Duplex with Separate
For Sale
$480,999
22 DARE STREET 24, Woodbury, NJ 08096
Two occupied units provide four-bedroom layouts, living areas, storage, and individual outdoor space.
Property Size3,264 SF
Days on Market8
Property Features for 22 DARE STREET 24
General Information
Standard status
Active
Size
3,264 SF
Property subtype
Duplex
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,304
Building Details
Building Size
3,264 SF
Year Built
1930
Buildings
1
Tenancy
Multi
Listing Agency:
BHHS Fox & Roach - Haddonfield
(609) 280-5710
Listed By:
NADINE V GLISSON · License #2075354
(609) 280-5710
Source:
Patmckennarealtors
Added: Aug 3
Changed: Aug 4
Last Checked: Aug 10 at 9:37AM
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 BHHS Fox & Roach - Haddonfield
Investment Insights
Based on property information with market context.
Built in 1930, this duplex contains two tenant-occupied residences with four bedrooms and living areas in each unit. The property also provides substantial storage and separate yard areas for the individual residences. Unit 24 has received several interior improvements, including laminate flooring, a granite kitchen island, replacement cabinetry, fresh paint, a new backsplash, and updated kitchen appliances. Its bathroom configuration is not specified consistently in the source information and is therefore not described here.
The property is located at 22-24 Dare Street in Woodbury, New Jersey, with access to multiple forms of public transportation. The two-unit layout, private outdoor areas, and updated finishes in Unit 24 provide a clearly defined residential income configuration.
The property is located at 22-24 Dare Street in Woodbury, New Jersey, with access to multiple forms of public transportation. The two-unit layout, private outdoor areas, and updated finishes in Unit 24 provide a clearly defined residential income configuration.
Key Highlights
- Two‑unit duplex with four bedrooms in each residence
- Both units are tenant occupied
- Separate yard areas for the individual units
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
$42,887
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
8.92%
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%
$857,740
$857.7K
Cap Rate 7%
$612,671
$612.7K
Cap Rate 9%
$476,522
$476.5K
Market Conditions
NOI Build-Up for 3,264 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
$64.6K $19.80/SF
− Vacancy
−$3.4K −$1.03/SF
EGI
$61.3K $18.77/SF
− OpEx
−$18.4K −$5.63/SF
NOI
$42.9K $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%
$857,740
Cap Rate 7%
$612,671
Cap Rate 9%
$476,522
Alternative Uses
Best Use
Multifamily LT 5
$612.7K
$536.1K – $714.8K
NOI $42,887 @ 7.0% cap · market cap 8.92%
Second Best
Apartment 5plus
$545.0K
$476.9K – $635.9K
NOI $38,151 @ 7.0% cap · market cap 7.93%
Theoretical Best
Office A
$1.10M
$960.0K – $1.28M
NOI $76,801 @ 7.0% cap · market cap 15.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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 occupied units provide four-bedroom layouts, living areas, storage, and individual outdoor space.
Where is this duplex located?
The property is located at 22 DARE STREET 24 Woodbury, NJ.
What is the asking price?
The asking price for this property is $480,999.
What are key features of this property?
This property features: Two‑unit duplex with four bedrooms in each residence; Both units are tenant occupied; Separate yard areas for the individual units
