Duplex with Garage Income
For Sale
$320,000
17 PROGRESS Avenue, Woodbury, NJ 08096
MULTI_FAMILY - Bungalow - WOODBURY, NJ
Property Size1,454 SF
Lot Size0.15 Acres
Price / SF$220.08
Days on Market94
Property Features for 17 PROGRESS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
8
Parking features
Parking Lot, Off Street, On Street, Garage - Detached
Elementary school district
WOODBURY PUBLIC SCHOOLS
Middle school district
WOODBURY PUBLIC SCHOOLS
High school district
WOODBURY PUBLIC SCHOOLS
Standard status
Active
Size
1,454 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
7876
Utilities
Heating system
Hot Water(Heating), Baseboard
Cooling system
Window Unit(s)
Building Details
Year built
1922
Number of units
1
Building materials
Frame
Architectural style
Bungalow
Listing Agency:
Opus Elite Real Estate of NJ, LLC
(609) 540-5505
Listed By:
Kari Tomeo
(856) 308-9358
Added: May 8
Changed: Jul 13
Last Checked: Aug 9 at 11:06PM
MLS# NJGL2072892
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex, situated in the heart of South Jersey, presents an opportunity for potential rental income. The property includes three garages, each currently rented for $200 per month, generating a total of $600 monthly from garage storage. The duplex features upper and lower units and a full basement. Ample parking is available. The property, with a size of 1454 square feet and located on a lot of 0.1515 acres, is being offered in as-is condition and requires work. The potential rent for the two vacant units is $2000 and $1750, totaling $3750. The total potential monthly rental income, including the garages, is $4350. Located in WOODBURY, NJ.
Key Highlights
- Bungalow duplex built in 1922 with frame construction
- 3 detached garages with current rental income of $200/month each (=$600/month)
- Two vacant units with potential rent listed at $2,000 (upper) and $1,750 (lower)
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
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
654
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 - Duplex in South Jersey with income-generating garages.
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: Bungalow duplex built in 1922 with frame construction; 3 detached garages with current rental income of $200/month each (=$600/month); Two vacant units with potential rent listed at $2,000 (upper) and $1,750 (lower)
