Fully Rented Triplex
For Sale
$414,900
Pending
240 Billings Avenue, Paulsboro, NJ 08066
Turnkey triplex with three occupied units and renovated interiors, with tenants paying utilities.
Property Size2,488 SF
Days on Market232
Property Features for 240 Billings Avenue
General Information
Standard status
Pending
Size
2,488 SF
Property subtype
Multi-Family / Fee Simple
Zoning
TRIPLEX
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,494
Amenities
No
2+ Access Exits
No Pool
Above Grade, Below Grade
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Morgan Capital Real Estate
Listed By:
SHELBY MORGAN · License #1865038
(609) 727-5458
Source:
Compass
Added: Jan 20
Changed: Aug 8
Last Checked: Jul 24 at 3:02PM
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 Morgan Capital Real Estate
Investment Insights
Based on property information with market context.
This for-sale triplex is offered as a fully rented, turnkey investment with all three units currently occupied. The property has been renovated and maintained, with each unit featuring updated kitchens and baths, modern flooring, and well-maintained systems.
The listing is in Gloucester County, within Paulsboro Boro (MLS area 20814). The school district is Paulsboro Public Schools.
Per the provided information, tenants pay all utilities, and the three units are listed with monthly rents of $1,640, $1,525, and $1,550.
The listing is in Gloucester County, within Paulsboro Boro (MLS area 20814). The school district is Paulsboro Public Schools.
Per the provided information, tenants pay all utilities, and the three units are listed with monthly rents of $1,640, $1,525, and $1,550.
Key Highlights
- Fully rented triplex with all three units occupied and immediate rental income
- Unit rents: $1,640 (Unit 1), $1,525 (Unit 2), and $1,550 (Unit 3)
- Renovated interiors with updated kitchens and baths across all units
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
$32,691
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
7.88%
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%
$653,820
$653.8K
Cap Rate 7%
$467,014
$467.0K
Cap Rate 9%
$363,233
$363.2K
Market Conditions
NOI Build-Up for 2,488 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
$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 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%
$653,820
Cap Rate 7%
$467,014
Cap Rate 9%
$363,233
Alternative Uses
Best Use
Multifamily LT 5
$467.0K
$408.6K – $544.9K
NOI $32,691 @ 7.0% cap · market cap 7.88%
Second Best
Apartment 5plus
$415.4K
$363.5K – $484.7K
NOI $29,081 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$836.3K
$731.8K – $975.7K
NOI $58,542 @ 7.0% cap · market cap 14.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
Explore this area
Business Placement
Demographics for 08066, NJ
8,414
Population
3,605
Households
2.3
Avg Household Size
37
Median Age
21%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
1,237
Density / Sq Mi
$62,412
Median Household Income
$35,684
Median Earnings
$1,092
Median Rent
$166,600
Median Home Value
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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?
Triplex - Turnkey triplex with three occupied units and renovated interiors, with tenants paying utilities.
Where is this triplex located?
The property is located at 240 Billings Avenue Paulsboro, NJ.
What is the asking price?
The asking price for this property is $414,900.
What are key features of this property?
This property features: Fully rented triplex with all three units occupied and immediate rental income; Unit rents: $1,640 (Unit 1), $1,525 (Unit 2), and $1,550 (Unit 3); Renovated interiors with updated kitchens and baths across all units
