Turnkey Cashflowing
For Sale
$300,000
31 S MYRTLE Street, Vineland, NJ 08360
MULTI_FAMILY - Other - VINELAND, NJ
Property Size1,396 SF
Lot Size0.23 Acres
Price / SF$214.90
Days on Market58
Property Features for 31 S MYRTLE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
Driveway
Elementary school district
CITY OF VINELAND BOARD OF EDUCATION
Middle school district
CITY OF VINELAND BOARD OF EDUCATION
High school district
CITY OF VINELAND BOARD OF EDUCATION
Standard status
Active
Size
1,396 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
3838
Utilities
Heating system
Other (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1890
Number of units
2
Building materials
Frame
Architectural style
Other
Listing Agency:
DePalma Realty · ERA Real Estate
(856) 825-5500
Listed By:
Michael DePalma · License #1328898
(609) 501-4162
Added: Jun 12
Changed: Jun 29
Last Checked: Aug 8 at 10:06PM
MLS# NJCB2031046
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.
This turnkey duplex offers two separate leased units under annual agreements. The upstairs unit features 2 bedrooms and 1 bathroom, while the downstairs unit features 1 bedroom and 1 bathroom. Both units are currently rented under lease agreements, with terms running through February 2027 and into August 2027. Each unit has its own electric and gas meters, which supports more direct utility management. The property is listed as having a total size of 1,396 square feet on a 0.2342-acre lot.
Located at 31 S Myrtle Street in Vineland, New Jersey, this residential income property is positioned in Cumberland County. The current tenants are described as maintaining the units clean and tidy, and the rent roll is provided in the listing materials.
For investors seeking a multi-family property with in-place tenancy, this duplex presents a straightforward two-unit configuration with separate utility metering. The existing lease terms provide continuity through 2027, and the documented monthly rent roll supports the stated annual gross income in the listing materials. With two bedrooms upstairs and one bedroom downstairs, the layout can appeal to a range of tenant needs within a single building, while keeping operations consolidated under one ownership stake.
Located at 31 S Myrtle Street in Vineland, New Jersey, this residential income property is positioned in Cumberland County. The current tenants are described as maintaining the units clean and tidy, and the rent roll is provided in the listing materials.
For investors seeking a multi-family property with in-place tenancy, this duplex presents a straightforward two-unit configuration with separate utility metering. The existing lease terms provide continuity through 2027, and the documented monthly rent roll supports the stated annual gross income in the listing materials. With two bedrooms upstairs and one bedroom downstairs, the layout can appeal to a range of tenant needs within a single building, while keeping operations consolidated under one ownership stake.
Key Highlights
- Duplex built in 1890 with frame construction
- Unit mix: 2‑bedroom/1‑bath upstairs and 1‑bedroom/1‑bath downstairs
- Both units are under lease through February 2027 and into August 2027
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
$18,155
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
6.05%
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%
$363,100
$363.1K
Cap Rate 7%
$259,357
$259.4K
Cap Rate 9%
$201,722
$201.7K
Market Conditions
NOI Build-Up for 1,396 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
$27.6K $19.80/SF
− Vacancy
−$1.7K −$1.22/SF
EGI
$25.9K $18.58/SF
− OpEx
−$7.8K −$5.57/SF
NOI
$18.2K $13.00/SF
Area
Cumberland County, NJ
Vacancy
6.17%
Lease Rate
$19.80 /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%
$363,100
Cap Rate 7%
$259,357
Cap Rate 9%
$201,722
Alternative Uses
Best Use
Multifamily LT 5
$259.4K
$226.9K – $302.6K
NOI $18,155 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$238.8K
$208.9K – $278.6K
NOI $16,713 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$2.10M
$1.83M – $2.45M
NOI $146,727 @ 7.0% cap · market cap 48.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Explore this area
Business Placement
Demographics for 08360, NJ
43,043
Population
16,797
Households
2.6
Avg Household Size
38
Median Age
17%
College-Educated
79%
High-School Grad
44.3 sq mi
ZIP Area
972
Density / Sq Mi
$62,604
Median Household Income
$37,236
Median Earnings
$1,164
Median Rent
$199,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Leased two-unit duplex with separate electric and gas meters for straightforward utility management.
Where is this duplex located?
The property is located at 31 S MYRTLE Street Vineland, NJ.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Duplex built in 1890 with frame construction; Unit mix: 2‑bedroom/1‑bath upstairs and 1‑bedroom/1‑bath downstairs; Both units are under lease through February 2027 and into August 2027
