Duplex with New
For Sale
$199,900
606 E MULBERRY STREET, Millville, NJ 08332
Two vacant units provide flexible occupancy options with off-road parking and laundry hookups.
Property Size1,353 SF
Price / SF$147.75
Days on Market8
Property Features for 606 E MULBERRY STREET
General Information
Standard status
Active
Size
1,353 SF
Property subtype
Duplex
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Amenities
washer and dryer hookups
off road parking
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 1:34PM
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 1,353-square-foot duplex contains two vacant residences with a one-bedroom, one-bath unit and a three-bedroom, one-bath unit. The smaller apartment has been fully renovated, while the larger unit has updated flooring and fresh paint. Both apartments are positioned for occupancy or leasing, and washer and dryer hookups add practical utility for residents. A new roof was installed across the building in 2026.
The property is located at 606 E Mulberry Street in Millville, New Jersey, near shopping, schools, restaurants, and major roadways. Off-road tenant parking is also included. Built in 1917, the building combines a two-unit layout with recent interior and exterior updates.
The property is located at 606 E Mulberry Street in Millville, New Jersey, near shopping, schools, restaurants, and major roadways. Off-road tenant parking is also included. Built in 1917, the building combines a two-unit layout with recent interior and exterior updates.
Key Highlights
- Two‑unit duplex with 1,353 square feet
- Unit mix includes 1‑bedroom, 1‑bath and 3‑bedroom, 1‑bath residences
- Both units are vacant; one fully renovated and one refreshed with new flooring and 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
$17,596
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
8.80%
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%
$351,920
$351.9K
Cap Rate 7%
$251,371
$251.4K
Cap Rate 9%
$195,511
$195.5K
Market Conditions
NOI Build-Up for 1,353 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
$26.8K $19.80/SF
− Vacancy
−$1.7K −$1.22/SF
EGI
$25.1K $18.58/SF
− OpEx
−$7.5K −$5.57/SF
NOI
$17.6K $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%
$351,920
Cap Rate 7%
$251,371
Cap Rate 9%
$195,511
Alternative Uses
Best Use
Multifamily LT 5
$251.4K
$220.0K – $293.3K
NOI $17,596 @ 7.0% cap · market cap 8.80%
Second Best
Apartment 5plus
$231.4K
$202.5K – $270.0K
NOI $16,198 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,208 @ 7.0% cap · market cap 71.14%
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 vacant units provide flexible occupancy options with off-road parking and laundry hookups.
Where is this duplex located?
The property is located at 606 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 1,353 square feet; Unit mix includes 1‑bedroom, 1‑bath and 3‑bedroom, 1‑bath residences; Both units are vacant; one fully renovated and one refreshed with new flooring and paint
