Duplex With Fenced
For Sale
$370,000
312 Conover St, Burlington, NJ 08016
Both residences are occupied, with one lease extending through May 1, 2027 and the other continuing month to month.
Property Size2,112 SF
Lot Size0.17 Acres
Price / SF$175.19
Days on Market22
Property Features for 312 Conover St
General Information
Standard status
Active
Size
2,112 SF
Total Parking Spaces
2
Lot size
0.17 Acres
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,171
Amenities
fenced backyard
front porch
Building Details
Buildings
1
Listing Agency:
Coldwell Banker Realty
(856) 220-3722
Listed By:
Erin M Blank · License #0452453
(856) 220-3722
Source:
Exprealty
Added: Aug 2
Changed: Aug 22
Last Checked: Aug 22 at 11:36AM
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 duplex contains two occupied residences, each arranged with two bedrooms and one full bathroom. The upper unit is subject to a lease ending May 1, 2027, while the lower residence is leased month to month. A front porch, fenced backyard, landscaped lawn, and established plantings add outdoor appeal to the property.
Two driveway spaces provide off-street parking. The owner currently handles insurance, water, sewer, and real estate taxes, while residents pay the remaining expenses. The property is located at 312 Conover St in Burlington, New Jersey.
Two driveway spaces provide off-street parking. The owner currently handles insurance, water, sewer, and real estate taxes, while residents pay the remaining expenses. The property is located at 312 Conover St in Burlington, New Jersey.
Key Highlights
- Two‑unit duplex with both residences currently occupied
- Upper unit lease runs through 5/1/2027
- Lower unit has a month‑to‑month lease
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
$30,267
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
8.18%
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%
$605,340
$605.3K
Cap Rate 7%
$432,386
$432.4K
Cap Rate 9%
$336,300
$336.3K
Market Conditions
NOI Build-Up for 2,112 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
$45.6K $21.60/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$43.2K $20.47/SF
− OpEx
−$13.0K −$6.14/SF
NOI
$30.3K $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%
$605,340
Cap Rate 7%
$432,386
Cap Rate 9%
$336,300
Alternative Uses
Best Use
Multifamily LT 5
$432.4K
$378.3K – $504.5K
NOI $30,267 @ 7.0% cap · market cap 8.18%
Second Best
Apartment 5plus
$395.2K
$345.8K – $461.0K
NOI $27,662 @ 7.0% cap · market cap 7.48%
Theoretical Best
Warehouse
$4.42M
$3.87M – $5.15M
NOI $309,205 @ 7.0% cap · market cap 83.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
675
Businesses Nearby
Explore this area
Business Placement
Demographics for 08016, NJ
34,617
Population
13,842
Households
2.5
Avg Household Size
41
Median Age
34%
College-Educated
92%
High-School Grad
21.6 sq mi
ZIP Area
1,603
Density / Sq Mi
$92,560
Median Household Income
$49,919
Median Earnings
$1,343
Median Rent
$308,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied, with one lease extending through May 1, 2027 and the other continuing month to month.
Where is this duplex located?
The property is located at 312 Conover St Burlington, NJ.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences currently occupied; Upper unit lease runs through 5/1/2027; Lower unit has a month‑to‑month lease
