Two-Unit Duplex on
New
For Sale
$729,000
135 Friendship Road, Howell, NJ 07731
Residential, Duplex, Howell, NJ
Property Size1,912 SF
Lot Size2.08 Acres
Price / SF$381.28
Days on Market3
Property Features for 135 Friendship Road
General Information
Property type
Residential
Property subtype
Duplex
Zoning description
Residential, Single Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Basement, Bedroom 2
Parking features
Oversize, Driveway, Off Street
Patio and Porch features
Porch
Fireplace
1
Basement
Partial
Lot features
Oversized, Subdividable
Directions
Garden State Parkway N to exit 89 A-B, stay right to go to exit 89B, left onto 528W/Cedarbridge Ave, Left onto 1st street, Right onto US-9 after Madison Ave, Left onto Ford Rd, Left onto Church Rd, Right onto Friendship Rd.
Standard status
Active
APN
21-00079-09-00071
Size
1,912 SF
Lot size
2.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8806
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas
Cooling system
Multi Units
Water source
Public
Building Details
Year built
1989
Floors in Building
2
Flooring type
Tile - Ceramic
Building materials
Aluminum Siding
Roof type
Shingle
Architectural style
Colonial
Listing Agency:
1st Class Real Estate Agency
Listed By:
Kayla DeMonte
(732) 314-4444
Added: Sep 25
Changed: Sep 26
Last Checked: Sep 27 at 2:06PM
MLS# 22630436
Copyright © 2026 More 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 1,912-square-foot Colonial duplex, built in 1989, contains two separate units. Each has two bedrooms and one full bathroom. The building has aluminum siding, ceramic tile flooring, a fireplace, and a porch. Heating is natural gas, and cooling is provided by multiple units.
The property encompasses 2.08 acres in Howell, New Jersey. Public water serves the site, while wastewater is handled by a septic tank. Parking includes a driveway and off-street spaces.
The property encompasses 2.08 acres in Howell, New Jersey. Public water serves the site, while wastewater is handled by a septic tank. Parking includes a driveway and off-street spaces.
Key Highlights
- Two units, each with 2 bedrooms and 1 full bathroom
- 1,912‑square‑foot building on a 2.08‑acre parcel
- Built in 1989 with Colonial architectural style
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
$32,000
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
4.39%
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%
$640,000
$640.0K
Cap Rate 7%
$457,143
$457.1K
Cap Rate 9%
$355,556
$355.6K
Market Conditions
NOI Build-Up for 1,912 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
$48.9K $25.56/SF
− Vacancy
−$3.2K −$1.65/SF
EGI
$45.7K $23.91/SF
− OpEx
−$13.7K −$7.17/SF
NOI
$32.0K $16.74/SF
Area
Monmouth County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /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%
$640,000
Cap Rate 7%
$457,143
Cap Rate 9%
$355,556
Alternative Uses
Best Use
Multifamily LT 5
$457.1K
$400.0K – $533.3K
NOI $32,000 @ 7.0% cap · market cap 4.39%
Second Best
Apartment 5plus
$420.0K
$367.5K – $490.1K
NOI $29,403 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$499.3K
$436.9K – $582.5K
NOI $34,948 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Explore this area
Business Placement
Demographics for 07731, NJ
39,677
Population
14,102
Households
2.8
Avg Household Size
40
Median Age
42%
College-Educated
94%
High-School Grad
31.8 sq mi
ZIP Area
1,248
Density / Sq Mi
$130,064
Median Household Income
$57,228
Median Earnings
$2,619
Median Rent
$454,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Each residence has two bedrooms and one full bathroom, with a shared parcel of more than two acres.
Where is this duplex located?
The property is located at 135 Friendship Road Howell, NJ.
What is the asking price?
The asking price for this property is $729,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 full bathroom; 1,912‑square‑foot building on a 2.08‑acre parcel; Built in 1989 with Colonial architectural style
