2-Unit Brick
For Sale
$295,000
1906 46th St, Pennsauken, NJ 08110
Two one-bedroom units and a full basement support flexible residential income use.
Property Size1,316 SF
Price / SF$224.16
Days on Market41
Property Features for 1906 46th St
General Information
Standard status
Active
Size
1,316 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1941
Buildings
1
Construction
all brick
Listing Agency:
RE/MAX Of Cherry Hill
(856) 424-4040
Listed By:
Alan Browne · License #8643142
Source:
Soldbypattie
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 5:29AM
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 RE/MAX Of Cherry Hill
Investment Insights
Based on property information with market context.
This 2-unit duplex contains two one-bedroom residences within a 1,316-square-foot building constructed in 1941. The all-brick exterior offers a durable building envelope with reduced exterior upkeep, while a full basement adds functional storage or utility space. Separate meters serve hot water, heat, and electric, providing distinct utility measurement for the units.
The property is located at 1906 46th St in Pennsauken, New Jersey, with shopping, restaurants, and major roads nearby. Its two-unit layout, basement, brick construction, and individually metered utilities establish a straightforward multifamily configuration.
The property is located at 1906 46th St in Pennsauken, New Jersey, with shopping, restaurants, and major roads nearby. Its two-unit layout, basement, brick construction, and individually metered utilities establish a straightforward multifamily configuration.
Key Highlights
- Two‑unit duplex with one bedroom in each unit
- 1,316‑square‑foot building constructed in 1941
- All‑brick exterior for lower exterior maintenance needs
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
$14,967
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
5.07%
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%
$299,340
$299.3K
Cap Rate 7%
$213,814
$213.8K
Cap Rate 9%
$166,300
$166.3K
Market Conditions
NOI Build-Up for 1,316 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
$22.6K $17.16/SF
− Vacancy
−$1.2K −$0.91/SF
EGI
$21.4K $16.25/SF
− OpEx
−$6.4K −$4.87/SF
NOI
$15.0K $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%
$299,340
Cap Rate 7%
$213,814
Cap Rate 9%
$166,300
Alternative Uses
Best Use
Multifamily LT 5
$213.8K
$187.1K – $249.5K
NOI $14,967 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$190.9K
$167.1K – $222.8K
NOI $13,365 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$333.7K
$292.0K – $389.3K
NOI $23,358 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
576
Businesses Nearby
Explore this area
Business Placement
Demographics for 08110, NJ
19,599
Population
6,738
Households
2.9
Avg Household Size
37
Median Age
20%
College-Educated
77%
High-School Grad
6.5 sq mi
ZIP Area
3,015
Density / Sq Mi
$81,307
Median Household Income
$40,804
Median Earnings
$1,192
Median Rent
$194,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom units and a full basement support flexible residential income use.
Where is this duplex located?
The property is located at 1906 46th St Pennsauken, NJ.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two‑unit duplex with one bedroom in each unit; 1,316‑square‑foot building constructed in 1941; All‑brick exterior for lower exterior maintenance needs
