the Gross Rent Multiplier (GRM) stands at 11.21. The property is located in a friendly community with access to local amenities, schools, and parks, as well as convenient transportation routes. The schools include Berlin Community Elementary School, Berlin Community School, and Eastern High School. The school district name is Berlin Borough Public Schools. This property offers potential for rental income or future subdivision.
Key Highlights
- Strong NOI of $42,074.80 and Cap Rate of 8.01% indicate strong cash flow.
- Subdividable .91‑acre lot offers development potential.
- Triplex featuring two 2‑bedroom and one 1‑bedroom apartments.
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
$27,830
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
5.30%
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%
$556,600
$556.6K
Cap Rate 7%
$397,571
$397.6K
Cap Rate 9%
$309,222
$309.2K
Market Conditions
NOI Build-Up for 2,447 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
$42.0K $17.16/SF
− Vacancy
−$2.2K −$0.91/SF
EGI
$39.8K $16.25/SF
− OpEx
−$11.9K −$4.87/SF
NOI
$27.8K $11.37/SF
Area
Camden County, NJ
Vacancy
5.32%
Lease Rate
$17.16 /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%
$556,600
Cap Rate 7%
$397,571
Cap Rate 9%
$309,222
Alternative Uses
Best Use
Multifamily LT 5
$397.6K
$347.9K – $463.8K
NOI $27,830 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$355.0K
$310.6K – $414.2K
NOI $24,851 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$620.4K
$542.9K – $723.9K
NOI $43,431 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
Explore this area
Business Placement
Demographics for 08009, NJ
13,885
Population
5,764
Households
2.4
Avg Household Size
43
Median Age
31%
College-Educated
94%
High-School Grad
16.5 sq mi
ZIP Area
842
Density / Sq Mi
$101,964
Median Household Income
$52,767
Median Earnings
$1,392
Median Rent
$291,500
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?
Triplex - Well-maintained triplex with subdivision potential in a sought-after location.
Where is this triplex located?
The property is located at 153 New Freedom Road Berlin, NJ.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Strong NOI of $42,074.80 and Cap Rate of 8.01% indicate strong cash flow.; Subdividable .91‑acre lot offers development potential.; Triplex featuring two 2‑bedroom and one 1‑bedroom apartments.
