Four-Unit Apartment
New
For Sale
$399,000
531 N 5th St Unit 529, Millville, NJ 08332
Four two-bedroom apartments offer a uniform residential rental configuration in Millville.
Property Size2,881 SF
Price / SF$138.49
Days on Market4
Property Features for 531 N 5th St Unit 529
General Information
Standard status
Active
Size
2,881 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Average Monthly Rent
$1,200
Building Details
Year Built
1927
Listing Agency:
Real Broker, LLC- Fairfield
Listed By:
John Natale · License #790719
(855) 450-0442
Source:
Soldbypattie
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 11 at 4:32PM
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 Real Broker, LLC- Fairfield
Investment Insights
Based on property information with market context.
Built in 1927, this Millville residential income property contains four apartments, each configured with two bedrooms and one bathroom. The building provides 2,881 square feet across its four-unit layout.
Located at 531 N 5th St Unit 529, the property is positioned in Millville, New Jersey. The apartments are currently rented, providing an established occupancy profile for a buyer evaluating a multifamily asset.
Located at 531 N 5th St Unit 529, the property is positioned in Millville, New Jersey. The apartments are currently rented, providing an established occupancy profile for a buyer evaluating a multifamily asset.
Key Highlights
- Four apartments, each with 2 bedrooms and 1 bathroom
- 2,881 square feet of total property size
- Built in 1927
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
$34,491
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
8.64%
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%
$689,820
$689.8K
Cap Rate 7%
$492,729
$492.7K
Cap Rate 9%
$383,233
$383.2K
Market Conditions
NOI Build-Up for 2,881 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
$67.1K $23.28/SF
− Vacancy
−$4.4K −$1.51/SF
EGI
$62.7K $21.77/SF
− OpEx
−$28.2K −$9.80/SF
NOI
$34.5K $11.97/SF
Area
Cumberland County, NJ
Vacancy
6.50%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$689,820
Cap Rate 7%
$492,729
Cap Rate 9%
$383,233
Alternative Uses
Best Use
Multifamily LT 5
$535.2K
$468.3K – $624.5K
NOI $37,467 @ 7.0% cap · market cap 9.39%
Second Best
Apartment 5plus
$492.7K
$431.1K – $574.9K
NOI $34,491 @ 7.0% cap · market cap 8.64%
Theoretical Best
Office A
$4.33M
$3.79M – $5.05M
NOI $302,809 @ 7.0% cap · market cap 75.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
803
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom apartments offer a uniform residential rental configuration in Millville.
Where is this quadplex located?
The property is located at 531 N 5th St Unit 529 Millville, NJ.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Four apartments, each with 2 bedrooms and 1 bathroom; 2,881 square feet of total property size; Built in 1927
