Two-Unit Duplex with Bonus
New
For Sale
$599,000
1602 Bayview Ave, Hillside, NJ 07205
Each residence offers two bedrooms and one bathroom, with additional adaptable space on the third floor.
Property Size3,301 SF
Price / SF$181.46
Days on Market6
Property Features for 1602 Bayview Ave
General Information
Standard status
Active
Size
3,301 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1935
Stories
3
Listing Agency:
EXP REALTY, LLC
(866) 201-6210
Listed By:
INGRID JEAN-GILLES
Source:
Luminancerealty
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 28 at 6:54AM
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 EXP REALTY, LLC
Investment Insights
Based on property information with market context.
This duplex property contains two separate residential levels, each configured with 2 bedrooms and 1 bathroom. A third-floor bonus area adds flexible interior space that can be adapted to suit the property’s needs.
Built in 1935, the 3,301-square-foot building is located at 1602 Bayview Ave in Hillside Twp., NJ 07205. Its two-unit layout provides a defined configuration for residential ownership or investment use.
Built in 1935, the 3,301-square-foot building is located at 1602 Bayview Ave in Hillside Twp., NJ 07205. Its two-unit layout provides a defined configuration for residential ownership or investment use.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom on each floor
- Third‑floor bonus space for flexible interior use
- 3,301 square feet of building area
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
$50,763
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
8.47%
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%
$1,015,260
$1.0M
Cap Rate 7%
$725,186
$725.2K
Cap Rate 9%
$564,033
$564.0K
Market Conditions
NOI Build-Up for 3,301 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
$99.0K $30.00/SF
− Vacancy
−$6.7K −$2.04/SF
EGI
$92.3K $27.96/SF
− OpEx
−$41.5K −$12.58/SF
NOI
$50.8K $15.38/SF
Area
Union County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,015,260
Cap Rate 7%
$725,186
Cap Rate 9%
$564,033
Alternative Uses
Best Use
Multifamily LT 5
$789.2K
$690.6K – $920.8K
NOI $55,246 @ 7.0% cap · market cap 9.22%
Second Best
Apartment 5plus
$725.2K
$634.5K – $846.1K
NOI $50,763 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$862.0K
$754.2K – $1.01M
NOI $60,337 @ 7.0% cap · market cap 10.07%
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
1,756
Businesses Nearby
Explore this area
Business Placement
Demographics for 07205, NJ
22,432
Population
7,550
Households
3
Avg Household Size
39
Median Age
29%
College-Educated
87%
High-School Grad
2.8 sq mi
ZIP Area
8,011
Density / Sq Mi
$98,558
Median Household Income
$47,633
Median Earnings
$1,712
Median Rent
$363,200
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 - Each residence offers two bedrooms and one bathroom, with additional adaptable space on the third floor.
Where is this duplex located?
The property is located at 1602 Bayview Ave Hillside, NJ.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom on each floor; Third‑floor bonus space for flexible interior use; 3,301 square feet of building area
