Duplex with Two-Story
For Sale
$599,000
218 MORRISON AVENUE, Hightstown, NJ 08520
Two apartments offer distinct layouts, complemented by a wraparound porch and substantial barn space.
Property Size2,624 SF
Price / SF$228.28
Days on Market29
Property Features for 218 MORRISON AVENUE
General Information
Standard status
Active
Size
2,624 SF
Property subtype
Duplex
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1.5BA
Multifamily Units
2
Amenities
wraparound porch
barn
Building Details
Year Built
1830
Buildings
1
Listing Agency:
HomeZu by Simple Choice
Listed By:
Christopher J Carr · License #0338555
(855) 885-4663
Source:
Cummingsrealtors
Added: Sep 29
Changed: Oct 27
Last Checked: Oct 26 at 3:54PM
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 HomeZu by Simple Choice
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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.
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
NOI $46,370 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$572.1K
$500.6K – $667.5K
NOI $40,049 @ 7.0% cap · market cap 6.69%
Theoretical Best
Warehouse
$844.2K
$738.7K – $985.0K
NOI $59,097 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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
