1017 Market St · Gloucester City, NJ 08030

$260,000

3 bd · 2.5 ba · 1,887 sqft · MultiFamily · 41 Days on market

Built 1920 Fair condition 3,598 sqft lot Est $338k · 23% under ↓ 14% since listing

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +14.8/30.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Unique investment opportunity in the heart of Gloucester City! This property offers an ideal blend of professional space and residential convenience, making it perfect for owner-operators, healthcare providers, or investors seeking a live/work setup. The first floor is currently configured for medical use and features a functional layout with multiple exam and treatment rooms, a reception area, private offices, kitchen area and restrooms (1/2 bath up front, full bath in back). The space is easily adaptable for a variety of professional practices. The second floor includes a 1 bedroom apartment, ideal for owner occupancy or rental income. The apartment offers a full kitchen, living area, bedroom, and bathroom. There is also a walk up attic space that could be converted. Roof is 9 years old. Two zone Central A/C, 1st floor is gas heat, 2nd floor is oil heat. A detached two-car garage provides secure parking or additional storage. Conveniently located in an established Gloucester City neighborhood with good visibility and easy access to major roadways and public transportation, this property presents a rare opportunity to own a versatile commercial building with residential income potential. Property is commercial but located in a residential low zone, any business other than medical will need a use variance and approval from Gloucester City Planning/Zoning Board. Property conveyed "as is". Seller will provide Gloucester City Certificate of Occupancy and fire/smoke cert.

Key facts

• 3,598 sq ft lot
• 2 garage spots
• Built 1920

Property features AI

Exterior

• Parking: Detached 2-car garage (side entry); Driveway with concrete surface; Private and public parking available
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Detached property; Frame construction
• Construction: Frame construction; Other foundation; Above-grade and below-grade structures
• Exterior features: Corner lot

Interior

• Bedrooms: Three bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central A/C (natural gas); Baseboard hot water heating; Central heating; Heating fuel: natural gas and oil; Natural gas hot water
• Interior features: Unfinished basement; Estimated living area

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $260k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $70 ($840/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (9.1% below list).
• Recommended offer: $236k (9.1% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 5.5% in Gloucester City — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 72/100 on livability (#215 in NJ) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+; Watch: amenities F, commute F.
• Gloucester City Public School District (suburban): math 11% / reading 34% proficiency, ranked #413 of 472 in NJ (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 90 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 1,018 units permitted in Camden County in 2024 (509 in 5+ unit buildings).
• This rent runs 45% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Camden County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $236,298 (9.1% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.15%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $337,773
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
229 Sylvan Ave	0.32mi	4/2.0 (+1)	1,894 (+0%)	18mo	$340,000	$180	62
410 Monmouth St	0.68mi	2/3.0 (-1)	1,960 (+4%)	0mo	$350,000	$179	54
702 Market St	0.45mi	4/2.0 (+1)	1,709 (-9%)	8mo	$260,000	$152	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.48×
• Total profit: $-37,640
• Equity at exit: $38,767

10-year hold

• IRR: -5.7%
• Equity multiple: 0.63×
• Total profit: $-26,894
• Equity at exit: $22,480

Cash invested: $72,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 08030

• Home prices YoY: -27.9%
• Active inventory: 90
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,363 high
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,900/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$496
• Net cashflow: $70

Break-even live

Break-even rent $2,274

Max offer price $260,000

Occupancy floor 92%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
840 Cumberland St Unit 2 Gloucester City, NJ	3.0	1.0	1642	$2,200	$1.34	24d	1	0.33mi
322 Nicholson Rd Gloucester City, NJ	4.0	2.0	1968	$3,200	$1.63	24d	1	0.55mi
534 Bergen St Gloucester City, NJ	3.0	1.0	1246	$2,000	$1.61	18d	1	0.58mi
231 3rd St Gloucester City, NJ	3.0	2.0	1376	$2,150	$1.56	24d	1	0.80mi
1120 Howard Ave Unit A Bellmawr, NJ	2.0	1.0	1425	$1,800	$1.26	18d	1	0.99mi
631 Charles St Mount Ephraim, NJ	2.0	1.0	1764	$1,950	$1.11	22d	1	1.03mi
32 Edgewater Ave Unit B Westville, NJ	2.0	1.0	2400	$1,800	$0.75	1d	1	1.32mi
428 Summit Ave Unit 2B Westville, NJ	2.0	1.0	1865	$2,100	$1.13	1d	1	1.33mi
13 Pine St Westville, NJ	3.0	1.0	1300	$2,000	$1.54	1d	1	1.42mi
102 Lincoln Ave Mount Ephraim, NJ	4.0	2.0	1832	$2,695	$1.47	24d	1	1.43mi
18 Pine St Westville, NJ	4.0	2.5	1800	$2,950	$1.64	1d	1	1.44mi

