Tenant-Occupied Multifamily
For Sale
$300,000
356358 356-358 Chicago Ave, Egg Harbor City, NJ 08215
Leased residential income property offered in its existing condition with tenant access coordinated through confirmed appointments.
Property Size1,770 SF
Price / SF$169.49
Days on Market21
Property Features for 356358 356-358 Chicago Ave
General Information
Standard status
Active
Size
1,770 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Jersey Property Group Realty
(609) 977-3926
Listed By:
Donna Mancuso · License #0675353
Source:
Soldbypattie
Added: Aug 10
Changed: Aug 30
Last Checked: Aug 30 at 6:13AM
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 Jersey Property Group Realty
Investment Insights
Based on property information with market context.
This multifamily property is currently occupied by a tenant and is being offered in its existing as-is, where-is condition. The transaction includes no seller representations or warranties regarding the property or unit conditions.
The property was built in 1900 and is located at 356-358 Chicago Ave in Egg Harbor City, New Jersey. Prospective buyers are responsible for completing their own inspections, verifying measurements and unit conditions, and addressing applicable municipal requirements. Property access should be arranged in advance to respect the existing tenancy.
The property was built in 1900 and is located at 356-358 Chicago Ave in Egg Harbor City, New Jersey. Prospective buyers are responsible for completing their own inspections, verifying measurements and unit conditions, and addressing applicable municipal requirements. Property access should be arranged in advance to respect the existing tenancy.
Key Highlights
- Currently leased and tenant occupied
- Built in 1900
- Offered strictly as‑is, where‑is
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
$17,717
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
5.91%
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%
$354,340
$354.3K
Cap Rate 7%
$253,100
$253.1K
Cap Rate 9%
$196,856
$196.9K
Market Conditions
NOI Build-Up for 1,770 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
$34.2K $19.32/SF
− Vacancy
−$2.0K −$1.12/SF
EGI
$32.2K $18.20/SF
− OpEx
−$14.5K −$8.19/SF
NOI
$17.7K $10.01/SF
Area
Atlantic County, NJ
Vacancy
5.80%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$354,340
Cap Rate 7%
$253,100
Cap Rate 9%
$196,856
Alternative Uses
Best Use
Apartment 5plus
$253.1K
$221.5K – $295.3K
NOI $17,717 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$659.1K
$576.8K – $769.0K
NOI $46,140 @ 7.0% cap · market cap 15.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Explore this area
Business Placement
Demographics for 08215, NJ
14,092
Population
5,813
Households
2.4
Avg Household Size
45
Median Age
23%
College-Educated
92%
High-School Grad
124.1 sq mi
ZIP Area
114
Density / Sq Mi
$84,630
Median Household Income
$46,680
Median Earnings
$1,525
Median Rent
$266,500
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?
Multifamily property - Leased residential income property offered in its existing condition with tenant access coordinated through confirmed appointments.
Where is this multifamily property located?
The property is located at 356358 356-358 Chicago Ave Egg Harbor City, 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: Currently leased and tenant occupied; Built in 1900; Offered strictly as‑is, where‑is
