Renovated Duplex with Rental
For Sale
$375,000
433 N DELSEA DRIVE, Clayton, NJ 08312
Two-unit residential property combining an updated vacant residence with an occupied unit generating ongoing rental income.
Property Size2,150 SF
Price / SF$174.42
Days on Market9
Property Features for 433 N DELSEA DRIVE
General Information
Standard status
Active
Size
2,150 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
BHHS Fox & Roach-Washington-Gloucester
(609) 472-1093
Listed By:
Michael J Carducci · License #8641675
(609) 472-1093
Source:
Cummingsrealtors
Added: Aug 5
Changed: Aug 11
Last Checked: Aug 12 at 5:45AM
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 BHHS Fox & Roach-Washington-Gloucester
Investment Insights
Based on property information with market context.
This duplex contains two 2-bedroom residences within 2,150 square feet, offering a combination of current occupancy and near-term flexibility. The vacant unit has fresh interior paint and is prepared for immediate use, while the second residence is occupied by a long-term tenant. The property was built in 1900 and is located at 433 N Delsea Drive in Clayton, New Jersey.
Capital improvements include a replacement roof with plywood sheathing and two new hot water heaters completed in 2018. HVAC work in 2019 included a new motor, control board, and other system components. Additional work in 2022 and 2024 addressed landscaping, lead-safety certification, interior painting, the rear step and railing, and concrete repairs. Both residences receive professional pest treatment on a monthly or bi-monthly schedule.
Capital improvements include a replacement roof with plywood sheathing and two new hot water heaters completed in 2018. HVAC work in 2019 included a new motor, control board, and other system components. Additional work in 2022 and 2024 addressed landscaping, lead-safety certification, interior painting, the rear step and railing, and concrete repairs. Both residences receive professional pest treatment on a monthly or bi-monthly schedule.
Key Highlights
- Duplex with two 2‑bedroom units and 2,150 SF of total property size
- One unit is vacant with fresh interior paint; the second is occupied by a long‑term tenant
- Roof with plywood sheathing and both hot water heaters replaced in 2018
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
$28,249
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
7.53%
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%
$564,980
$565.0K
Cap Rate 7%
$403,557
$403.6K
Cap Rate 9%
$313,878
$313.9K
Market Conditions
NOI Build-Up for 2,150 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
$42.6K $19.80/SF
− Vacancy
−$2.2K −$1.03/SF
EGI
$40.4K $18.77/SF
− OpEx
−$12.1K −$5.63/SF
NOI
$28.2K $13.14/SF
Area
Gloucester County, NJ
Vacancy
5.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$564,980
Cap Rate 7%
$403,557
Cap Rate 9%
$313,878
Alternative Uses
Best Use
Multifamily LT 5
$403.6K
$353.1K – $470.8K
NOI $28,249 @ 7.0% cap · market cap 7.53%
Second Best
Apartment 5plus
$359.0K
$314.1K – $418.8K
NOI $25,130 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$722.7K
$632.4K – $843.2K
NOI $50,589 @ 7.0% cap · market cap 13.49%
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
106
Businesses Nearby
Explore this area
Business Placement
Demographics for 08312, NJ
8,465
Population
3,558
Households
2.4
Avg Household Size
40
Median Age
22%
College-Educated
93%
High-School Grad
5.5 sq mi
ZIP Area
1,539
Density / Sq Mi
$88,448
Median Household Income
$46,950
Median Earnings
$1,204
Median Rent
$248,000
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-unit residential property combining an updated vacant residence with an occupied unit generating ongoing rental income.
Where is this duplex located?
The property is located at 433 N DELSEA DRIVE Clayton, NJ.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Duplex with two 2‑bedroom units and 2,150 SF of total property size; One unit is vacant with fresh interior paint; the second is occupied by a long‑term tenant; Roof with plywood sheathing and both hot water heaters replaced in 2018
