Renovated
For Sale
$519,000
7324 PARK AVENUE, Pennsauken, NJ 08109
Two spacious residences provide three bedrooms, updated kitchens, and separate utilities in each unit.
Property Size2,316 SF
Days on Market146
Property Features for 7324 PARK AVENUE
General Information
Standard status
Active
Size
2,316 SF
Property subtype
Duplex
Units
Unit Mix
2 x 3BR/1+BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,615
Building Details
Building Size
2,316 SF
Year Built
1890
Year Renovated
2024
Listing Agency:
Coldwell Banker Realty
(908) 309-1156
Listed By:
Kenneth F LePosa II · License #2220081
(908) 309-1156
Source:
Patmckennarealtors
Added: Apr 9
Changed: Aug 30
Last Checked: Aug 30 at 10:25PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each configured with 3 bedrooms and 1+ bathrooms. Both residences received a full renovation in 2024, including updated kitchens, refreshed interiors, modern finishes, and system improvements. Separate utilities support distinct operation for each unit, while the updated condition allows for immediate occupancy or leasing.
Built in 1890, the property is located in Pennsauken, New Jersey, within the 08109 ZIP code. The two-unit layout offers flexibility for an owner-occupant or an investor seeking a residential income property, subject to the buyer’s intended use.
Built in 1890, the property is located in Pennsauken, New Jersey, within the 08109 ZIP code. The two-unit layout offers flexibility for an owner-occupant or an investor seeking a residential income property, subject to the buyer’s intended use.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1+ bathrooms in each unit
- Full renovation completed in 2024
- Updated kitchens and modern interior finishes
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
$26,340
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
5.08%
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%
$526,800
$526.8K
Cap Rate 7%
$376,286
$376.3K
Cap Rate 9%
$292,667
$292.7K
Market Conditions
NOI Build-Up for 2,316 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
$39.7K $17.16/SF
− Vacancy
−$2.1K −$0.91/SF
EGI
$37.6K $16.25/SF
− OpEx
−$11.3K −$4.87/SF
NOI
$26.3K $11.37/SF
Area
Camden County, NJ
Vacancy
5.32%
Lease Rate
$17.16 /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%
$526,800
Cap Rate 7%
$376,286
Cap Rate 9%
$292,667
Alternative Uses
Best Use
Multifamily LT 5
$376.3K
$329.3K – $439.0K
NOI $26,340 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$336.0K
$294.0K – $392.0K
NOI $23,520 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$587.2K
$513.8K – $685.1K
NOI $41,106 @ 7.0% cap · market cap 7.92%
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
426
Businesses Nearby
Explore this area
Business Placement
Demographics for 08109, NJ
23,306
Population
9,314
Households
2.5
Avg Household Size
41
Median Age
27%
College-Educated
86%
High-School Grad
4.8 sq mi
ZIP Area
4,855
Density / Sq Mi
$84,332
Median Household Income
$44,288
Median Earnings
$1,142
Median Rent
$227,200
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 spacious residences provide three bedrooms, updated kitchens, and separate utilities in each unit.
Where is this duplex located?
The property is located at 7324 PARK AVENUE Pennsauken, NJ.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 1+ bathrooms in each unit; Full renovation completed in 2024; Updated kitchens and modern interior finishes
