Two-Unit Colonial
New
For Sale
$275,000
604 SHERMAN Avenue, Millville, NJ 08332
MULTI_FAMILY - Colonial - MILLVILLE, NJ
Property Size1,776 SF
Lot Size0.24 Acres
Price / SF$154.84
Days on Market4
Property Features for 604 SHERMAN Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
Driveway
Elementary school district
DEERFIELD TOWNSHIP PUBLIC SCHOOLS
Middle school district
DEERFIELD TOWNSHIP PUBLIC SCHOOLS
High school district
DEERFIELD TOWNSHIP PUBLIC SCHOOLS
Standard status
Active
Size
1,776 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Annual Amount
3017
Utilities
Heating system
Forced Air
Building Details
Year built
1900
Number of units
2
Building materials
Stick Built
Architectural style
Colonial
Listing Agency:
Keller Williams Hometown · Keller Williams Realty
(856) 241-4343
Listed By:
Katie L Henderson · License #1538938
(856) 745-3859
Added: Aug 3
Last Checked: Aug 6 at 2:06PM
MLS# NJCB2032038
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 1,776-square-foot Colonial duplex contains two residential units, with each offering two bedrooms and one bathroom. The 1900 stick-built property includes forced-air heating, a basement, and driveway parking. A new septic system and new well are also in place.
Set on 0.24 acres in Millville, the property provides a compact residential income asset with a clearly defined two-unit layout. The existing configuration supports separate upstairs and downstairs living spaces within one building, while the matching floor plans offer consistency between units.
Set on 0.24 acres in Millville, the property provides a compact residential income asset with a clearly defined two-unit layout. The existing configuration supports separate upstairs and downstairs living spaces within one building, while the matching floor plans offer consistency between units.
Key Highlights
- Two‑unit duplex with 1,776 square feet of building area
- Each unit includes 2 bedrooms and 1 bathroom
- New septic system and new well
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
8.40%
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 8.40%
Second Best
Apartment 5plus
$303.7K
$265.8K – $354.4K
NOI $21,262 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$2.67M
$2.33M – $3.11M
NOI $186,668 @ 7.0% cap · market cap 67.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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 - Matching two-bedroom, one-bath residences provide a straightforward small-scale rental configuration.
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 $275,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,776 square feet of building area; Each unit includes 2 bedrooms and 1 bathroom; New septic system and new well
