Two-Family Residential Income
For Sale
$325,000
438 W 3RD Street, Florence, NJ 08518
MULTI_FAMILY - Bungalow, Cape Cod - FLORENCE, NJ
Property Size1,350 SF
Lot Size0.11 Acres
Price / SF$240.74
Days on Market120
Property Features for 438 W 3RD Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
4
Parking features
Driveway, Garage - Detached, Alley, Paved or Surfaced
Interior features
2nd Kitchen
Elementary school
ROEB/DUFFY
Middle school
FLORENCE TWP. M.S.
High school
FLORENCE TWP. MEM. H.S.
Elementary school district
FLORENCE TOWNSHIP PUBLIC SCHOOLS
Middle school district
FLORENCE TOWNSHIP PUBLIC SCHOOLS
High school district
FLORENCE TOWNSHIP PUBLIC SCHOOLS
Standard status
Active
Size
1,350 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
5375
Utilities
Heating system
Other (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1934
Number of units
2
Building materials
Asbestos
Architectural style
Bungalow, Cape Cod
Listing Agency:
RE/MAX at Home · RE/MAX International
(609) 784-8021
Listed By:
Valerie Archer Belardo · License #8732047
(609) 377-6640
Added: Apr 19
Changed: Jul 18
Last Checked: Aug 16 at 5:06PM
MLS# NJBL2110026
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 two-family duplex offers two separate living areas within a bungalow-style layout. The first floor includes two bedrooms and one bathroom. The second floor provides one bedroom and one bathroom, and the upper unit has its own private entrance.
The property also features a fully fenced yard. Detached garages are located at the rear of the property and accessible via an alley.
Set up as an owner-occupant and rental configuration, the home is positioned for flexible use between the two units while maintaining separate access to the upper-level studio apartment.
The property also features a fully fenced yard. Detached garages are located at the rear of the property and accessible via an alley.
Set up as an owner-occupant and rental configuration, the home is positioned for flexible use between the two units while maintaining separate access to the upper-level studio apartment.
Key Highlights
- Two‑family property built in 1934 with bungalow/Cape Cod architectural style
- Lower unit: 2 bedrooms, 1 bath
- Upper unit: 1 bedroom, 1 bath, plus a studio apartment with its own private entrance
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
$19,346
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
5.95%
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%
$386,920
$386.9K
Cap Rate 7%
$276,371
$276.4K
Cap Rate 9%
$214,956
$215.0K
Market Conditions
NOI Build-Up for 1,350 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
$29.2K $21.60/SF
− Vacancy
−$1.5K −$1.13/SF
EGI
$27.6K $20.47/SF
− OpEx
−$8.3K −$6.14/SF
NOI
$19.3K $14.33/SF
Area
Burlington County, NJ
Vacancy
5.22%
Lease Rate
$21.60 /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%
$386,920
Cap Rate 7%
$276,371
Cap Rate 9%
$214,956
Alternative Uses
Best Use
Multifamily LT 5
$276.4K
$241.8K – $322.4K
NOI $19,346 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$252.6K
$221.0K – $294.7K
NOI $17,682 @ 7.0% cap · market cap 5.44%
Theoretical Best
Warehouse
$2.82M
$2.47M – $3.29M
NOI $197,645 @ 7.0% cap · market cap 60.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
170
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family home with lower 2-bedroom/1-bath unit and upper 1-bedroom/1-bath unit, plus detached rear garages.
Where is this duplex located?
The property is located at 438 W 3RD Street Florence, NJ.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑family property built in 1934 with bungalow/Cape Cod architectural style; Lower unit: 2 bedrooms, 1 bath; Upper unit: 1 bedroom, 1 bath, plus a studio apartment with its own private entrance
