Two-Unit Residential
For Sale
$599,000
Pending
1602 Bayview Ave, Hillside, NJ 07205
MULTI_FAMILY - Hillside Twp., NJ
Property Size3,301 SF
Lot Size0.09 Acres
Days on Market109
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 6, Basement, Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 2, Bathroom 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
(866) 201-6210
Added: Apr 24
Changed: Aug 3
Last Checked: Aug 10 at 3:06AM
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 two-unit residential duplex offers two bedrooms and one bathroom on each floor, along with a third-floor bonus space that can be finished or used to fit your needs. The property includes multiple bedrooms and bathrooms plus a basement, providing additional space for everyday use or flexible room configurations.
Key systems include steam heating, a shingle roof, and public utilities with public water and public sewer. The home was built in 1935 and sits on a 0.09-acre lot.
Zoned R40, this layout supports both owner-occupant living and investor flexibility with separate unit structure and additional bonus-area potential.
Key systems include steam heating, a shingle roof, and public utilities with public water and public sewer. The home was built in 1935 and sits on a 0.09-acre lot.
Zoned R40, this layout supports both owner-occupant living and investor flexibility with separate unit structure and additional bonus-area potential.
Key Highlights
- Two bedrooms and one bathroom on each floor plus third‑floor bonus space
- Steam heating and shingle roof
- Public water and public sewer
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
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex with a third-floor bonus space, steam heat, public water, and public sewer on a 0.09-acre lot zoned R40.
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 bedrooms and one bathroom on each floor plus third‑floor bonus space; Steam heating and shingle roof; Public water and public sewer
