Renovated Colonial
New
For Sale
$199,900
606 E MULBERRY Street, Millville, NJ 08332
MULTI_FAMILY - Colonial - MILLVILLE, NJ
Property Size1,353 SF
Lot Size0.06 Acres
Price / SF$147.75
Days on Market4
Property Features for 606 E MULBERRY Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Family Room, Dining Room, Basement
Parking
8
Parking features
Off Street, Driveway
Interior features
Attic, Bathroom - Tub Shower, Combination Kitchen/Dining, Family Room Off Kitchen, Kitchen - Eat-In
Appliances
Oven/Range - Electric, Refrigerator, Exhaust Fan, Washer/Dryer Hookups Only
Elementary school district
MILLVILLE AREA
Middle school district
MILLVILLE AREA
High school district
MILLVILLE AREA
Standard status
Active
Size
1,353 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
2291
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
Last Checked: Aug 6 at 3:06PM
MLS# NJCB2032016
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 Colonial duplex contains two residential units within a 1,353-square-foot frame building constructed in 1917. The first unit has one bedroom and one bathroom and was fully renovated for occupancy. The second offers three bedrooms and one bathroom, with new flooring and fresh paint throughout. Interior features include eat-in kitchens, a family room adjoining the kitchen, a dining room, an attic, and a basement. Both units are currently vacant. Washer and dryer hookups are provided, and heating is served by forced air. The property also includes driveway and off-street parking, with a new roof installed across the building in 2026.
The duplex is located near shopping, schools, restaurants, and major roadways in Millville, New Jersey. The property is being sold together with 604 E Mulberry.
The duplex is located near shopping, schools, restaurants, and major roadways in Millville, New Jersey. The property is being sold together with 604 E Mulberry.
Key Highlights
- Two‑unit duplex with 1,353 square feet of building area
- Unit mix includes one 1‑bedroom, 1‑bathroom unit and one 3‑bedroom, 1‑bathroom unit
- Both units are vacant; one fully renovated and the other updated 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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two vacant units offer updated interiors, tenant laundry hookups, and off-street parking in Millville.
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 of building area; Unit mix includes one 1‑bedroom, 1‑bathroom unit and one 3‑bedroom, 1‑bathroom unit; Both units are vacant; one fully renovated and the other updated with new flooring and paint
