Duplex with Two Three-Bedroom
For Sale
$370,000
223 N MAIN STREET, Mullica Hill, NJ 08062
Two side-by-side 3-bedroom, 1-bath units with one month-to-month tenant and one cosmetically renovated vacant unit.
Property Size2,064 SF
Price / SF$179.26
Days on Market56
Property Features for 223 N MAIN STREET
General Information
Standard status
Active
Size
2,064 SF
Property subtype
Duplex
Building Details
Year Built
1910
Listing Agency:
Keller Williams - Main Street
(856) 858-2200
Listed By:
Austin Nicholas Wuest · License #2559604
(856) 341-2695
Source:
Cummingsrealtors
Added: Jul 27
Changed: Sep 19
Last Checked: Sep 19 at 10:14AM
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 offers two side-by-side 3-bedroom, 1-bath residences, arranged for flexible living and renting. One unit is currently occupied on a month-to-month lease, while the second unit is cosmetically renovated and vacant, creating a straightforward path for either an owner-occupant or a new tenant.
The property totals 2,064 SF and was built in 1910. Its duplex layout can appeal to investors seeking immediate rental occupancy alongside a ready-to-lease unit, or to owner-occupants looking to offset housing costs with rent from the occupied side.
Schedule a showing to review the units and confirm next steps for occupancy and lease timing.
The property totals 2,064 SF and was built in 1910. Its duplex layout can appeal to investors seeking immediate rental occupancy alongside a ready-to-lease unit, or to owner-occupants looking to offset housing costs with rent from the occupied side.
Schedule a showing to review the units and confirm next steps for occupancy and lease timing.
Key Highlights
- Two side‑by‑side 3‑bedroom, 1‑bath units
- One unit occupied on a month‑to‑month lease
- Second unit is cosmetically renovated and vacant
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
$27,119
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
7.33%
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%
$542,380
$542.4K
Cap Rate 7%
$387,414
$387.4K
Cap Rate 9%
$301,322
$301.3K
Market Conditions
NOI Build-Up for 2,064 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
$40.9K $19.80/SF
− Vacancy
−$2.1K −$1.03/SF
EGI
$38.7K $18.77/SF
− OpEx
−$11.6K −$5.63/SF
NOI
$27.1K $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%
$542,380
Cap Rate 7%
$387,414
Cap Rate 9%
$301,322
Alternative Uses
Best Use
Multifamily LT 5
$387.4K
$339.0K – $452.0K
NOI $27,119 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$344.6K
$301.6K – $402.1K
NOI $24,125 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$693.8K
$607.1K – $809.4K
NOI $48,565 @ 7.0% cap · market cap 13.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
Explore this area
Business Placement
Demographics for 08062, NJ
17,446
Population
5,796
Households
3
Avg Household Size
40
Median Age
54%
College-Educated
95%
High-School Grad
32.2 sq mi
ZIP Area
542
Density / Sq Mi
$159,386
Median Household Income
$74,254
Median Earnings
$1,097
Median Rent
$468,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two side-by-side 3-bedroom, 1-bath units with one month-to-month tenant and one cosmetically renovated vacant unit.
Where is this duplex located?
The property is located at 223 N MAIN STREET Mullica Hill, NJ.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Two side‑by‑side 3‑bedroom, 1‑bath units; One unit occupied on a month‑to‑month lease; Second unit is cosmetically renovated and vacant
