Duplex with Third-Floor Bonus
For Sale
$599,000
Pending
1602 Bayview Ave, Hillside, NJ 07205
Multi-Family, 2-Two Story, Hillside Twp., NJ
Property Size3,301 SF
Lot Size0.09 Acres
Days on Market155
Property Features for 1602 Bayview Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R40
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 3, Bedroom 1, Basement, Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 4, Bedroom 2, Bathroom 1
Parking
4
Directions
Summit ave to Keer ave to Bayview Ave
Standard status
Pending
Size
3,301 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
12396
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Steam
Water source
Public
Building Details
Year built
1935
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP REALTY, LLC
(866) 201-6210
Listed By:
INGRID JEAN-GILLES
(201) 993-2290
Added: Apr 24
Changed: Sep 14
Last Checked: Sep 25 at 6:06AM
MLS# 4023108
Copyright © 2026 Garden State MLS, LLC. 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 duplex property contains 3,301 square feet on a 0.09-acre lot in Hillside Township. The building includes two residential floors, with a separate bonus area on the third floor that can be adapted for additional use. Constructed in 1935, the property has a shingle roof and steam heating.
Public water and public sewer serve the property, which is located at 1602 Bayview Ave in Union County, New Jersey. The R40 zoning designation and two-family configuration provide the primary framework for evaluating the property for residential income use. The additional upper-level space adds flexibility to the existing layout.
Public water and public sewer serve the property, which is located at 1602 Bayview Ave in Union County, New Jersey. The R40 zoning designation and two-family configuration provide the primary framework for evaluating the property for residential income use. The additional upper-level space adds flexibility to the existing layout.
Key Highlights
- 3,301‑square‑foot duplex on a 0.09‑acre lot
- Third‑floor bonus space beyond the two primary residential floors
- R40 zoning designation
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
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Open Analytics
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
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 - Two-story duplex with additional upper-level space, public utilities, and a shingle roof.
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: 3,301‑square‑foot duplex on a 0.09‑acre lot; Third‑floor bonus space beyond the two primary residential floors; R40 zoning designation
