Two-Unit Duplex with
For Sale
Under Contract
$705,000
224-224 N 4th Avenue, Highland Park, NJ 08904
Residential Income, Highland Park, NJ
Property Size1,872 SF
Lot Size0.07 Acres
Price / SF$376.60
Days on Market78
Property Features for 224-224 N 4th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Conform to Zoning
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2, Dining Room
Parking features
On Street
Patio and Porch features
Deck, Porch
Interior features
Unit 1(Dining Room, 2 Bedrooms, Kitchen, Laundry Hookup), Unit 2(Dining Room, 2 Bedrooms, Kitchen, Living Room)
Exterior features
Porch(es) - Enclosed, Curbs, Porch(es) - Open, Deck, Sidewalk, Fencing/Wall, Porch
Fencing
Fenced
Appliances
Water Heater(Gas), Water Heater
Lot features
Near Shopping, Near Train, Near Public Transit
Elementary school district
Highland Park Borough School D
Middle school district
Highland Park Borough School D
High school district
Highland Park Borough School D
Directions
Woodbridge Ave or Route 27 to N 4th Ave.
Standard status
Active Under Contract
APN
0701504000000031
Size
1,872 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
11778
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Steam
Cooling system
Window Unit(s)
Water source
Public
Amenities
laundry facilities
attic storage
front porch
enclosed porch
yard
Building Details
Year built
1910
Floors in Building
2
Building materials
Metal Siding
Roof type
Asphalt
Listing Agency:
KELLER WILLIAMS ELITE REALTORS · Keller Williams Realty
Listed By:
Michael Mcdonald
(732) 549-1998
Added: Jun 19
Changed: Sep 3
Last Checked: Sep 4 at 12:06AM
MLS# 2617867R
Copyright © 2026 All Jersey 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 two-unit duplex contains 1,872 square feet on a 0.0689-acre lot and was built in 1910. Each residence includes two bedrooms, a kitchen, dining space, and bathroom areas; the upper unit also includes a living room. The property provides a full basement with laundry facilities, a full attic for storage, and multiple outdoor spaces, including an open front porch, enclosed porch, and deck. A fenced yard, sidewalks, curbs, and on-street parking are also present.
The property is located at 224-224 N 4th Avenue in Highland Park, Middlesex County, NJ. Donaldson Park, Rutgers, St. Peter's University, Robert Wood Johnson Hospitals, shopping, parks, schools, and places of worship are identified in the surrounding area. Public water and public sewer serve the property. Additional physical features include metal siding, an asphalt roof, steam heating, window-unit cooling, and a gas water heater.
The property is located at 224-224 N 4th Avenue in Highland Park, Middlesex County, NJ. Donaldson Park, Rutgers, St. Peter's University, Robert Wood Johnson Hospitals, shopping, parks, schools, and places of worship are identified in the surrounding area. Public water and public sewer serve the property. Additional physical features include metal siding, an asphalt roof, steam heating, window-unit cooling, and a gas water heater.
Key Highlights
- Two‑unit duplex with 1,872 square feet of building area
- Each unit includes 2 bedrooms, a kitchen, dining space, and bathroom areas
- Full basement with laundry facilities plus a full attic for storage
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
$31,330
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
4.44%
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%
$626,600
$626.6K
Cap Rate 7%
$447,571
$447.6K
Cap Rate 9%
$348,111
$348.1K
Market Conditions
NOI Build-Up for 1,872 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
$47.8K $25.56/SF
− Vacancy
−$3.1K −$1.65/SF
EGI
$44.8K $23.91/SF
− OpEx
−$13.4K −$7.17/SF
NOI
$31.3K $16.74/SF
Area
Middlesex 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%
$626,600
Cap Rate 7%
$447,571
Cap Rate 9%
$348,111
Alternative Uses
Best Use
Multifamily LT 5
$447.6K
$391.6K – $522.2K
NOI $31,330 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$411.3K
$359.9K – $479.8K
NOI $28,788 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$488.8K
$427.7K – $570.3K
NOI $34,217 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,249
Businesses Nearby
Explore this area
Business Placement
Demographics for 08904, NJ
15,072
Population
6,858
Households
2.2
Avg Household Size
36
Median Age
70%
College-Educated
94%
High-School Grad
1.8 sq mi
ZIP Area
8,373
Density / Sq Mi
$101,991
Median Household Income
$58,786
Median Earnings
$1,881
Median Rent
$463,600
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 residential units with kitchens, dining areas, bedrooms, porches, basement laundry facilities, and a fenced yard.
Where is this duplex located?
The property is located at 224-224 N 4th Avenue Highland Park, NJ.
What is the asking price?
The asking price for this property is $705,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,872 square feet of building area; Each unit includes 2 bedrooms, a kitchen, dining space, and bathroom areas; Full basement with laundry facilities plus a full attic for storage
