Duplex With Separate Utility
For Sale
$250,000
Pending
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
Days on Market65
Property Features for 419 E MULBERRY ST
General Information
Standard status
Pending
Size
1,804 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$32,940
Listing Agency:
DePalma Realty
(856) 825-5500
Listed By:
Michael DePalma · License #1328898
(609) 501-4162
Source:
Keygroupmd
Added: Aug 14
Changed: Oct 7
Last Checked: Oct 16 at 8:39AM
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
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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 / Yr
$21,597
Cap Rate
8.64%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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
