2-Unit
For Sale
$375,000
Pending
513 E Pine St, Millville, NJ 08332
Tenants are in place in this 2-bedroom, 1-bath duplex with routine upkeep and updates to required TWP COs.
Property Size2,578 SF
Days on Market36
Property Features for 513 E Pine St
General Information
Standard status
Pending
Size
2,578 SF
Property subtype
Residential Income
Net Operating Income
$42,348
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams - Main Street
(856) 534-4238
Listed By:
Carol Terrell · License #0227464
(856) 534-4238
Source:
Exprealty
Added: Jul 3
Changed: Jul 31
Last Checked: Jul 31 at 8:13AM
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 2-unit duplex includes two bedrooms and one bathroom in each unit. Tenants are already in place, supporting an income-producing setup with routine upkeep. The property is being sold as-is, and buyers are responsible for their own due diligence.
The duplex is located at 513 E Pine St in Millville, NJ. The seller indicates units are up to date with TWP COs and housing where necessary.
The property is also being offered as part of a larger portfolio with multiple locations throughout New Jersey. The seller may be able to structure the purchase with buyer-requested terms through the portfolio approach and can also consider creative financing options, including the potential to take over an existing mortgage.
The duplex is located at 513 E Pine St in Millville, NJ. The seller indicates units are up to date with TWP COs and housing where necessary.
The property is also being offered as part of a larger portfolio with multiple locations throughout New Jersey. The seller may be able to structure the purchase with buyer-requested terms through the portfolio approach and can also consider creative financing options, including the potential to take over an existing mortgage.
Key Highlights
- 2‑unit duplex at 513 E Pine St, Millville, NJ
- Two bedrooms and one bathroom in each unit
- Tenants already in place
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
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
640
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 - Tenants are in place in this 2-bedroom, 1-bath duplex with routine upkeep and updates to required TWP COs.
Where is this duplex located?
The property is located at 513 E Pine St 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: 2‑unit duplex at 513 E Pine St, Millville, NJ; Two bedrooms and one bathroom in each unit; Tenants already in place
