415 Hamilton Ave

Gloucester, NJ 08012

$4,699,988B-

1104 bd · None ba · — sqft · Built 1940 · MultiFamily · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $73,669/mo
• Mortgage (P&I): −$24,647
• Tax + insurance: −$5,342
• HOA: −$0
• Vac / Maint / Mgmt: −$15,470
• Net cashflow: $28,209/mo
• Annual: $338,507/yr
• Cap rate: 13.50%
• Cash-on-cash: 25.72%
• DSCR: 2.14
• 1% rule: 1.57%
• Cash to close: $1,315,997

Investor read

• This is a 24 × 46-bed/?-bath units multifamily listed at $4.70M.
• At list price, monthly cash flow is $28k ($339k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($74k rent vs $4.70M).
• It's been on market 69 days — a 6% lower offer ($4.42M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $4.42M (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $32k of loan paydown is wiped out by about $141k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Gloucester Township Public Schools (suburban): math 14% / reading 41% proficiency, ranked #351 of 472 in NJ (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.2%/yr); 174 active listings in the ZIP; solid renter incomes; 1,018 units permitted in Camden County in 2024 (509 in 5+ unit buildings).
• Camden County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask is 261010% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $620k; list at $4.70M implies a 658% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $1.32M cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 54% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $73,669/mo this rent would consume 926% of the median local household income ($95k/yr) (locally 1264% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.