Duplex with Renovated Upper
For Sale
$409,900
301 S FRANKLIN BLVD, Pleasantville, NJ 08232
Tenant-occupied two-unit property with separate entrances, a fenced yard, and a large rear deck.
Property Size2,533 SF
Price / SF$161.82
Days on Market44
Property Features for 301 S FRANKLIN BLVD
General Information
Standard status
Active
Size
2,533 SF
Property subtype
Multi-Family
Listing Agency:
Platinum Real Estate
(609) 641-3400
Listed By:
Michele L. Jackson · License #RB-7942010
(609) 641-3400
Source:
Careyrealtygroup
Added: Jul 18
Changed: Aug 29
Last Checked: Aug 29 at 5:14PM
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 Platinum Real Estate
Investment Insights
Based on property information with market context.
This 2,533-square-foot duplex includes a three-bedroom first-floor residence with generous living and dining areas. The upper unit has refinished floors, fresh paint, a renovated kitchen with custom cabinetry, granite countertops, and newer appliances. Separate entrances serve the two residences, and the property also includes a fenced yard, large rear deck, and stairway with fiberglass decking.
The property has remained under the same ownership for over 25 years and is currently tenant occupied. It is positioned near shopping and transportation, with the Lakes Bay redevelopment area also nearby. A buyer may assume the existing tenancies or provide 90-day notice for owner occupancy.
The property has remained under the same ownership for over 25 years and is currently tenant occupied. It is positioned near shopping and transportation, with the Lakes Bay redevelopment area also nearby. A buyer may assume the existing tenancies or provide 90-day notice for owner occupancy.
Key Highlights
- 2,533‑square‑foot duplex with two separate residential units
- First‑floor unit includes 3 bedrooms plus living and dining areas
- Upper unit features refinished floors, fresh paint, and a renovated kitchen
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
$28,847
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
7.04%
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%
$576,940
$576.9K
Cap Rate 7%
$412,100
$412.1K
Cap Rate 9%
$320,522
$320.5K
Market Conditions
NOI Build-Up for 2,533 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
$44.1K $17.40/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$41.2K $16.27/SF
− OpEx
−$12.4K −$4.88/SF
NOI
$28.8K $11.39/SF
Area
Atlantic County, NJ
Vacancy
6.50%
Lease Rate
$17.40 /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%
$576,940
Cap Rate 7%
$412,100
Cap Rate 9%
$320,522
Alternative Uses
Best Use
Multifamily LT 5
$412.1K
$360.6K – $480.8K
NOI $28,847 @ 7.0% cap · market cap 7.04%
Second Best
Apartment 5plus
$362.2K
$316.9K – $422.6K
NOI $25,355 @ 7.0% cap · market cap 6.19%
Theoretical Best
Warehouse
$943.3K
$825.4K – $1.10M
NOI $66,029 @ 7.0% cap · market cap 16.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 08232, NJ
19,897
Population
7,136
Households
2.8
Avg Household Size
37
Median Age
11%
College-Educated
73%
High-School Grad
5.9 sq mi
ZIP Area
3,372
Density / Sq Mi
$52,476
Median Household Income
$30,661
Median Earnings
$1,210
Median Rent
$179,900
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 - Tenant-occupied two-unit property with separate entrances, a fenced yard, and a large rear deck.
Where is this duplex located?
The property is located at 301 S FRANKLIN BLVD Pleasantville, NJ.
What is the asking price?
The asking price for this property is $409,900.
What are key features of this property?
This property features: 2,533‑square‑foot duplex with two separate residential units; First‑floor unit includes 3 bedrooms plus living and dining areas; Upper unit features refinished floors, fresh paint, and a renovated kitchen
