Two-Unit Duplex with
For Sale
$549,999
Pending
1309 Central Avenue, Highland Park, NJ 08904
Detached duplex with flexible living areas, central air, solar, and a one-car garage in Highland Park.
Property Size1,202 SF
Days on Market168
Property Features for 1309 Central Avenue
General Information
Standard status
Pending
Size
1,202 SF
Total Parking Spaces
4
Property subtype
Residential Income
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,816
Amenities
central air
solar
Central Air
Finished, Walk-Out Access, Full
Gas Water Heater
Detached
Building Details
Building Size
1,202 SF
Year Built
1930
Stories
2
Listing Agency:
KELLER WILLIAMS CITY VIEWS
(201) 592-8900
Listed By:
Luisa Gonzalez Vanegas · License #10401326168
(201) 592-8900
Source:
Evrealestate
Added: Mar 17
Changed: Aug 31
Last Checked: Aug 31 at 2:02PM
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 KELLER WILLIAMS CITY VIEWS
Investment Insights
Based on property information with market context.
This detached duplex, built in 1930, provides two distinct residential units with additional finished space. The first-floor apartment includes one bedroom and a finished basement with walk-out access. Upstairs, the two-bedroom unit extends into a finished attic that can support living or office use. Central air, solar, and a gas water heater are included, along with a one-car garage.
The property is located in Highland Park, with access to Rutgers, New Brunswick, and nearby transit. Its configuration accommodates separate households while offering finished lower- and upper-level areas that expand practical use within the building.
The property is located in Highland Park, with access to Rutgers, New Brunswick, and nearby transit. Its configuration accommodates separate households while offering finished lower- and upper-level areas that expand practical use within the building.
Key Highlights
- Two‑family duplex with one 1‑bedroom unit and one 2‑bedroom unit
- Finished basement with walk‑out access in the first‑floor unit
- Finished attic provides additional living or office space
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
$20,117
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
3.66%
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%
$402,340
$402.3K
Cap Rate 7%
$287,386
$287.4K
Cap Rate 9%
$223,522
$223.5K
Market Conditions
NOI Build-Up for 1,202 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
$30.7K $25.56/SF
− Vacancy
−$2.0K −$1.65/SF
EGI
$28.7K $23.91/SF
− OpEx
−$8.6K −$7.17/SF
NOI
$20.1K $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%
$402,340
Cap Rate 7%
$287,386
Cap Rate 9%
$223,522
Alternative Uses
Best Use
Multifamily LT 5
$287.4K
$251.5K – $335.3K
NOI $20,117 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$264.1K
$231.1K – $308.1K
NOI $18,484 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$313.9K
$274.6K – $366.2K
NOI $21,971 @ 7.0% cap · market cap 3.99%
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
1,125
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 - Detached duplex with flexible living areas, central air, solar, and a one-car garage in Highland Park.
Where is this duplex located?
The property is located at 1309 Central Avenue Highland Park, NJ.
What is the asking price?
The asking price for this property is $549,999.
What are key features of this property?
This property features: Two‑family duplex with one 1‑bedroom unit and one 2‑bedroom unit; Finished basement with walk‑out access in the first‑floor unit; Finished attic provides additional living or office space
