Turnkey Duplex with Separate
For Sale
$250,000
419 E MULBERRY Street, Millville, NJ 08332
MULTI_FAMILY - Colonial - MILLVILLE, NJ
Property Size1,804 SF
Lot Size0.14 Acres
Price / SF$138.58
Days on Market81
Property Features for 419 E MULBERRY Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
On Street
Elementary school district
MILLVILLE AREA
Middle school district
MILLVILLE AREA
High school district
MILLVILLE AREA
Standard status
Active
Size
1,804 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
3678
Utilities
Heating system
Forced Air, Radiant
Building Details
Year built
1927
Number of units
2
Building materials
Frame
Architectural style
Colonial
Listing Agency:
DePalma Realty · ERA Real Estate
(856) 825-5500
Listed By:
Michael DePalma · License #1328898
(609) 501-4162
Added: May 23
Changed: Jul 23
Last Checked: Aug 11 at 5:06AM
MLS# NJCB2030698
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This turnkey duplex offers two rental units with a straightforward, occupant-friendly layout. Unit 1 features 2 bedrooms and 1 bathroom, while Unit 2 features 3 bedrooms and 1 bathroom. The property is described as well-kept, and both units are currently maintained in clean, tidy condition by the tenants.
Each unit is separately metered with its own electric and gas meters, supporting easier utility management. In addition, the leases each include a monthly water/sewer fee that generally covers those costs, leaving the landlord responsible for trash, taxes, and building insurance. The current rent roll is $2,745 per month, totaling $32,940 annually, and the tenants are on annual leases that run through the Fall.
This duplex is positioned for buyers seeking a ready-to-operate residential income property. With separate utility metering and water/sewer handled through tenant monthly fees, the expense structure is simplified. Located at 419 E Mulberry Street in Millville, New Jersey, the property provides a practical option for anyone looking to start, add to, or diversify a small multi-family portfolio.
Each unit is separately metered with its own electric and gas meters, supporting easier utility management. In addition, the leases each include a monthly water/sewer fee that generally covers those costs, leaving the landlord responsible for trash, taxes, and building insurance. The current rent roll is $2,745 per month, totaling $32,940 annually, and the tenants are on annual leases that run through the Fall.
This duplex is positioned for buyers seeking a ready-to-operate residential income property. With separate utility metering and water/sewer handled through tenant monthly fees, the expense structure is simplified. Located at 419 E Mulberry Street in Millville, New Jersey, the property provides a practical option for anyone looking to start, add to, or diversify a small multi-family portfolio.
Key Highlights
- 2‑unit duplex built in 1927 with Colonial architectural style and frame construction
- Rent roll of $2,745/month total ($32,940/year) based on current leases
- Unit mix: 2BR/1BA downstairs and 3BR/1BA upstairs
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
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
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 - Well-kept two-unit duplex with separate electric and gas meters for straightforward utility management.
Where is this duplex located?
The property is located at 419 E MULBERRY Street 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: 2‑unit duplex built in 1927 with Colonial architectural style and frame construction; Rent roll of $2,745/month total ($32,940/year) based on current leases; Unit mix: 2BR/1BA downstairs and 3BR/1BA upstairs
