Duplex with New
New
For Sale
$199,900
604 E MULBERRY STREET, Millville, NJ 08332
Two residential units include refreshed interiors, washer and dryer hookups, and a mix of occupied and vacant space.
Property Size1,497 SF
Price / SF$133.53
Days on Market7
Property Features for 604 E MULBERRY STREET
General Information
Standard status
Active
Size
1,497 SF
Property subtype
Duplex
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
washer/dryer hookups
Building Details
Year Built
1917
Buildings
1
Listing Agency:
Keller Williams Realty - Washington Township
(856) 520-2284
Listed By:
Berniena Quarles Taylor · License #1864303
(856) 520-2284
Source:
Cummingsrealtors
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 4:33AM
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 Realty - Washington Township
Investment Insights
Based on property information with market context.
This 1,497-square-foot duplex, built in 1917, contains two residential units with distinct layouts. The first offers 1 bedroom and 1 bathroom and is tenant occupied. The second includes 2 bedrooms and 1 bathroom, with new flooring and fresh paint throughout; it is currently vacant and ready for occupancy. Washer and dryer hookups serve the property.
A new roof was installed across the building in 2026. The property is located in Millville, New Jersey, near shopping, schools, restaurants, and major roadways. The seller prefers a sale in conjunction with 604 E Mulberry St. but will consider individual offers.
A new roof was installed across the building in 2026. The property is located in Millville, New Jersey, near shopping, schools, restaurants, and major roadways. The seller prefers a sale in conjunction with 604 E Mulberry St. but will consider individual offers.
Key Highlights
- 1,497‑SF duplex with two residential units
- Unit mix includes 1‑bedroom/1‑bathroom and 2‑bedroom/1‑bathroom layouts
- Second unit is vacant with new flooring and fresh paint throughout
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
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
715
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 residential units include refreshed interiors, washer and dryer hookups, and a mix of occupied and vacant space.
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: 1,497‑SF duplex with two residential units; Unit mix includes 1‑bedroom/1‑bathroom and 2‑bedroom/1‑bathroom layouts; Second unit is vacant with new flooring and fresh paint throughout
