Renovated Duplex with Separate
New
For Sale
$899,000
309 S 2nd Avenue S, Highland Park, NJ 08904
Residential Income, Highland Park, NJ
Property Size2,292 SF
Lot Size0.19 Acres
Price / SF$392.23
Days on Market2
Property Features for 309 S 2nd Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Buyer Should Verify
Bathrooms
3
Full bathrooms
3
Rooms
Dining Room, Bathroom 3, Den, Bathroom 2, Basement, Bathroom 1
Parking features
Garage
Interior features
Unit 1(Dining Room, 4 Bedrooms, Kitchen, Living Room, 2+ Baths, Den/Family Room), Unit 2(1 Bedroom, Kitchen, 1 Bath)
Exterior features
Sidewalk, Yard
Appliances
Water Heater(Gas), Water Heater, Unit 1(Range/Oven, Refrigerator), Unit 2(Range/Oven, Refrigerator)
Lot features
Near Shopping, Near Train, Near Public Transit
Directions
Raritan to S 2nd Ave
Standard status
Active
APN
0702302000000014
Size
2,292 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
13234
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Other (Heating), Heat Pump (Heating)
Cooling system
Central Air, Heat Pump
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Building materials
Wood Siding
Roof type
Asphalt, Flat
Listing Agency:
BEST REALTY · RE/MAX International
(732) 819-8895
Listed By:
Bruce Parker · License #9482948
(908) 202-5738
Added: Sep 14
Last Checked: Sep 15 at 1:06PM
MLS# 2704462R
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 2,292-square-foot duplex on a 0.1882-acre lot includes a renovated primary residence with 4 bedrooms and 2 baths, plus a separate 1-bedroom, 1-bath ADU. Each living space has its own kitchen, while the main residence also provides dining, living, and den areas. Improvements include updated kitchens and bathrooms, central air, heat pump equipment, and hot-water heating. A full basement with interior and exterior access adds storage capacity.
The property includes a garage, driveway, sidewalks, and a yard. Public water and public sewer serve the site. Shopping, banking, restaurants, the post office, and Donaldson Park are located within a few blocks. The property also offers access to Rutgers University's College Avenue Campus, New Brunswick and Edison train stations, major hospitals, upscale dining, and SHI Stadium.
The property includes a garage, driveway, sidewalks, and a yard. Public water and public sewer serve the site. Shopping, banking, restaurants, the post office, and Donaldson Park are located within a few blocks. The property also offers access to Rutgers University's College Avenue Campus, New Brunswick and Edison train stations, major hospitals, upscale dining, and SHI Stadium.
Key Highlights
- 2,292 square feet on a 0.1882‑acre lot
- Main residence offers 4 bedrooms and 2 baths
- Separate ADU includes 1 bedroom, 1 bath, and its own kitchen
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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Current Use
Lease Details
2
Residential units
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
Check the figures for this property
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 interiors, a second living space, and full public utilities support flexible residential use.
Where is this duplex located?
The property is located at 309 S 2nd Avenue 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: 2,292 square feet on a 0.1882‑acre lot; Main residence offers 4 bedrooms and 2 baths; Separate ADU includes 1 bedroom, 1 bath, and its own kitchen
