Two-Unit Duplex Investment
For Sale
$375,000
Pending
513-515 East Pine Street, Millville, NJ 08332
Two-unit duplex with two bedrooms and one bathroom per unit, sold as-is with tenants in place generating rental income.
Property Size2,578 SF
Days on Market65
Property Features for 513-515 East Pine Street
General Information
Standard status
Pending
Size
2,578 SF
Property subtype
Multi-Family / Fee Simple
Zoning
B-1
Net Operating Income
$42,349
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,567
Amenities
No
No Pool
Building Details
Year Built
1927
Listing Agency:
Keller Williams - Main Street
Listed By:
Carol Terrell · License #0227464
(856) 534-4238
Source:
Compass
Added: Jul 3
Changed: Aug 8
Last Checked: Jul 24 at 2:28PM
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 Keller Williams - Main Street
Investment Insights
Based on property information with market context.
This two-unit duplex features two bedrooms and one bathroom in each unit. The property is currently tenant-occupied and generating rental income, and it is being sold as-is with routine upkeep. Each unit is described as having up-to-date TWP COs and housing where necessary.
The property is located in Millville within Cumberland County, in the Millville City MLS area (20610). Transportation access includes a bus stop less than 1 mile away. The listing notes the area is convenient to parks, dams, bridges, eateries, and entertainment.
The seller indicates the duplex produces an annual NOI of approximately $42,348.84. This property is offered as part of a larger portfolio with multiple locations throughout New Jersey, and buyers may be eligible for a discount when purchasing more than one property or the portfolio as a package deal. The seller would like the buyer to use the seller’s title company and advises buyers to complete their own due diligence prior to purchase.
The property is located in Millville within Cumberland County, in the Millville City MLS area (20610). Transportation access includes a bus stop less than 1 mile away. The listing notes the area is convenient to parks, dams, bridges, eateries, and entertainment.
The seller indicates the duplex produces an annual NOI of approximately $42,348.84. This property is offered as part of a larger portfolio with multiple locations throughout New Jersey, and buyers may be eligible for a discount when purchasing more than one property or the portfolio as a package deal. The seller would like the buyer to use the seller’s title company and advises buyers to complete their own due diligence prior to purchase.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit
- Tenants already in place, generating rental income
- Annual NOI approximately $42,348.84
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
$33,526
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
8.94%
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%
$670,520
$670.5K
Cap Rate 7%
$478,943
$478.9K
Cap Rate 9%
$372,511
$372.5K
Market Conditions
NOI Build-Up for 2,578 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
$51.0K $19.80/SF
− Vacancy
−$3.1K −$1.22/SF
EGI
$47.9K $18.58/SF
− OpEx
−$14.4K −$5.57/SF
NOI
$33.5K $13.00/SF
Area
Cumberland County, NJ
Vacancy
6.17%
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%
$670,520
Cap Rate 7%
$478,943
Cap Rate 9%
$372,511
Alternative Uses
Best Use
Multifamily LT 5
$478.9K
$419.1K – $558.8K
NOI $33,526 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$440.9K
$385.8K – $514.4K
NOI $30,863 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$3.87M
$3.39M – $4.52M
NOI $270,962 @ 7.0% cap · market cap 72.26%
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
644
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 - Two-unit duplex with two bedrooms and one bathroom per unit, sold as-is with tenants in place generating rental income.
Where is this duplex located?
The property is located at 513-515 East Pine Street Millville, 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: Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit; Tenants already in place, generating rental income; Annual NOI approximately $42,348.84
