Two-Unit Duplex with New
For Sale
$265,000
604 SHERMAN AVENUE, Millville, NJ 08332
Two-level rental property with matching two-bedroom, one-bath units and recently installed water and septic systems.
Property Size1,776 SF
Price / SF$149.21
Days on Market13
Property Features for 604 SHERMAN AVENUE
General Information
Standard status
Active
Size
1,776 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$32,400
Utilities to Site
Yes
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Keller Williams Hometown
(856) 745-3859
Listed By:
Katie L Henderson
(856) 745-3859
Source:
Cummingsrealtors
Added: Jul 31
Changed: Aug 12
Last Checked: Aug 12 at 5:48AM
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 Hometown
Investment Insights
Based on property information with market context.
This two-unit residential income property contains 1,776 square feet arranged as an up-and-down duplex. Each apartment includes two bedrooms and one bathroom, creating a consistent unit layout across both levels. The building dates to 1900 and is supported by a recently installed well and septic system.
The property is located at 604 Sherman Avenue in Millville, New Jersey. Current combined rent is reported at $2,700 per month.
The property is located at 604 Sherman Avenue in Millville, New Jersey. Current combined rent is reported at $2,700 per month.
Key Highlights
- Two‑unit duplex with 1,776 square feet
- Each unit offers 2 bedrooms and 1 bathroom
- New well and septic system
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
$23,097
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
8.72%
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%
$461,940
$461.9K
Cap Rate 7%
$329,957
$330.0K
Cap Rate 9%
$256,633
$256.6K
Market Conditions
NOI Build-Up for 1,776 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
$35.2K $19.80/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$33.0K $18.58/SF
− OpEx
−$9.9K −$5.57/SF
NOI
$23.1K $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%
$461,940
Cap Rate 7%
$329,957
Cap Rate 9%
$256,633
Alternative Uses
Best Use
Multifamily LT 5
$330.0K
$288.7K – $385.0K
NOI $23,097 @ 7.0% cap · market cap 8.72%
Second Best
Apartment 5plus
$303.7K
$265.8K – $354.4K
NOI $21,262 @ 7.0% cap · market cap 8.02%
Theoretical Best
Office A
$2.67M
$2.33M – $3.11M
NOI $186,668 @ 7.0% cap · market cap 70.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
26
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-level rental property with matching two-bedroom, one-bath units and recently installed water and septic systems.
Where is this duplex located?
The property is located at 604 SHERMAN AVENUE Millville, NJ.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,776 square feet; Each unit offers 2 bedrooms and 1 bathroom; New well and septic system
