Renovated Triplex with Separate
For Sale
$629,900
29 South Main Street, Glassboro, NJ 08028
Three leased units feature recent updates, individual utility metering, and a low-maintenance vinyl-sided exterior.
Property Size2,219 SF
Price / SF$283.87
Days on Market295
Property Features for 29 South Main Street
General Information
Standard status
Active
Size
2,219 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R3
Occupancy
100%
Net Operating Income
$43,078
Additional Details
Road Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,615
Amenities
Insulated
Double Hung, Energy Efficient, Replacement, Vinyl Clad, Wood Frame
Floor Plan - Traditional, Kitchen - Eat-In
Carbon Monoxide Detector(s), Smoke Detector
No Pool
Above Grade
Exterior Lighting
Building Details
Year Built
1898
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Regency Realty
(856) 725-5275
Listed By:
Albert Guerrini · License #RS371896
(856) 725-5275
Source:
Compass
Added: Nov 8, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:37AM
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 RE/MAX Regency Realty
Investment Insights
Based on property information with market context.
This 2,219-square-foot triplex includes three residential units, each renovated within the past 3 years and leased on yearly terms. Separate gas and electric meters serve the units, while the exterior uses vinyl siding with capped soffits and trim for reduced maintenance. Andersen windows add energy-efficient replacement glazing, and the property was built in 1898.
Positioned on South Main Street in Glassboro, the property is within walking distance of downtown and campus. R3 zoning supports its multifamily configuration, and the units include traditional floor plans with eat-in kitchens. Exterior lighting is also present.
Positioned on South Main Street in Glassboro, the property is within walking distance of downtown and campus. R3 zoning supports its multifamily configuration, and the units include traditional floor plans with eat-in kitchens. Exterior lighting is also present.
Key Highlights
- Three units, each renovated within the past 3 years
- 2,219 SF triplex built in 1898
- All 3 units are fully rented with yearly leases
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
$29,156
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
4.63%
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%
$583,120
$583.1K
Cap Rate 7%
$416,514
$416.5K
Cap Rate 9%
$323,956
$324.0K
Market Conditions
NOI Build-Up for 2,219 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
$43.9K $19.80/SF
− Vacancy
−$2.3K −$1.03/SF
EGI
$41.7K $18.77/SF
− OpEx
−$12.5K −$5.63/SF
NOI
$29.2K $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%
$583,120
Cap Rate 7%
$416,514
Cap Rate 9%
$323,956
Alternative Uses
Best Use
Multifamily LT 5
$416.5K
$364.5K – $485.9K
NOI $29,156 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$370.5K
$324.2K – $432.3K
NOI $25,936 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$745.9K
$652.7K – $870.2K
NOI $52,213 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
754
Businesses Nearby
Explore this area
Business Placement
Demographics for 08028, NJ
24,818
Population
9,006
Households
2.8
Avg Household Size
28
Median Age
40%
College-Educated
92%
High-School Grad
14.5 sq mi
ZIP Area
1,712
Density / Sq Mi
$81,993
Median Household Income
$33,160
Median Earnings
$1,554
Median Rent
$278,500
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?
Triplex - Three leased units feature recent updates, individual utility metering, and a low-maintenance vinyl-sided exterior.
Where is this triplex located?
The property is located at 29 South Main Street Glassboro, NJ.
What is the asking price?
The asking price for this property is $629,900.
What are key features of this property?
This property features: Three units, each renovated within the past 3 years; 2,219 SF triplex built in 1898; All 3 units are fully rented with yearly leases
