Restored Historic
New
For Sale
$720,000
305-307 LECONEY AVE, Palmyra, NJ 08065
Renovated owner’s residence paired with two apartments, basement storage, and off-street parking on an additional lot.
Property Size4,009 SF
Price / SF$179.60
Days on Market4
Property Features for 305-307 LECONEY AVE
General Information
Standard status
Active
Size
4,009 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1876
Buildings
1
Listing Agency:
Coldwell Banker Realty
(856) 235-0101
Listed By:
Patricia Blosfelds · License #1756223
(856) 816-1684
Source:
Keygroupmd
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 11 at 12:23PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 4,009-square-foot triplex at 305-307 Leconey Avenue combines a renovated owner’s residence with two rental apartments beneath a slate roof. Built in 1876, the property retains original millwork, a transom window, decorative fireplace, wide-plank flooring, and an enclosed front porch. The primary residence includes a new kitchen with shaker cabinetry, quartz counters, and stainless steel appliances, along with three bedrooms, a renovated full bath, and two finished third-floor rooms. A new HVAC system with central air serves the first and second floors.
The first-floor apartment is occupied month-to-month, while the second- and third-floor apartment is leased through the end of 2027. Each rental unit has full basement storage; laundry is located in the first-floor apartment and in the basement for the upper unit. The sale also includes a 50x150 lot used for tenant off-street parking.
The first-floor apartment is occupied month-to-month, while the second- and third-floor apartment is leased through the end of 2027. Each rental unit has full basement storage; laundry is located in the first-floor apartment and in the basement for the upper unit. The sale also includes a 50x150 lot used for tenant off-street parking.
Key Highlights
- 4,009‑square‑foot triplex built in 1876
- Renovated owner’s residence with 3 bedrooms, finished third‑floor rooms, and a new kitchen
- Two rental apartments with separate laundry arrangements and full basement storage
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
$57,452
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
7.98%
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%
$1,149,040
$1.1M
Cap Rate 7%
$820,743
$820.7K
Cap Rate 9%
$638,356
$638.4K
Market Conditions
NOI Build-Up for 4,009 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
$86.6K $21.60/SF
− Vacancy
−$4.5K −$1.13/SF
EGI
$82.1K $20.47/SF
− OpEx
−$24.6K −$6.14/SF
NOI
$57.5K $14.33/SF
Area
Burlington County, NJ
Vacancy
5.22%
Lease Rate
$21.60 /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%
$1,149,040
Cap Rate 7%
$820,743
Cap Rate 9%
$638,356
Alternative Uses
Best Use
Multifamily LT 5
$820.7K
$718.2K – $957.5K
NOI $57,452 @ 7.0% cap · market cap 7.98%
Second Best
Apartment 5plus
$750.1K
$656.4K – $875.2K
NOI $52,509 @ 7.0% cap · market cap 7.29%
Theoretical Best
Warehouse
$8.38M
$7.34M – $9.78M
NOI $586,932 @ 7.0% cap · market cap 81.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
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Business Placement
Demographics for 08065, NJ
7,438
Population
3,406
Households
2.2
Avg Household Size
42
Median Age
30%
College-Educated
95%
High-School Grad
1.8 sq mi
ZIP Area
4,132
Density / Sq Mi
$85,014
Median Household Income
$51,085
Median Earnings
$1,680
Median Rent
$216,600
Median Home Value
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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 - Renovated owner’s residence paired with two apartments, basement storage, and off-street parking on an additional lot.
Where is this triplex located?
The property is located at 305-307 LECONEY AVE Palmyra, NJ.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: 4,009‑square‑foot triplex built in 1876; Renovated owner’s residence with 3 bedrooms, finished third‑floor rooms, and a new kitchen; Two rental apartments with separate laundry arrangements and full basement storage
