Turn-Key 8-Unit Apartment
For Sale
Contact for pricing
Pending
6 BURR AVE, Westville, NJ 08093
Well-maintained, turn-key 8-unit building generating current gross annual income of $132,394.
Property Size4,500 SF
Days on Market104
Property Features for 6 BURR AVE
General Information
Standard status
Pending
Size
4,500 SF
Property subtype
Retail, Multifamily
Occupancy
100%
Net Operating Income
$80,124
Financials
Cap Rate
8%
Business Included
Yes
Additional Details
Multifamily Units
8
Building Details
Year Built
1950
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
RE/MAX ONE Realty-Moorestown
Listed By:
Michael Walton · License #0447867
Source:
Crexi
Added: May 29
Changed: Sep 7
Last Checked: Sep 7 at 12:19PM
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 ONE Realty-Moorestown
Investment Insights
Based on property information with market context.
This turn-key 8-unit multifamily property is presented as well maintained and ready to operate. The offering includes an existing income profile, with current gross annual income of $132,394 and an indicated 8% cap rate as stated in the marketing remarks. The property is described as carefully cared for and positioned to support straightforward day-to-day management.
The building is located in Westville and is marketed as convenient to major highways, shopping, dining, and public transportation. The asset is also described as having stable occupancy.
For investors seeking a plug-and-play multifamily acquisition, this property is structured around an in-place income stream and turnkey operation. The materials also point to potential for value-add through future rent increases and operational efficiencies, including the opportunity to implement utility bill-backs such as water reimbursement to further enhance overall performance. Overall, it is offered as an opportunity to acquire a functioning 8-unit apartment building with both current income and room for operational improvements.
The building is located in Westville and is marketed as convenient to major highways, shopping, dining, and public transportation. The asset is also described as having stable occupancy.
For investors seeking a plug-and-play multifamily acquisition, this property is structured around an in-place income stream and turnkey operation. The materials also point to potential for value-add through future rent increases and operational efficiencies, including the opportunity to implement utility bill-backs such as water reimbursement to further enhance overall performance. Overall, it is offered as an opportunity to acquire a functioning 8-unit apartment building with both current income and room for operational improvements.
Key Highlights
- Well‑maintained 8‑unit multifamily building built in 1950.
- Current gross annual income of $132,394.
- Reported 8% cap rate.
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
$52,598
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
5.29%
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%
$1,051,960
$1.1M
Cap Rate 7%
$751,400
$751.4K
Cap Rate 9%
$584,422
$584.4K
Market Conditions
NOI Build-Up for 4,500 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
$101.5K $22.56/SF
− Vacancy
−$5.9K −$1.31/SF
EGI
$95.6K $21.25/SF
− OpEx
−$43.0K −$9.56/SF
NOI
$52.6K $11.69/SF
Area
Gloucester County, NJ
Vacancy
5.80%
Lease Rate
$22.56 /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%
$1,051,960
Cap Rate 7%
$751,400
Cap Rate 9%
$584,422
Alternative Uses
Best Use
Apartment 5plus
$751.4K
$657.5K – $876.6K
NOI $52,598 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,884 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 08093, NJ
9,933
Population
4,473
Households
2.2
Avg Household Size
39
Median Age
22%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
2,483
Density / Sq Mi
$70,257
Median Household Income
$41,051
Median Earnings
$1,230
Median Rent
$192,800
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?
Apartment building - Well-maintained, turn-key 8-unit building generating current gross annual income of $132,394.
Where is this apartment building located?
The property is located at 6 BURR AVE Westville, NJ.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Well‑maintained 8‑unit multifamily building built in 1950.; Current gross annual income of $132,394.; Reported 8% cap rate.
