Historic Triplex with Owner’s
New
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 Market2
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
Baseboard, Electric (Heating), Other (Heating), Forced Air
Cooling system
Central Air, Wall Unit(s), Ceiling Fan(s)
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
Last Checked: Aug 30 at 5:06AM
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 4,009-square-foot Victorian triplex combines a substantially renovated owner’s residence with two rental apartments. The primary dwelling includes an enclosed porch, foyer, original millwork, decorative fireplace, wide-plank flooring, updated kitchen, dining and family rooms, 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 occupied through the end of 2027. Each rental unit has full basement storage; laundry is provided in the first-floor apartment and in the basement for the upper unit. A separate 50x150 lot provides off-street parking. The property is located in Palmyra, Burlington County, New Jersey.
The first-floor apartment is occupied month to month, while the second- and third-floor apartment is occupied through the end of 2027. Each rental unit has full basement storage; laundry is provided in the first-floor apartment and in the basement for the upper unit. A separate 50x150 lot provides off-street parking. The property is located in Palmyra, Burlington County, New Jersey.
Key Highlights
- 4,009‑square‑foot triplex built in 1876
- Victorian architecture with original millwork, decorative fireplace, and wide‑plank flooring
- Renovated owner’s residence includes 3 bedrooms plus 2 finished third‑floor rooms
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
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
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
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 - Victorian income property pairs a renovated primary dwelling with two apartments, basement storage, 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: 4,009‑square‑foot triplex built in 1876; Victorian architecture with original millwork, decorative fireplace, and wide‑plank flooring; Renovated owner’s residence includes 3 bedrooms plus 2 finished third‑floor rooms