Listing history 17 events

1. 2026-06-18
   days on market $260,000 Active 41 DOM
2. 2026-06-17
   days on market $260,000 Active 40 DOM
3. 2026-06-16
   days on market $260,000 Active 39 DOM
4. 2026-06-15
   days on market $260,000 Active 38 DOM
5. 2026-06-13
   days on market $260,000 Active 36 DOM
6. 2026-06-09
   days on market $260,000 Active 32 DOM
7. 2026-06-08
   days on market $260,000 Active 31 DOM
8. 2026-06-07
   pricedays on market $260,000 Active 30 DOM
9. 2026-06-04
   days on market $275,000 Active 27 DOM
10. 2026-06-03
    days on market $275,000 Active 26 DOM
11. 2026-06-02
    days on market $275,000 Active 25 DOM
12. 2026-06-01
    days on market $275,000 Active 24 DOM
13. 2026-05-31
    days on market $275,000 Active 23 DOM
14. 2026-05-08
    listed $275,000 Active
15. 2026-05-06
    price $275,000 1504-char remark

    Show marketing remark (1504 chars)

    Unique investment opportunity in the heart of Gloucester City! This property offers an ideal blend of professional space and residential convenience, making it perfect for owner-operators, healthcare providers, or investors seeking a live/work setup. The first floor is currently configured for medical use and features a functional layout with multiple exam and treatment rooms, a reception area, private offices, kitchen area and restrooms (1/2 bath up front, full bath in back). The space is easily adaptable for a variety of professional practices. The second floor includes a 1 bedroom apartment, ideal for owner occupancy or rental income. The apartment offers a full kitchen, living area, bedroom, and bathroom. There is also a walk up attic space that could be converted. Roof is 9 years old. Two zone Central A/C, 1st floor is gas heat, 2nd floor is oil heat. A detached two-car garage provides secure parking or additional storage. Conveniently located in an established Gloucester City neighborhood with good visibility and easy access to major roadways and public transportation, this property presents a rare opportunity to own a versatile commercial building with residential income potential. Property is commercial but located in a residential low zone, any business other than medical will need a use variance and approval from Gloucester City Planning/Zoning Board. Property conveyed "as is". Seller will provide Gloucester City Certificate of Occupancy and fire/smoke cert.

16. 2026-02-24
    price $299,900 1504-char remark

    Show marketing remark (1504 chars)

    Unique investment opportunity in the heart of Gloucester City! This property offers an ideal blend of professional space and residential convenience, making it perfect for owner-operators, healthcare providers, or investors seeking a live/work setup. The first floor is currently configured for medical use and features a functional layout with multiple exam and treatment rooms, a reception area, private offices, kitchen area and restrooms (1/2 bath up front, full bath in back). The space is easily adaptable for a variety of professional practices. The second floor includes a 1 bedroom apartment, ideal for owner occupancy or rental income. The apartment offers a full kitchen, living area, bedroom, and bathroom. There is also a walk up attic space that could be converted. Roof is 9 years old. Two zone Central A/C, 1st floor is gas heat, 2nd floor is oil heat. A detached two-car garage provides secure parking or additional storage. Conveniently located in an established Gloucester City neighborhood with good visibility and easy access to major roadways and public transportation, this property presents a rare opportunity to own a versatile commercial building with residential income potential. Property is commercial but located in a residential low zone, any business other than medical will need a use variance and approval from Gloucester City Planning/Zoning Board. Property conveyed "as is". Seller will provide Gloucester City Certificate of Occupancy and fire/smoke cert.

