Two-Unit Colonial
For Sale
$199,900
604 E MULBERRY Street, Millville, NJ 08332
Multi-Family, MILLVILLE, NJ
Property Size1,497 SF
Lot Size0.06 Acres
Price / SF$133.53
Days on Market51
Property Features for 604 E MULBERRY Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement, Dining Room, Family Room
Parking
8
Parking features
Off Street, Driveway
Interior features
Attic, Combination Kitchen/Dining, Family Room Off Kitchen, Kitchen - Eat-In, Bathroom - Tub Shower
Appliances
Oven/Range - Electric, Exhaust Fan, Refrigerator, Washer/Dryer Hookups Only
Elementary school district
MILLVILLE AREA
Middle school district
MILLVILLE AREA
High school district
MILLVILLE AREA
Standard status
Active
Size
1,497 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
2380
Utilities
Heating system
Forced Air
Amenities
washer and dryer hookups
Building Details
Year built
1917
Number of units
2
Building materials
Frame
Architectural style
Colonial
Listing Agency:
Keller Williams Realty - Washington Township
(856) 582-1200
Listed By:
Berniena Quarles Taylor · License #1864303
(856) 520-2284
Added: Aug 3
Changed: Sep 17
Last Checked: Sep 22 at 1:06PM
MLS# NJCB2032014
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit Colonial duplex contains 1,497 square feet on a 0.0631-acre lot. The layout includes one 1-bedroom, 1-bathroom residence and one 2-bedroom, 1-bathroom residence. The smaller unit is tenant occupied, while the larger unit is vacant and has been updated with new flooring and fresh paint. Both units offer practical residential layouts, including kitchen and dining areas, a family room off the kitchen, and tub-shower bathrooms.
The property includes washer and dryer hookups, forced-air heat, an attic, basement, off-street parking, and a driveway. A new roof was installed across the building in 2026. Constructed in 1917 with frame materials, the duplex is located at 604 E Mulberry Street in Millville, New Jersey, near shopping, schools, restaurants, and major roadways.
The property includes washer and dryer hookups, forced-air heat, an attic, basement, off-street parking, and a driveway. A new roof was installed across the building in 2026. Constructed in 1917 with frame materials, the duplex is located at 604 E Mulberry Street in Millville, New Jersey, near shopping, schools, restaurants, and major roadways.
Key Highlights
- Two‑unit duplex with 1‑bedroom and 2‑bedroom residences
- 1,497 square feet on a 0.0631‑acre lot
- Larger unit has new flooring and fresh paint
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
$17,922
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
8.97%
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%
$358,440
$358.4K
Cap Rate 7%
$256,029
$256.0K
Cap Rate 9%
$199,133
$199.1K
Market Conditions
NOI Build-Up for 1,497 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
$34.9K $23.28/SF
− Vacancy
−$2.3K −$1.51/SF
EGI
$32.6K $21.77/SF
− OpEx
−$14.7K −$9.80/SF
NOI
$17.9K $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%
$358,440
Cap Rate 7%
$256,029
Cap Rate 9%
$199,133
Alternative Uses
Best Use
Multifamily LT 5
$278.1K
$243.4K – $324.5K
NOI $19,468 @ 7.0% cap · market cap 9.74%
Second Best
Apartment 5plus
$256.0K
$224.0K – $298.7K
NOI $17,922 @ 7.0% cap · market cap 8.97%
Theoretical Best
Office A
$2.25M
$1.97M – $2.62M
NOI $157,343 @ 7.0% cap · market cap 78.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
697
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
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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?
Duplex - One unit is occupied, while the second has refreshed interiors and washer/dryer hookups.
Where is this duplex located?
The property is located at 604 E MULBERRY Street Millville, NJ.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two‑unit duplex with 1‑bedroom and 2‑bedroom residences; 1,497 square feet on a 0.0631‑acre lot; Larger unit has new flooring and fresh paint
