Multifamily
For Sale
$475,000
409 West 3rd Street, Florence, NJ 08518
Residential zoning and a 1918 construction date characterize this multifamily asset.
Property Size1,909 SF
Price / SF$248.82
Days on Market132
Property Features for 409 West 3rd Street
General Information
Standard status
Active
Size
1,909 SF
Total Parking Spaces
1
Property subtype
Multi-Family / Fee Simple
Zoning
RESIDENTIAL
Taxes and HOA fees
Annual Taxes
$7,115
Amenities
No Pool
Building Details
Year Built
1918
Listing Agency:
EXP Realty, LLC
(609) 851-7837
Listed By:
Kiyana K McKenzie
(609) 851-7837
Source:
Compass
Added: Apr 22
Changed: Aug 30
Last Checked: Aug 30 at 12:54PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This multifamily property is located at 409 West 3rd Street in Florence, New Jersey. The building dates to 1918 and carries RESIDENTIAL zoning. Interior features are listed as none, and the exterior includes no pool.
The property falls within Florence Township in Burlington County and is served by Florence Township Public Schools. Listed schools include Florence Township Memorial High School, Riverfront School, and Roeb/Duffy Elementary School.
The property falls within Florence Township in Burlington County and is served by Florence Township Public Schools. Listed schools include Florence Township Memorial High School, Riverfront School, and Roeb/Duffy Elementary School.
Key Highlights
- Multifamily property at 409 West 3rd Street, Florence, NJ 08518
- 1918 construction date
- RESIDENTIAL zoning
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
$25,004
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
5.26%
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%
$500,080
$500.1K
Cap Rate 7%
$357,200
$357.2K
Cap Rate 9%
$277,822
$277.8K
Market Conditions
NOI Build-Up for 1,909 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
$48.1K $25.20/SF
− Vacancy
−$2.6K −$1.39/SF
EGI
$45.5K $23.81/SF
− OpEx
−$20.5K −$10.72/SF
NOI
$25.0K $13.10/SF
Area
Burlington County, NJ
Vacancy
5.50%
Lease Rate
$25.20 /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%
$500,080
Cap Rate 7%
$357,200
Cap Rate 9%
$277,822
Alternative Uses
Best Use
Apartment 5plus
$357.2K
$312.6K – $416.7K
NOI $25,004 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.99M
$3.49M – $4.66M
NOI $279,485 @ 7.0% cap · market cap 58.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
184
Businesses Nearby
Explore this area
Business Placement
Demographics for 08518, NJ
5,943
Population
2,165
Households
2.7
Avg Household Size
42
Median Age
24%
College-Educated
88%
High-School Grad
1.9 sq mi
ZIP Area
3,128
Density / Sq Mi
$102,321
Median Household Income
$45,337
Median Earnings
$1,253
Median Rent
$287,900
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 - Residential zoning and a 1918 construction date characterize this multifamily asset.
Where is this multifamily property located?
The property is located at 409 West 3rd Street Florence, NJ.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Multifamily property at 409 West 3rd Street, Florence, NJ 08518; 1918 construction date; RESIDENTIAL zoning
