Mixed-Use Duplex with
For Sale
$274,995
Pending
221 Broadway, Westville, NJ 08093
Renovated four-bedroom apartment paired with an occupied commercial storefront and fenced backyard in Westville.
Property Size1,604 SF
Days on Market299
Property Features for 221 Broadway
General Information
Standard status
Pending
Size
1,604 SF
Property subtype
Multi-Family / Fee Simple
Taxes and HOA fees
Annual Taxes
$5,105
Amenities
fenced-in backyard
No
Other
No Pool
Above Grade, Below Grade
Building Details
Year Built
1918
Listing Agency:
HomeSmart First Advantage Realty
(856) 363-3000
Listed By:
Hakan Karahan · License #9693664
(856) 363-3000
Source:
Compass
Added: Nov 5, 2025
Changed: Aug 30
Last Checked: Aug 31 at 12:26AM
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 HomeSmart First Advantage Realty
Investment Insights
Based on property information with market context.
This 1,604-square-foot mixed-use property, built in 1918, combines a duplex configuration with a commercial storefront currently occupied by a smoothie shop under a 3-year lease. The residential component includes a vacant four-bedroom, one-bath apartment that has undergone a full interior renovation. Improvements include a remodeled kitchen with white Shaker cabinetry, quartz countertops, and stainless steel appliances, along with new LVP flooring on the lower level, carpeted bedrooms and hallways, and an updated bathroom with a shower, vanity, flooring, and toilet. A large fenced backyard adds private outdoor space.
The property is located at 221 Broadway in Westville, New Jersey, within Gloucester County and the Westville Boro MLS area. The address is served by Westville Public Schools. The commercial and residential elements provide distinct spaces within one mixed-use asset, with the apartment currently vacant and the storefront occupied.
The property is located at 221 Broadway in Westville, New Jersey, within Gloucester County and the Westville Boro MLS area. The address is served by Westville Public Schools. The commercial and residential elements provide distinct spaces within one mixed-use asset, with the apartment currently vacant and the storefront occupied.
Key Highlights
- 1,604‑square‑foot mixed‑use property built in 1918
- Duplex with commercial smoothie shop storefront under a 3‑year lease
- Vacant four‑bedroom, one‑bath apartment
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
$21,075
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
7.66%
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%
$421,500
$421.5K
Cap Rate 7%
$301,071
$301.1K
Cap Rate 9%
$234,167
$234.2K
Market Conditions
NOI Build-Up for 1,604 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
$31.8K $19.80/SF
− Vacancy
−$1.7K −$1.03/SF
EGI
$30.1K $18.77/SF
− OpEx
−$9.0K −$5.63/SF
NOI
$21.1K $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%
$421,500
Cap Rate 7%
$301,071
Cap Rate 9%
$234,167
Alternative Uses
Best Use
Multifamily LT 5
$301.1K
$263.4K – $351.3K
NOI $21,075 @ 7.0% cap · market cap 7.66%
Second Best
Apartment 5plus
$267.8K
$234.4K – $312.5K
NOI $18,748 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$539.2K
$471.8K – $629.0K
NOI $37,742 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
Explore this area
Business Placement
Demographics for 08093, NJ
9,933
Population
4,473
Households
2.2
Avg Household Size
39
Median Age
22%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
2,483
Density / Sq Mi
$70,257
Median Household Income
$41,051
Median Earnings
$1,230
Median Rent
$192,800
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?
Mixed-use property - Renovated four-bedroom apartment paired with an occupied commercial storefront and fenced backyard in Westville.
Where is this mixed-use property located?
The property is located at 221 Broadway Westville, NJ.
What is the asking price?
The asking price for this property is $274,995.
What are key features of this property?
This property features: 1,604‑square‑foot mixed‑use property built in 1918; Duplex with commercial smoothie shop storefront under a 3‑year lease; Vacant four‑bedroom, one‑bath apartment
