Recently Renovated
For Sale
$239,900
223 WHITE HORSE Pike, Clementon, NJ 08021
MULTI_FAMILY - CLEMENTON, NJ
Property Size1,226 SF
Lot Size0.23 Acres
Price / SF$195.68
Days on Market47
Property Features for 223 WHITE HORSE Pike
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
Parking Lot
Elementary school district
CLEMENTON BOROUGH PUBLIC SCHOOLS
Middle school district
CLEMENTON BOROUGH PUBLIC SCHOOLS
High school district
CLEMENTON BOROUGH PUBLIC SCHOOLS
Standard status
Active
Size
1,226 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
6094
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1935
Number of units
1
Building materials
Frame
Listing Agency:
Keller Williams Realty - Washington Township
(856) 582-1200
Listed By:
Daniel J Mauz · License #0559622
(856) 302-4003
Added: Jul 1
Last Checked: Aug 16 at 7:06AM
MLS# NJCD2121476
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This recently renovated duplex offers two separate 1-bedroom units. Both units are currently rented, providing an income-producing setup within a straightforward two-family configuration. The property is listed as a residential income duplex and includes a compact site measuring 0.2296 acres.
The building is located in Clementon, New Jersey, at 223 White Horse Pike (08021). Public remarks indicate the home is positioned nearby shopping, dining, and major roadways. The listing is also part of an investment portfolio that includes additional nearby addresses: 219, 221, 223, 231, and 233 White Horse Pike.
For buyers looking for flexible occupancy, the layout supports an owner-occupant scenario by living in one unit while the other remains tenant-occupied. For investors, the fact that both 1-bedroom units are already rented can simplify near-term operations. Interested parties may also consider coordinating with the broader portfolio listed in the remarks, subject to review of the other addresses and terms.
The building is located in Clementon, New Jersey, at 223 White Horse Pike (08021). Public remarks indicate the home is positioned nearby shopping, dining, and major roadways. The listing is also part of an investment portfolio that includes additional nearby addresses: 219, 221, 223, 231, and 233 White Horse Pike.
For buyers looking for flexible occupancy, the layout supports an owner-occupant scenario by living in one unit while the other remains tenant-occupied. For investors, the fact that both 1-bedroom units are already rented can simplify near-term operations. Interested parties may also consider coordinating with the broader portfolio listed in the remarks, subject to review of the other addresses and terms.
Key Highlights
- Recently renovated duplex with two 1‑bedroom units
- Both units are currently rented
- Construction: frame; heating: forced air; cooling: central air
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
$13,943
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
5.81%
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%
$278,860
$278.9K
Cap Rate 7%
$199,186
$199.2K
Cap Rate 9%
$154,922
$154.9K
Market Conditions
NOI Build-Up for 1,226 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
$21.0K $17.16/SF
− Vacancy
−$1.1K −$0.91/SF
EGI
$19.9K $16.25/SF
− OpEx
−$6.0K −$4.87/SF
NOI
$13.9K $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%
$278,860
Cap Rate 7%
$199,186
Cap Rate 9%
$154,922
Alternative Uses
Best Use
Multifamily LT 5
$199.2K
$174.3K – $232.4K
NOI $13,943 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$177.9K
$155.6K – $207.5K
NOI $12,451 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$310.9K
$272.0K – $362.7K
NOI $21,760 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 08021, NJ
51,458
Population
22,195
Households
2.3
Avg Household Size
37
Median Age
25%
College-Educated
90%
High-School Grad
13.0 sq mi
ZIP Area
3,958
Density / Sq Mi
$67,439
Median Household Income
$42,864
Median Earnings
$1,288
Median Rent
$192,200
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 - Renovated two-unit duplex with two 1-bedroom residences, both currently rented, suited for an owner-occupant or investor.
Where is this duplex located?
The property is located at 223 WHITE HORSE Pike Clementon, NJ.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Recently renovated duplex with two 1‑bedroom units; Both units are currently rented; Construction: frame; heating: forced air; cooling: central air
