Duplex with 3
For Sale
$320,000
17 PROGRESS AVENUE, Woodbury, NJ 08096
Two-unit property with a full basement, on-site parking, and three garages; both units are vacant and the property requires work.
Property Size1,454 SF
Days on Market119
Property Features for 17 PROGRESS AVENUE
General Information
Standard status
Active
Size
1,454 SF
Total Parking Spaces
3
Property subtype
Duplex
Property Condition
Severity
Repairs Needed
Evidence
does require work
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,876
Building Details
Building Size
1,454 SF
Year Built
1922
Buildings
1
Listing Agency:
Opus Elite Real Estate of NJ, LLC
Listed By:
Kari Tomeo
(856) 308-9358
Source:
Patmckennarealtors
Added: May 8
Changed: Aug 28
Last Checked: Sep 1 at 11:27PM
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 Opus Elite Real Estate of NJ, LLC
Investment Insights
Based on property information with market context.
This two-unit duplex includes upper and lower residences, a full basement, three garages, and ample on-site parking. Both units are currently vacant, providing a clear starting point for a purchaser planning repairs and repositioning. The property was built in 1922 and is being offered in as-is condition.
Located in Woodbury, New Jersey, the property is identified as 17 Progress Avenue. The buyer is responsible for inspections, repairs, certifications, lender requirements, and obtaining the certificate of occupancy. The existing layout and garage component provide a defined residential income property configuration, subject to the work and approvals required for the buyer’s intended use.
Located in Woodbury, New Jersey, the property is identified as 17 Progress Avenue. The buyer is responsible for inspections, repairs, certifications, lender requirements, and obtaining the certificate of occupancy. The existing layout and garage component provide a defined residential income property configuration, subject to the work and approvals required for the buyer’s intended use.
Key Highlights
- Two‑unit duplex with upper and lower residences
- Three garages included with the property
- Full basement and ample on‑site parking
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
$19,105
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
5.97%
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%
$382,100
$382.1K
Cap Rate 7%
$272,929
$272.9K
Cap Rate 9%
$212,278
$212.3K
Market Conditions
NOI Build-Up for 1,454 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
$28.8K $19.80/SF
− Vacancy
−$1.5K −$1.03/SF
EGI
$27.3K $18.77/SF
− OpEx
−$8.2K −$5.63/SF
NOI
$19.1K $13.14/SF
Area
Gloucester County, NJ
Vacancy
5.20%
Lease Rate
$19.80 /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%
$382,100
Cap Rate 7%
$272,929
Cap Rate 9%
$212,278
Alternative Uses
Best Use
Multifamily LT 5
$272.9K
$238.8K – $318.4K
NOI $19,105 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$242.8K
$212.4K – $283.3K
NOI $16,995 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$488.7K
$427.7K – $570.2K
NOI $34,212 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
284
Businesses Nearby
Explore this area
Business Placement
Demographics for 08096, NJ
36,355
Population
15,013
Households
2.4
Avg Household Size
41
Median Age
30%
College-Educated
92%
High-School Grad
13.9 sq mi
ZIP Area
2,615
Density / Sq Mi
$89,483
Median Household Income
$49,480
Median Earnings
$1,446
Median Rent
$248,400
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 - Two-unit property with a full basement, on-site parking, and three garages; both units are vacant and the property requires work.
Where is this duplex located?
The property is located at 17 PROGRESS AVENUE Woodbury, NJ.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Two‑unit duplex with upper and lower residences; Three garages included with the property; Full basement and ample on‑site parking
