Duplex with Enclosed
For Sale
$705,000
224-224 N 4th Avenue, Highland Park, NJ 08904
MULTI_FAMILY - Highland Park, NJ
Property Size1,872 SF
Lot Size0.07 Acres
Price / SF$376.60
Days on Market54
Property Features for 224-224 N 4th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Conform to Zoning
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Dining Room, Bathroom 1, Bathroom 2
Parking features
On Street
Patio and Porch features
Porch, Deck
Interior features
Unit 1(Dining Room, 2 Bedrooms, Kitchen, Laundry Hookup), Unit 2(Dining Room, 2 Bedrooms, Kitchen, Living Room)
Exterior features
Porch(es) - Enclosed, Curbs, Porch(es) - Open, Deck, Sidewalk, Fencing/Wall, Porch
Fencing
Fenced
Appliances
Water Heater(Gas), Water Heater
Lot features
Near Shopping, Near Train, Near Public Transit
Elementary school district
Highland Park Borough School D
Middle school district
Highland Park Borough School D
High school district
Highland Park Borough School D
Directions
Woodbridge Ave or Route 27 to N 4th Ave.
Standard status
Active
APN
0701504000000031
Size
1,872 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
11778
Utilities
Sewer type
Public Sewer
Heating system
Other (Heating), Steam
Cooling system
Window Unit(s)
Water source
Public
Amenities
front porch
enclosed porch
full basement with laundry facilities
full attic
nice yard
Building Details
Year built
1910
Floors in Building
2
Building materials
Metal Siding
Roof type
Asphalt
Listing Agency:
KELLER WILLIAMS ELITE REALTORS · Keller Williams Realty
(732) 549-1998
Listed By:
Michael Mcdonald
(732) 549-1998
Added: Jun 19
Changed: Aug 1
Last Checked: Aug 11 at 10:06AM
MLS# 2617867R
Copyright © 2026 All Jersey MLS. 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 features two rental units, each with two large bedrooms, a kitchen, a dining area, a living room, and bathrooms with tubs. The home includes a full basement with laundry facilities and a full attic for storage. Outdoor space is supported by a nice yard and fencing, with an open front porch for the downstairs unit and an enclosed porch for the upstairs unit, along with a deck.
Built in 1910, the property is finished with metal siding and an asphalt roof. Heating is provided via steam (described as “Other (Heating)” and Steam), with cooling through window unit(s). Water is supplied by public sources, and the home connects to a public sewer system. Parking is available on-street.
The lot size is 0.0689 acres, and the property size is 1,872 square feet.
Built in 1910, the property is finished with metal siding and an asphalt roof. Heating is provided via steam (described as “Other (Heating)” and Steam), with cooling through window unit(s). Water is supplied by public sources, and the home connects to a public sewer system. Parking is available on-street.
The lot size is 0.0689 acres, and the property size is 1,872 square feet.
Key Highlights
- Two rental units, each with two bedrooms, kitchen, dining area, living room, and tub bathrooms
- Open front porch for the downstairs tenant and enclosed porch for the upstairs tenant
- Full basement with laundry facilities
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
$31,330
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
4.44%
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%
$626,600
$626.6K
Cap Rate 7%
$447,571
$447.6K
Cap Rate 9%
$348,111
$348.1K
Market Conditions
NOI Build-Up for 1,872 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
$47.8K $25.56/SF
− Vacancy
−$3.1K −$1.65/SF
EGI
$44.8K $23.91/SF
− OpEx
−$13.4K −$7.17/SF
NOI
$31.3K $16.74/SF
Area
Middlesex County, NJ
Vacancy
6.46%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
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%
$626,600
Cap Rate 7%
$447,571
Cap Rate 9%
$348,111
Alternative Uses
Best Use
Multifamily LT 5
$447.6K
$391.6K – $522.2K
NOI $31,330 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$411.3K
$359.9K – $479.8K
NOI $28,788 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$488.8K
$427.7K – $570.3K
NOI $34,217 @ 7.0% cap · market cap 4.85%
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
1,249
Businesses Nearby
Explore this area
Business Placement
Demographics for 08904, NJ
15,072
Population
6,858
Households
2.2
Avg Household Size
36
Median Age
70%
College-Educated
94%
High-School Grad
1.8 sq mi
ZIP Area
8,373
Density / Sq Mi
$101,991
Median Household Income
$58,786
Median Earnings
$1,881
Median Rent
$463,600
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 - Duplex with two rental units, each offering two bedrooms, plus porches, a full basement with laundry, and an attic for storage.
Where is this duplex located?
The property is located at 224-224 N 4th Avenue Highland Park, NJ.
What is the asking price?
The asking price for this property is $705,000.
What are key features of this property?
This property features: Two rental units, each with two bedrooms, kitchen, dining area, living room, and tub bathrooms; Open front porch for the downstairs tenant and enclosed porch for the upstairs tenant; Full basement with laundry facilities
