Highland Park Multifamily
For Sale
$549,999
Pending
1309 Central Avenue, Highland Park, NJ 08904
Multi-Family, Highland Park, NJ
Property Size1,202 SF
Lot Size0.07 Acres
Days on Market188
Property Features for 1309 Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 1, Basement, Bathroom 2, Bathroom 1, Bedroom 2, Bathroom 3
Parking
4
Basement
Full, Walk-Out Access, Finished
Middle school
Von E. Mauger
High school
Middlesex
Directions
Well-maintained 2-family in desirable Highland Park with strong community, walkability, and close access to Rutgers, New Brunswick, and transit. First floor offers a 1-bedroom with finished basement. Second floor features 2 bedrooms plus finished attic for living/office. Includes central air, solar, and 1-car garage. Ideal for owner-occupants or investors seeking value.
Standard status
Pending
APN
07-03805-0000-00014
Size
1,202 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9816
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Listing Agency:
Keller Williams City Views
(201) 592-8900
Listed By:
Evangelos Bardossas · License #10401326168
(201) 937-2883
Added: Mar 17
Changed: Sep 14
Last Checked: Sep 20 at 4:06PM
MLS# 22606933
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 multifamily property is located in Highland Park, New Jersey. The property has a size of 1202 square feet and is situated on a lot of approximately 0.07 acres. This property is suitable for residential income purposes.
Key Highlights
- Built in 1930
- Central air cooling
- Public water supply
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
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Multifamily property in Highland Park, New Jersey.
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: Built in 1930; Central air cooling; Public water supply
