Duplex with Detached
For Sale
$259,900
231 WHITE HORSE Pike, Clementon, NJ 08021
MULTI_FAMILY - CLEMENTON, NJ
Property Size1,654 SF
Lot Size0.17 Acres
Price / SF$157.13
Days on Market47
Property Features for 231 WHITE HORSE Pike
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
2
Parking features
Garage - Detached, 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
1,654 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
7092
Utilities
Heating system
Forced 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
Changed: Jul 9
Last Checked: Aug 16 at 8:06AM
MLS# NJCD2121480
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 duplex offers two separate one-bedroom units and includes a large detached garage. The property is configured as a residential income asset, and both units are currently rented.
Located in Clementon, New Jersey, the home is described as being near shopping, dining, and major roadways, supporting convenient day-to-day access for residents and visitors.
For investors seeking an occupied, two-unit residential income property, this setup provides two distinct one-bedroom tenancies within a single duplex structure. The detached garage adds supplemental on-site storage or parking utility for residents. The listing also indicates the property is part of an investment portfolio that includes multiple additional addresses, which may appeal to buyers evaluating a broader acquisition plan.
Located in Clementon, New Jersey, the home is described as being near shopping, dining, and major roadways, supporting convenient day-to-day access for residents and visitors.
For investors seeking an occupied, two-unit residential income property, this setup provides two distinct one-bedroom tenancies within a single duplex structure. The detached garage adds supplemental on-site storage or parking utility for residents. The listing also indicates the property is part of an investment portfolio that includes multiple additional addresses, which may appeal to buyers evaluating a broader acquisition plan.
Key Highlights
- Duplex with two 1‑bedroom units; both units are currently rented
- Detached 1‑car garage plus parking lot for tenant/guest parking
- Built in 1935 with frame construction
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
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 - Duplex with two one-bedroom units and a large detached garage, with both units currently rented.
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: Duplex with two 1‑bedroom units; both units are currently rented; Detached 1‑car garage plus parking lot for tenant/guest parking; Built in 1935 with frame construction
