Duplex with Detached
For Sale
$325,000
438 W 3rd Street, Florence, NJ 08518
A private upper-level entrance adds separation between the two residential units.
Property Size1,350 SF
Price / SF$240.74
Days on Market124
Property Features for 438 W 3rd Street
General Information
Standard status
Active
Size
1,350 SF
Property subtype
Multi-family
Amenities
fully fenced yard
detached garages
private entrance
Building Details
Year Built
1934
Tenancy
Multi
Listing Agency:
RE/MAX at Home
Listed By:
Valerie Archer Belardo
(800) 299-2129
Source:
Actionplusrealty
Added: Apr 4
Changed: Aug 3
Last Checked: Aug 4 at 9:41AM
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 RE/MAX at Home
Investment Insights
Based on property information with market context.
This 1,350-square-foot duplex, built in 1934, includes a two-bedroom, one-bath lower residence and a separate upper-level apartment with its own exterior entry. The configuration can accommodate an owner-occupant while retaining a second unit for rental income, as described in the property information.
Outdoor features include a fully enclosed yard and detached garages positioned behind the home. The garages are reached through the alley, providing practical access for parking, storage, or other supported uses. The property is located at 438 W 3rd Street in Florence, New Jersey.
Outdoor features include a fully enclosed yard and detached garages positioned behind the home. The garages are reached through the alley, providing practical access for parking, storage, or other supported uses. The property is located at 438 W 3rd Street in Florence, New Jersey.
Key Highlights
- Two‑family duplex with 1,350 SF of total property size
- Lower unit includes 2 bedrooms and 1 bath
- Upper‑level apartment has a private entrance
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.2k | $21.60 |
| − Vacancy | −$1.5k | −$1.13 |
| EGI | $27.6k | $20.47 |
| − OpEx | −$8.3k | −$6.14 |
| NOI | $19.3k | $14.33 |
1,350 SF · lease $21.60/SF/yr · vacancy 5.22% · expense 30.00%
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
Current Use
Lease Details
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Duplex - A private upper-level entrance adds separation between the two residential units.
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 duplex with 1,350 SF of total property size; Lower unit includes 2 bedrooms and 1 bath; Upper‑level apartment has a private entrance
