Duplex With Detached
For Sale
$259,900
231 WHITE HORSE PIKE, Clementon, NJ 08021
Two rented one-bedroom units are accompanied by a detached garage and access to nearby shopping, dining, and major roadways.
Property Size1,654 SF
Days on Market51
Property Features for 231 WHITE HORSE PIKE
General Information
Standard status
Active
Size
1,654 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 1BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,092
Building Details
Building Size
1,654 SF
Year Built
1935
Listing Agency:
Keller Williams Realty - Washington Township
(856) 302-4003
Listed By:
Daniel J Mauz · License #0559622
(856) 302-4003
Source:
Patmckennarealtors
Added: Jul 1
Changed: Aug 16
Last Checked: Aug 19 at 3:59PM
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 Realty - Washington Township
Investment Insights
Based on property information with market context.
This duplex at 231 White Horse Pike contains two one-bedroom residential units, with both currently rented. A large detached garage is also included, adding a separate on-site improvement to the property. The building dates to 1935.
The property is situated near shopping, dining, and major roadways in Clementon, New Jersey. It is also part of a portfolio that includes 219, 221, 223, 231, and 233 White Horse Pike, allowing the asset to be evaluated alongside the other listed addresses.
The property is situated near shopping, dining, and major roadways in Clementon, New Jersey. It is also part of a portfolio that includes 219, 221, 223, 231, and 233 White Horse Pike, allowing the asset to be evaluated alongside the other listed addresses.
Key Highlights
- Two one‑bedroom units, both currently rented
- Large detached garage included
- Built in 1935
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
$18,811
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
7.24%
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%
$376,220
$376.2K
Cap Rate 7%
$268,729
$268.7K
Cap Rate 9%
$209,011
$209.0K
Market Conditions
NOI Build-Up for 1,654 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
$28.4K $17.16/SF
− Vacancy
−$1.5K −$0.91/SF
EGI
$26.9K $16.25/SF
− OpEx
−$8.1K −$4.87/SF
NOI
$18.8K $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%
$376,220
Cap Rate 7%
$268,729
Cap Rate 9%
$209,011
Alternative Uses
Best Use
Multifamily LT 5
$268.7K
$235.1K – $313.5K
NOI $18,811 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$240.0K
$210.0K – $280.0K
NOI $16,797 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$419.4K
$367.0K – $489.3K
NOI $29,357 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
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 - Two rented one-bedroom units are accompanied by a detached garage and access to nearby shopping, dining, and major roadways.
Where is this duplex located?
The property is located at 231 WHITE HORSE PIKE Clementon, NJ.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Two one‑bedroom units, both currently rented; Large detached garage included; Built in 1935
