Two-Story Duplex with New
For Sale
$365,000
2154 Browning Rd, Pennsauken, NJ 08110
Two matching two-bedroom units feature separate tenant utilities and established occupancy.
Property Size2,164 SF
Price / SF$168.67
Days on Market43
Property Features for 2154 Browning Rd
General Information
Standard status
Active
Size
2,164 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Gross Income
$38,400
Utilities to Site
Yes
Building Details
Year Built
1924
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX Of Cherry Hill
(856) 424-4040
Listed By:
Alan Browne · License #8643142
Source:
Soldbypattie
Added: Jul 20
Changed: Aug 30
Last Checked: Aug 31 at 6:34PM
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 two-story duplex contains one two-bedroom residence on each level, creating a straightforward two-unit configuration. Each apartment is served by separate tenant utilities, while the owner covers water and sewer. A new roof was installed this year.
Both existing occupants have lived in the property for an extended period and have expressed interest in remaining. The property is being offered in its current condition, with showings available by appointment during the stated Wednesday and Saturday windows.
Both existing occupants have lived in the property for an extended period and have expressed interest in remaining. The property is being offered in its current condition, with showings available by appointment during the stated Wednesday and Saturday windows.
Key Highlights
- Two‑bedroom apartment on each floor
- Separate utility service for tenants
- Owner pays water and sewer
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
$24,611
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
6.74%
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%
$492,220
$492.2K
Cap Rate 7%
$351,586
$351.6K
Cap Rate 9%
$273,456
$273.5K
Market Conditions
NOI Build-Up for 2,164 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
$37.1K $17.16/SF
− Vacancy
−$2.0K −$0.91/SF
EGI
$35.2K $16.25/SF
− OpEx
−$10.5K −$4.87/SF
NOI
$24.6K $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%
$492,220
Cap Rate 7%
$351,586
Cap Rate 9%
$273,456
Alternative Uses
Best Use
Multifamily LT 5
$351.6K
$307.6K – $410.2K
NOI $24,611 @ 7.0% cap · market cap 6.74%
Second Best
Apartment 5plus
$314.0K
$274.7K – $366.3K
NOI $21,977 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$548.7K
$480.1K – $640.2K
NOI $38,409 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
369
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching two-bedroom units feature separate tenant utilities and established occupancy.
Where is this duplex located?
The property is located at 2154 Browning Rd Pennsauken, NJ.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two‑bedroom apartment on each floor; Separate utility service for tenants; Owner pays water and sewer