17. 2026-01-27
    listed $319,900 Active 1504-char remark

    Show marketing remark (1504 chars)

    Unique investment opportunity in the heart of Gloucester City! This property offers an ideal blend of professional space and residential convenience, making it perfect for owner-operators, healthcare providers, or investors seeking a live/work setup. The first floor is currently configured for medical use and features a functional layout with multiple exam and treatment rooms, a reception area, private offices, kitchen area and restrooms (1/2 bath up front, full bath in back). The space is easily adaptable for a variety of professional practices. The second floor includes a 1 bedroom apartment, ideal for owner occupancy or rental income. The apartment offers a full kitchen, living area, bedroom, and bathroom. There is also a walk up attic space that could be converted. Roof is 9 years old. Two zone Central A/C, 1st floor is gas heat, 2nd floor is oil heat. A detached two-car garage provides secure parking or additional storage. Conveniently located in an established Gloucester City neighborhood with good visibility and easy access to major roadways and public transportation, this property presents a rare opportunity to own a versatile commercial building with residential income potential. Property is commercial but located in a residential low zone, any business other than medical will need a use variance and approval from Gloucester City Planning/Zoning Board. Property conveyed "as is". Seller will provide Gloucester City Certificate of Occupancy and fire/smoke cert.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $28,356
• − Mortgage interest: −$14,564
• − Property taxes: −$3,900
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,268
• − Management: −$2,268
• − Depreciation: −$7,564
• Taxable loss: −$3,509
• Est. tax savings @ 24.0%: +$842
• After-tax cash flow: $1,682/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations to improve its condition and increase its value. The kitchen and bathrooms are in poor condition and need major repairs. The exterior also needs a fresh coat of paint. With these updates, the home could become a move-in-ready investment property.

Repairs flagged

• Major Kitchen cabinets — Worn and outdated
• Major Bathroom fixtures — Outdated and in poor condition
• Major Exterior paint — Needs fresh coat

Value-add opportunities

• Both Kitchen renovation — Modernizing the kitchen would attract more buyers and renters
• Both Bathroom renovation — Updating the bathrooms would improve the home's appeal
• Both Exterior paint job — Fresh paint would enhance curb appeal and home value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn and outdated	Major	$15,000–50,000
Bathroom fixtures · Outdated and in poor condition	Major	$15,000–50,000
Exterior paint · Needs fresh coat	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Kitchen renovation — Modernizing the kitchen would attract more buyers and renters ↑
• Both Bathroom renovation — Updating the bathrooms would improve the home's appeal ↑
• Both Exterior paint job — Fresh paint would enhance curb appeal and home value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Gloucester City Public School District
• NCES district ID: 3406000
• Math proficiency: 11% ▼ -21.00%
• Reading proficiency: 34% ▼ -15.00%
• Median HH income: $51,231
• Composite: 20.01/100
• National rank: #8664
• State rank: #413 of 472 in NJ

Livability — Gloucester City

• Score: 72/100
• State rank: #215
• US rank: #5984

Category grades

Amenities F Commute F Cost of living B- Crime C Employment B- Housing A+ Health & safety B+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gloucester City, NJ
• County: Camden County · 407,624 people
• City population: 13,217
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 13,217
• Household income: $63,384
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 431.0

Population outlook (Camden County) Hauer SSP2

• Today (2025): 507,964 people
• By 2030: 502,182 · -1.1%
• By 2040: 485,602 · -4.4%
• By 2050: 465,630 · -8.3%
• By 2075: 419,986 · -17.3%
• By 2100: 369,492 · -27.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 18% Black 7% Asian 5% Two or more races 5%
• Hispanic origin (detail): Mexican 4% Puerto Rican 10%
• Common ancestry: Romanian 4% Lithuanian 3% Hispanic 2%
• Foreign-born: 8% · Canada, Jamaica, China
• Languages at home: 81% English-only · Spanish 13% Other Indo-European 4% Arabic 1%

Political lean MEDSL · Camden

• 2024 margin: Strong D (+27.4) · D 63.0% · R 35.5% · Other 1.5%
• 2008→2024 swing: -8.8pp toward R · 2008: 36.2pp · 2024: 27.4pp
• All cycles: 2024: D+27.4 2020: D+33.5 2016: D+32.4 2012: D+36.6 2008: D+36.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.59%
• Current HPI: 298.9139
• Rent YoY: —
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

-14.0% since first listed

4 events — show timeline

• 2026-05-08 Listed $275,000 BRIGHT MLS
• 2026-05-06 Price Changed $275,000 BRIGHT MLS
• 2026-02-24 Price Changed $299,900 BRIGHT MLS
• 2026-01-27 Listed $319,900 BRIGHT MLS