Building Details

Year Built 1830

Buildings 1

Listing Agency: HomeZu by Simple Choice

Listed By: Christopher J Carr · License #0338555 Show Phone

Source: Cummingsrealtors

Added: Sep 29 Changed: Oct 6 Last Checked: Oct 7 at 1:57PM

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Investment Insights

Based on property information with market context.

Built in 1830, this 2,624-square-foot duplex contains two residences: a one-bedroom, one-bath apartment and a three-bedroom home with one and a half baths. A wraparound porch spans the home, and a large two-story barn provides additional space for storage, a workshop, studio, or hobbies.

The property is on Morrison Avenue, a short walk from downtown Hightstown. Shopping, restaurants, major highways, and Princeton are also cited as nearby destinations.

Key Highlights

• Two residential units: a 1‑bedroom, 1‑bath apartment and a 3‑bedroom home with 1 1/2 baths
• 2,624 square feet; built in 1830
• Large two‑story barn with space for storage, a workshop, studio, or hobbies

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$46,370

Cap Rate

7.74%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$927,400 $927.4K

Cap Rate 7%

$662,429 $662.4K

Cap Rate 9%

$515,222 $515.2K

Market Conditions

NOI Build-Up for 2,624 SF

Gross rent

$70.8K $27.00/SF

− Vacancy

−$4.6K −$1.76/SF

EGI

$66.2K $25.25/SF

− OpEx

−$19.9K −$7.57/SF

NOI

$46.4K $17.67/SF

Area

Mercer County, NJ

Vacancy

6.50%

Lease Rate

$27.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$927,400

Cap Rate 7%

$662,429

Cap Rate 9%

$515,222

Alternative Uses

Best Use

Multifamily LT 5

$662.4K

$579.6K – $772.8K (±1% cap)

NOI $46,370 @ 7.0% cap · market cap 7.74%

Second Best

Apartment 5plus

$572.1K

$500.6K – $667.5K (±1% cap)

NOI $40,049 @ 7.0% cap · market cap 6.69%

Theoretical Best

Warehouse

$844.2K

$738.7K – $985.0K (±1% cap)

NOI $59,097 @ 7.0% cap · market cap 9.87%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Grocery & Convenience Store Electrical Service (Bike/Boat/Book/etc) Store Barber Shop Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

804

Businesses Nearby

Explore this area Business Placement

Demographics for 08520, NJ

29,291

Population

11,271

Households

2.6

Avg Household Size

40

Median Age

46%

College-Educated

92%

High-School Grad

18.0 sq mi

ZIP Area

1,627

Density / Sq Mi

$116,282

Median Household Income

$52,890

Median Earnings

$1,556

Median Rent

$361,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two apartments offer distinct layouts, complemented by a wraparound porch and substantial barn space.

Where is this duplex located?

The property is located at 218 MORRISON AVENUE Hightstown, 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 residential units: a 1‑bedroom, 1‑bath apartment and a 3‑bedroom home with 1 1/2 baths; 2,624 square feet; built in 1830; Large two‑story barn with space for storage, a workshop, studio, or hobbies