Renovated Victorian
For Sale
$720,000
305-307 LECONEY Avenue, Palmyra, NJ 08065
Multi-Family, PALMYRA, NJ
Property Size4,009 SF
Lot Size0.17 Acres
Price / SF$179.60
Days on Market24
Property Features for 305-307 LECONEY Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking
6
Parking features
On Street, Off Street
Subdivision
NONE AVA ILABLE
Elementary school district
PALMYRA BOROUGH PUBLIC SCHOOLS
Middle school district
PALMYRA BOROUGH PUBLIC SCHOOLS
High school district
PALMYRA BOROUGH PUBLIC SCHOOLS
Standard status
Active
Size
4,009 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
10917
Utilities
Heating system
Electric (Heating), Forced Air, Other (Heating), Baseboard
Cooling system
Ceiling Fan(s), Wall Unit(s), Central Air
Building Details
Year built
1876
Number of units
3
Building materials
Frame
Architectural style
Victorian
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(856) 235-0101
Listed By:
Patricia Blosfelds · License #1756223
(856) 816-1684
Added: Aug 29
Changed: Sep 18
Last Checked: Sep 21 at 7:06AM
MLS# NJBL2119524
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.
Built in 1876, this Victorian triplex contains 4,009 square feet and combines a renovated owner’s residence with two additional apartments. The main residence includes an enclosed porch, foyer, original millwork, decorative fireplace, wide-plank flooring, updated kitchen and three bedrooms, plus two finished third-floor rooms. A new HVAC system with central air serves the first and second floors.
The first-floor apartment is vacant and includes a laundry area, while the second- and third-floor apartment is occupied by long-term tenants through the end of 2027. Basement storage is provided for both apartments, with laundry available for 305B. The property also includes a 0.1721-acre lot currently used for off-street parking at 305-307 Leconey Avenue in Palmyra, New Jersey.
The first-floor apartment is vacant and includes a laundry area, while the second- and third-floor apartment is occupied by long-term tenants through the end of 2027. Basement storage is provided for both apartments, with laundry available for 305B. The property also includes a 0.1721-acre lot currently used for off-street parking at 305-307 Leconey Avenue in Palmyra, New Jersey.
Key Highlights
- 1876 Victorian triplex with 4,009 square feet
- Renovated owner’s residence with updated kitchen and three bedrooms
- Vacant first‑floor apartment with laundry area
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
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
Explore this area
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
Check the figures for this property
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 - Historic three-unit property with a renovated owner residence, separate apartment, and off-street parking.
Where is this triplex located?
The property is located at 305-307 LECONEY Avenue 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: 1876 Victorian triplex with 4,009 square feet; Renovated owner’s residence with updated kitchen and three bedrooms; Vacant first‑floor apartment with laundry area
