Duplex With Separate Utility
For Sale
$250,000
419 E Mulberry St, Millville, NJ 08332
Two separately metered units offer distinct layouts with annual leases extending through the Fall.
Property Size1,804 SF
Price / SF$138.58
Days on Market101
Property Features for 419 E Mulberry St
General Information
Standard status
Active
Size
1,804 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$32,940
Taxes and HOA fees
Annual Taxes
$3,678
Listing Agency:
DePalma Realty
(609) 501-4162
Listed By:
Michael DePalma · License #1328898
(609) 501-4162
Source:
Exprealty
Added: May 23
Changed: Aug 21
Last Checked: Aug 31 at 12:36AM
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 DePalma Realty
Investment Insights
Based on property information with market context.
This 1,804-square-foot duplex contains two separate residences with distinct bedroom configurations. The lower unit has 2 bedrooms and 1 bathroom, while the upper unit provides 3 bedrooms and 1 bathroom. Each residence has its own electric and gas meter, supporting separate utility management.
Both units are occupied under annual leases that extend through the Fall. Lease terms include a monthly water/sewer fee that generally covers those services. The owner remains responsible for trash, taxes, and building insurance. The property is located at 419 E Mulberry St in Millville, New Jersey.
Both units are occupied under annual leases that extend through the Fall. Lease terms include a monthly water/sewer fee that generally covers those services. The owner remains responsible for trash, taxes, and building insurance. The property is located at 419 E Mulberry St in Millville, New Jersey.
Key Highlights
- 1,804‑square‑foot duplex with two separate residential units
- Lower unit includes 2 bedrooms and 1 bathroom
- Upper unit includes 3 bedrooms and 1 bathroom
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
$21,597
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
8.64%
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%
$431,940
$431.9K
Cap Rate 7%
$308,529
$308.5K
Cap Rate 9%
$239,967
$240.0K
Market Conditions
NOI Build-Up for 1,804 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
$42.0K $23.28/SF
− Vacancy
−$2.7K −$1.51/SF
EGI
$39.3K $21.77/SF
− OpEx
−$17.7K −$9.80/SF
NOI
$21.6K $11.97/SF
Area
Cumberland County, NJ
Vacancy
6.50%
Lease Rate
$23.28 /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%
$431,940
Cap Rate 7%
$308,529
Cap Rate 9%
$239,967
Alternative Uses
Best Use
Multifamily LT 5
$335.2K
$293.3K – $391.0K
NOI $23,461 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$308.5K
$270.0K – $360.0K
NOI $21,597 @ 7.0% cap · market cap 8.64%
Theoretical Best
Office A
$2.71M
$2.37M – $3.16M
NOI $189,611 @ 7.0% cap · market cap 75.84%
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
715
Businesses Nearby
Explore this area
Business Placement
Demographics for 08332, NJ
35,396
Population
15,063
Households
2.3
Avg Household Size
40
Median Age
18%
College-Educated
86%
High-School Grad
104.5 sq mi
ZIP Area
339
Density / Sq Mi
$65,825
Median Household Income
$39,595
Median Earnings
$1,223
Median Rent
$195,900
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?
Duplex - Two separately metered units offer distinct layouts with annual leases extending through the Fall.
Where is this duplex located?
The property is located at 419 E Mulberry St Millville, NJ.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,804‑square‑foot duplex with two separate residential units; Lower unit includes 2 bedrooms and 1 bathroom; Upper unit includes 3 bedrooms and 1 bathroom
