Renovated Duplex with Off-Street
For Sale
$199,900
606 E MULBERRY Street, Millville, NJ 08332
Multi-Family, MILLVILLE, NJ
Property Size1,353 SF
Lot Size0.06 Acres
Price / SF$147.75
Days on Market51
Property Features for 606 E MULBERRY Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement, Dining Room, Family Room
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/dryer hookups
off-road parking
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
Changed: Sep 17
Last Checked: Sep 22 at 1:06PM
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 1,353-square-foot duplex contains two vacant units: a one-bedroom, one-bath residence and a three-bedroom, one-bath residence. The smaller unit has undergone a complete renovation, while the larger unit features new flooring and fresh paint. Both units are positioned for occupancy or leasing, with washer and dryer hookups provided. The building also includes a family room, dining room, eat-in kitchen areas, a basement, and attic space. Forced-air heating, an electric range, refrigerator, and exhaust fan are included. A new roof was installed across the building in 2026.
Located in Millville, New Jersey, the property provides off-street parking through a driveway. Its 0.0606-acre lot is near shopping, schools, restaurants, and major roadways. The property may also be considered alongside 604 E Mulberry St., subject to the seller's terms.
Located in Millville, New Jersey, the property provides off-street parking through a driveway. Its 0.0606-acre lot is near shopping, schools, restaurants, and major roadways. The property may also be considered alongside 604 E Mulberry St., subject to the seller's terms.
Key Highlights
- 1,353 square feet with two vacant units: 1‑bedroom/1‑bath and 3‑bedroom/1‑bath
- Complete renovation of the 1‑bedroom unit
- 3‑bedroom unit refreshed with new flooring and fresh 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
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
697
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two vacant units offer refreshed interiors, tenant parking, and washer and dryer hookups in a residential income property.
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: 1,353 square feet with two vacant units: 1‑bedroom/1‑bath and 3‑bedroom/1‑bath; Complete renovation of the 1‑bedroom unit; 3‑bedroom unit refreshed with new flooring and fresh paint
