305 S 2ND ST, Millville, NJ 08332
MULTI_FAMILY - Federal - MILLVILLE, NJ
- Added:
- Jun 12, 2026
- Days on Market:
- 2
- Last Refresh:
- Jun 13 at 4:06 am
Property Features for 305 S 2ND ST
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking features
- Off Street
- Standard status
- Active
- Size
- 1,933 SF
- Lot size
- 0.23 Acres
Taxes and HOA fees
- Tax Annual Amount
- 3443
Utilities
- Heating system
- Hot Water(Heating), Baseboard
Building Details
- Year built
- 1917
- Number of units
- 3
- Building materials
- Frame
- Architectural style
- Federal
Listing agent Michael DePalma License #1328898 (609) 501-4162
Listing office DePalma Realty 111 HIGH Street, Millville, NJ (856) 825-5500
Listing date Jun 12, 2026
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.
HighLights
- Triplex built in 1917 with Federal architectural style and frame construction.
- Unit mix: two 2 bed, 1 bath units and one 1 bed, 1 bath unit; one unit is vacant and two are occupied.
- Current rent roll with two leased units: $2,535/month; both occupied units are month‑to‑month.
- Total gross rent estimate with all three leased: $43,620/year.
- Each unit has its own electric and gas meters for separate utility management.
- Lease includes a monthly water/sewer fee, with landlord responsible for trash, taxes, and building insurance only.
Overview
The property is located at 305 S 2ND ST in Millville, New Jersey, in Cumberland County. The lot size is listed at 0.23 acres, and the building size is listed as 1,933 square feet.
For buyers seeking a hands-on, income-focused residential investment, the current rent roll with two leased units is $2,535 per month, based on the information provided. The listing also notes that current 1-bedroom rents in Millville average an asking price of $1,100 or more, and that gross rents are expected to total $43,620 annually if all three units are leased. Because utilities are separately metered and the water/sewer approach is included in the lease, the setup is designed to simplify day-to-day expense management while providing flexibility with month-to-month tenancy.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $38.3k | $19.80 |
| − Vacancy | −$2.4k | −$1.22 |
| EGI | $35.9k | $18.58 |
| − OpEx | −$10.8k | −$5.57 |
| NOI | $25.1k | $13.00 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Millville
- County
- Cumberland
- State
- New Jersey
- Longitude
- -75.0352
- Latitude
- 39.3919
