Tenant-Occupied
For Sale
$255,000
21 W Foundry St, Millville, NJ 08332
Two-bedroom residences with existing occupants and current township certificates of occupancy.
Property Size1,894 SF
Price / SF$134.64
Days on Market45
Property Features for 21 W Foundry St
General Information
Standard status
Active
Size
1,894 SF
Property subtype
Multi-Family
Net Operating Income
$25,789
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Keller Williams - Main Street
(856) 534-4238
Listed By:
Carol Terrell · License #0227464
Source:
Bernadetteaugello
Added: Jul 18
Changed: Aug 29
Last Checked: Aug 30 at 7:54PM
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.
This duplex contains two residential units totaling 1,894 square feet. Each unit is arranged with two bedrooms and one bathroom, providing a consistent configuration across the property. Tenants are already in place, and the property is offered in its present as-is condition.
Located at 21 W Foundry St in Millville, New Jersey, the property is near local parks, dams, bridges, eateries, and entertainment. Township certificates of occupancy are current, with housing-related approvals in place where required. The property is being sold as part of a broader portfolio that includes multiple New Jersey locations.
Located at 21 W Foundry St in Millville, New Jersey, the property is near local parks, dams, bridges, eateries, and entertainment. Township certificates of occupancy are current, with housing-related approvals in place where required. The property is being sold as part of a broader portfolio that includes multiple New Jersey locations.
Key Highlights
- Two‑unit duplex with 1,894 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Tenants are already in place
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
$22,674
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
8.89%
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%
$453,480
$453.5K
Cap Rate 7%
$323,914
$323.9K
Cap Rate 9%
$251,933
$251.9K
Market Conditions
NOI Build-Up for 1,894 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
$44.1K $23.28/SF
− Vacancy
−$2.9K −$1.51/SF
EGI
$41.2K $21.77/SF
− OpEx
−$18.6K −$9.80/SF
NOI
$22.7K $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%
$453,480
Cap Rate 7%
$323,914
Cap Rate 9%
$251,933
Alternative Uses
Best Use
Multifamily LT 5
$351.9K
$307.9K – $410.5K
NOI $24,631 @ 7.0% cap · market cap 9.66%
Second Best
Apartment 5plus
$323.9K
$283.4K – $377.9K
NOI $22,674 @ 7.0% cap · market cap 8.89%
Theoretical Best
Office A
$2.84M
$2.49M – $3.32M
NOI $199,070 @ 7.0% cap · market cap 78.07%
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
680
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom residences with existing occupants and current township certificates of occupancy.
Where is this duplex located?
The property is located at 21 W Foundry St Millville, NJ.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,894 square feet; Each unit includes 2 bedrooms and 1 bathroom; Tenants are already in place
