Updated Duplex with Finished
For Sale
$360,000
22 East Thompson Avenue, Gloucester City, NJ 08030
Two-unit residential property with off-street parking, upgraded systems, and additional basement storage.
Property Size2,101 SF
Price / SF$171.35
Days on Market141
Property Features for 22 East Thompson Avenue
General Information
Standard status
Active
Size
2,101 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RM1
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,516
Amenities
Yes - Personal
Above Grade, Below Grade
Building Details
Year Built
1900
Buildings
1
Listing Agency:
EXP Realty, LLC
(609) 505-1760
Listed By:
Chavea Banks · License #1973890
(609) 505-1760
Source:
Compass
Added: Apr 13
Changed: Aug 30
Last Checked: Aug 30 at 4:19PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This two-unit duplex in Gloucester City includes off-street parking, a full unfinished basement, and a finished third-level attic area connected to Unit 2. The attic provides an additional room and laundry area. Recent property improvements include a newer roof, updated electrical work, plumbing improvements, newer flooring, a newer hot water heater, and HVAC updates. The property was built in 1900 and carries RM1 zoning.
Located near major highways, bridges to Philadelphia, shopping, and local schools, the property offers convenient access to surrounding destinations. Its two-unit configuration supports either continued residential use or an owner-occupancy arrangement with a separate unit, as described by the available property features.
Located near major highways, bridges to Philadelphia, shopping, and local schools, the property offers convenient access to surrounding destinations. Its two-unit configuration supports either continued residential use or an owner-occupancy arrangement with a separate unit, as described by the available property features.
Key Highlights
- Two‑unit duplex in Gloucester City
- RM1 zoning and 1900 construction
- Newer roof, flooring, hot water heater, and HVAC
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
$23,895
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
6.64%
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%
$477,900
$477.9K
Cap Rate 7%
$341,357
$341.4K
Cap Rate 9%
$265,500
$265.5K
Market Conditions
NOI Build-Up for 2,101 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
$36.1K $17.16/SF
− Vacancy
−$1.9K −$0.91/SF
EGI
$34.1K $16.25/SF
− OpEx
−$10.2K −$4.87/SF
NOI
$23.9K $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%
$477,900
Cap Rate 7%
$341,357
Cap Rate 9%
$265,500
Alternative Uses
Best Use
Multifamily LT 5
$341.4K
$298.7K – $398.3K
NOI $23,895 @ 7.0% cap · market cap 6.64%
Second Best
Apartment 5plus
$304.8K
$266.7K – $355.6K
NOI $21,337 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$532.7K
$466.1K – $621.5K
NOI $37,290 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
Explore this area
Business Placement
Demographics for 08030, NJ
13,261
Population
5,470
Households
2.4
Avg Household Size
37
Median Age
20%
College-Educated
87%
High-School Grad
2.8 sq mi
ZIP Area
4,736
Density / Sq Mi
$66,190
Median Household Income
$38,853
Median Earnings
$1,498
Median Rent
$169,700
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-unit residential property with off-street parking, upgraded systems, and additional basement storage.
Where is this duplex located?
The property is located at 22 East Thompson Avenue Gloucester City, NJ.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Two‑unit duplex in Gloucester City; RM1 zoning and 1900 construction; Newer roof, flooring, hot water heater, and HVAC
