Duplex with Patio and On-Site
For Sale
$439,000
Pending
287 Johnson Avenue, Lawrence, NJ 08648
MULTI_FAMILY - Lawrence, NJ
Property Size1,760 SF
Lot Size0.28 Acres
Days on Market152
Property Features for 287 Johnson Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Basement, Bedroom 5, Bedroom 3, Bedroom 4, Bathroom 1
Parking features
Open, Off Street
Patio and Porch features
Patio
Fireplace
1
Basement
Crawl Space
Lot features
Sloped
Directions
206 South to Eggerts Crossing RD to Johnson rear of house park in driveway
Standard status
Pending
APN
07-02323-0000-00020
Size
1,760 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7099
Utilities
Sewer type
Public Sewer
Heating system
Zoned
Cooling system
Multi Units
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Wood, Laminate
Roof type
Shingle
Listing Agency:
Coldwell Banker Realty
(732) 449-2777
Listed By:
Karen J Bove-Quick
(732) 449-2777
Added: Mar 23
Changed: Aug 14
Last Checked: Aug 21 at 6:06PM
MLS# 22607529
Copyright © 2026 More 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 on a large lot offers two rental apartments with separate floor levels. The first-floor unit is a 3-bedroom, 1-bath apartment that is currently rented and described as having many updates. The second-floor apartment is a 2-bedroom, 1-bath unit and is currently vacant. The home includes a patio, a fireplace, and interior flooring finishes including laminate, wood, and ceramic tile.
The property sits on a 0.28-acre lot and is approximately 1,760 SF, built in 1950. Parking is available on site with space for 6+ cars, with off-street/open parking. Heating is zoned, and cooling is configured for multiple units. The home is served by public water and public sewer, with a shingle roof.
Convenient to shopping, universities, schools, houses of worship, and major roads including 206, I-95, and I-295, this duplex is positioned for day-to-day practicality in a quiet residential neighborhood.
The property sits on a 0.28-acre lot and is approximately 1,760 SF, built in 1950. Parking is available on site with space for 6+ cars, with off-street/open parking. Heating is zoned, and cooling is configured for multiple units. The home is served by public water and public sewer, with a shingle roof.
Convenient to shopping, universities, schools, houses of worship, and major roads including 206, I-95, and I-295, this duplex is positioned for day-to-day practicality in a quiet residential neighborhood.
Key Highlights
- 0.28‑acre lot with approximately 1,760 SF duplex built in 1950
- First‑floor unit: 3‑bedroom, 1‑bath apartment currently rented and described as updated
- Second‑floor unit: 2‑bedroom, 1‑bath apartment currently vacant
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
$31,102
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
7.08%
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%
$622,040
$622.0K
Cap Rate 7%
$444,314
$444.3K
Cap Rate 9%
$345,578
$345.6K
Market Conditions
NOI Build-Up for 1,760 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
$47.5K $27.00/SF
− Vacancy
−$3.1K −$1.76/SF
EGI
$44.4K $25.25/SF
− OpEx
−$13.3K −$7.57/SF
NOI
$31.1K $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 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%
$622,040
Cap Rate 7%
$444,314
Cap Rate 9%
$345,578
Alternative Uses
Best Use
Multifamily LT 5
$444.3K
$388.8K – $518.4K
NOI $31,102 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$383.7K
$335.8K – $447.7K
NOI $26,862 @ 7.0% cap · market cap 6.12%
Theoretical Best
Warehouse
$566.3K
$495.5K – $660.6K
NOI $39,638 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
139
Businesses Nearby
Explore this area
Business Placement
Demographics for 08648, NJ
31,955
Population
12,217
Households
2.6
Avg Household Size
40
Median Age
60%
College-Educated
92%
High-School Grad
16.7 sq mi
ZIP Area
1,913
Density / Sq Mi
$118,036
Median Household Income
$54,833
Median Earnings
$1,953
Median Rent
$395,400
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 updated first-floor 3-bed unit and a vacant 2-bed unit, plus patio, off-street parking, and public utilities.
Where is this duplex located?
The property is located at 287 Johnson Avenue Lawrence, NJ.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 0.28‑acre lot with approximately 1,760 SF duplex built in 1950; First‑floor unit: 3‑bedroom, 1‑bath apartment currently rented and described as updated; Second‑floor unit: 2‑bedroom, 1‑bath apartment currently vacant
