Three-Unit Multifamily
New
For Sale
$420,000
225-227 DELSEA DR, Westville, NJ 08093
One residence is vacant, while the other two are occupied by tenants.
Property Size2,490 SF
Price / SF$168.67
Days on Market1
Property Features for 225-227 DELSEA DR
General Information
Standard status
Active
Size
2,490 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Tenant in Place
Yes
Amenities
fenced yard
mature trees
storage shed
Building Details
Tenancy
Multi
Listing Agency:
Ovation Realty LLC
(856) 446-0405
Listed By:
Christopher Bisono · License #1756740
(856) 419-7095
Source:
Graves
Added: Nov 4
Last Checked: Nov 4 at 2:13PM
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 Ovation Realty LLC
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Investment Insights
Based on property information with market context.
The three-unit residential property includes a partially renovated vacant unit with laminate plank flooring, stainless steel appliances, butcher block kitchen counters, and an updated bathroom featuring a new tub surround, vanity, and toilet. Central forced-air heat serves this unit. The other two apartments have their original interior finishes and are tenant occupied.
A fenced rear yard with mature trees and a storage shed is part of the property. The address is 225-227 Delsea Drive in Westville, New Jersey, with access to local retail, dining, and regional commuter routes. The property is offered in as-is condition.
A fenced rear yard with mature trees and a storage shed is part of the property. The address is 225-227 Delsea Drive in Westville, New Jersey, with access to local retail, dining, and regional commuter routes. The property is offered in as-is condition.
Key Highlights
- Three residential units; one is vacant and two are tenant occupied
- Vacant unit has laminate plank flooring and stainless steel appliances
- Updated bathroom includes a new tub surround, vanity, and toilet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,717
Cap Rate
7.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$654,340
$654.3K
Cap Rate 7%
$467,386
$467.4K
Cap Rate 9%
$363,522
$363.5K
Market Conditions
NOI Build-Up for 2,490 SF
Gross rent
$49.3K $19.80/SF
− Vacancy
−$2.6K −$1.03/SF
EGI
$46.7K $18.77/SF
− OpEx
−$14.0K −$5.63/SF
NOI
$32.7K $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 Rate 5%
$654,340
Cap Rate 7%
$467,386
Cap Rate 9%
$363,522
Alternative Uses
Best Use
Multifamily LT 5
$467.4K
$409.0K – $545.3K
NOI $32,717 @ 7.0% cap · market cap 7.79%
Second Best
Apartment 5plus
$415.8K
$363.8K – $485.1K
NOI $29,104 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$837.0K
$732.4K – $976.5K
NOI $58,589 @ 7.0% cap · market cap 13.95%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
428
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
Frequently Asked Questions
What type of property is this?
Triplex - One residence is vacant, while the other two are occupied by tenants.
Where is this triplex located?
The property is located at 225-227 DELSEA DR Westville, NJ.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Three residential units; one is vacant and two are tenant occupied; Vacant unit has laminate plank flooring and stainless steel appliances; Updated bathroom includes a new tub surround, vanity, and toilet
