Updated Duplex Near
For Sale
$439,000
287 Johnson Avenue Unit B, Lawrence Township, NJ 08648
Two apartments include a rented three-bedroom unit and a vacant two-bedroom unit with on-site parking.
Property Size1,760 SF
Price / SF$249.43
Days on Market162
Property Features for 287 Johnson Avenue Unit B
General Information
Standard status
Active
Size
1,760 SF
Property subtype
Multi-Family / Duplex
Zoning
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$7,099
Amenities
Ceramic Tile, Laminate, Wood
Vinyl
2
Crawl Space, Shared Storage, Tenant Acc, Tenant Storage
5
Personal items and any items belonging to tennant
1.0
2.0
No
Shingle
Patio
Building Details
Year Built
1950
Listing Agency:
Coldwell Banker Realty
(732) 449-2777
Listed By:
Karen J Bove-Quick · License #9805153
(732) 449-2777
Source:
Compass
Added: Mar 23
Changed: Aug 29
Last Checked: Aug 31 at 1:32AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 1,760-square-foot duplex offers two separate apartments within a 1950-built property. The first-floor residence is currently rented and includes three bedrooms and one bathroom, while the second-floor apartment is vacant with two bedrooms and one bathroom. Interior updates, a newer roof, ceramic tile, laminate, wood, and vinyl finishes add to the existing improvements. The property also includes a patio, crawl space, shared storage, and tenant storage areas.
Set in a residential neighborhood across from a bike and walking trail, the property provides on-site parking for 6+ cars. Shopping, universities, schools, houses of worship, and major roads are nearby, including Route 206, I-95, and I-295. Multi-Family zoning supports the property's duplex configuration.
Set in a residential neighborhood across from a bike and walking trail, the property provides on-site parking for 6+ cars. Shopping, universities, schools, houses of worship, and major roads are nearby, including Route 206, I-95, and I-295. Multi-Family zoning supports the property's duplex configuration.
Key Highlights
- 1,760‑square‑foot duplex built in 1950
- First‑floor 3‑bedroom, 1‑bath apartment is currently rented
- Vacant second‑floor apartment offers 2 bedrooms and 1 bath
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
161
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 - Two apartments include a rented three-bedroom unit and a vacant two-bedroom unit with on-site parking.
Where is this duplex located?
The property is located at 287 Johnson Avenue Unit B Lawrence Township, 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: 1,760‑square‑foot duplex built in 1950; First‑floor 3‑bedroom, 1‑bath apartment is currently rented; Vacant second‑floor apartment offers 2 bedrooms and 1 bath
