Renovated Duplex with
New
For Sale
$899,000
309 S 2nd Ave S, Highland Park, NJ 08904
Updated two-residence property with renovated kitchens, bathrooms, a full basement, and convenient access to local services and transit.
Property Size2,292 SF
Days on Market6
Property Features for 309 S 2nd Ave S
General Information
Standard status
Active
Size
2,292 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$13,234
Building Details
Building Size
2,292 SF
Year Built
1940
Stories
2
Listing Agency:
Best Realty D.B.A. RE/MAX Best Realty
Listed By:
BRUCE PARKER · License #9482948
(908) 202-5738
Source:
Elliman
Added: Sep 15
Changed: Sep 19
Last Checked: Sep 19 at 9:17AM
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 Best Realty D.B.A. RE/MAX Best Realty
Investment Insights
Based on property information with market context.
This 1940-built duplex property includes a renovated 4-bedroom, 2-bath main residence and a separate Additional Dwelling Unit. The primary home features a new kitchen with a center island, stone countertops, updated cabinetry, and contemporary finishes. Both bathrooms have been renovated, including a double vanity in the main bathroom. Central HVAC and gas-fired hot-water radiators provide heating and cooling, while the full basement offers interior and exterior access. The property also includes a driveway, sidewalks, and yard space.
The ADU adds a second renovated living space with its own kitchen and bathroom. Positioned at 309 S 2nd Ave S in Highland Park, the property is blocks from shopping, banking, restaurants, the post office, and Donaldson Park. Rutgers University's College Avenue Campus, New Brunswick and Edison train stations, hospitals, and SHI Stadium are also within the surrounding area. Walk Score is 85, Bike Score is 77, and Transit Score is 49.
The ADU adds a second renovated living space with its own kitchen and bathroom. Positioned at 309 S 2nd Ave S in Highland Park, the property is blocks from shopping, banking, restaurants, the post office, and Donaldson Park. Rutgers University's College Avenue Campus, New Brunswick and Edison train stations, hospitals, and SHI Stadium are also within the surrounding area. Walk Score is 85, Bike Score is 77, and Transit Score is 49.
Key Highlights
- Renovated 4‑bedroom, 2‑bath main residence
- Separate Additional Dwelling Unit with its own kitchen and bathroom
- Main kitchen includes a center island, stone countertops, and new cabinetry
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
$38,359
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
4.27%
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%
$767,180
$767.2K
Cap Rate 7%
$547,986
$548.0K
Cap Rate 9%
$426,211
$426.2K
Market Conditions
NOI Build-Up for 2,292 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
$58.6K $25.56/SF
− Vacancy
−$3.8K −$1.65/SF
EGI
$54.8K $23.91/SF
− OpEx
−$16.4K −$7.17/SF
NOI
$38.4K $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%
$767,180
Cap Rate 7%
$547,986
Cap Rate 9%
$426,211
Alternative Uses
Best Use
Multifamily LT 5
$548.0K
$479.5K – $639.3K
NOI $38,359 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$503.5K
$440.6K – $587.4K
NOI $35,246 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$598.5K
$523.7K – $698.2K
NOI $41,894 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,174
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-residence property with renovated kitchens, bathrooms, a full basement, and convenient access to local services and transit.
Where is this duplex located?
The property is located at 309 S 2nd Ave S Highland Park, NJ.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Renovated 4‑bedroom, 2‑bath main residence; Separate Additional Dwelling Unit with its own kitchen and bathroom; Main kitchen includes a center island, stone countertops, and new cabinetry
