Updated Duplex with 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 Market165
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 3, Bathroom 2, Bedroom 2, Basement, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 1
Parking features
Off Street, Open
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
Listed By:
Karen J Bove-Quick · License #9805153
(732) 449-2777
Added: Mar 23
Changed: Aug 31
Last Checked: Sep 3 at 8:06AM
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 1,760-square-foot duplex, built in 1950, contains two residential apartments. The first-floor unit is a three-bedroom, one-bath apartment with multiple updates and is currently rented. The second-floor unit offers two bedrooms and one bath and is vacant. Interior finishes include wood, ceramic tile, and laminate flooring, with zoned heating and multi-unit cooling. The property also includes a basement, patio, shingle roof, fireplace, public water, and public sewer.
Situated on a 0.28-acre lot at 287 Johnson Avenue in Lawrence, New Jersey, the property provides open, off-street parking for 6+ cars. It is across from a bike and walking trail and is near shopping, universities, schools, and houses of worship. Access to Route 206, I-95, and I-295 adds regional connectivity. The roof is newer, and the property has received additional updates.
Situated on a 0.28-acre lot at 287 Johnson Avenue in Lawrence, New Jersey, the property provides open, off-street parking for 6+ cars. It is across from a bike and walking trail and is near shopping, universities, schools, and houses of worship. Access to Route 206, I-95, and I-295 adds regional connectivity. The roof is newer, and the property has received additional updates.
Key Highlights
- 1,760‑square‑foot duplex on a 0.28‑acre lot
- First‑floor 3‑bedroom, 1‑bath apartment is currently rented
- Vacant second‑floor 2‑bedroom, 1‑bath apartment
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 - Two residential units include one rented apartment and one currently vacant apartment.
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: 1,760‑square‑foot duplex on a 0.28‑acre lot; First‑floor 3‑bedroom, 1‑bath apartment is currently rented; Vacant second‑floor 2‑bedroom, 1‑bath apartment
