Mixed-Use Property With Two
New
For Sale
$939,900
321 Raritan Ave, Highland Park, NJ 08904
Combines a leased residential unit with occupied professional office space and additional unfinished area.
Property Size2,420 SF
Price / SF$388.39
Days on Market3
Property Features for 321 Raritan Ave
General Information
Standard status
Active
Size
2,420 SF
Units
Unit Mix
1 x 3BR/1BA
Multifamily Units
1
Office Units
1
Building Details
Year Built
1700
Buildings
1
Listing Agency:
HALO REALTY
Listed By:
REGINA RODRIGUEZ · License #0898073
(848) 229-1810
Source:
Goldstandardrealty
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 10 at 3:11PM
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 HALO REALTY
Investment Insights
Based on property information with market context.
This mixed-use property contains two existing units within a 2,420-square-foot building. The upper level is arranged as a three-bedroom, one-bath residential unit occupied under a 24-month lease. The lower level is configured for professional office use and is occupied by a dental office, creating distinct residential and commercial components within the property.
A potential third-floor unit could provide additional living or workspace, subject to applicable zoning, permits, and approvals. The unfinished basement adds storage capacity for inventory, equipment, or business-related materials. The property is located at 321 Raritan Ave in Highland Park, New Jersey, and was built in 1700.
A potential third-floor unit could provide additional living or workspace, subject to applicable zoning, permits, and approvals. The unfinished basement adds storage capacity for inventory, equipment, or business-related materials. The property is located at 321 Raritan Ave in Highland Park, New Jersey, and was built in 1700.
Key Highlights
- 2,420‑square‑foot mixed‑use building with two existing units
- Upper‑level three‑bedroom, one‑bath residential unit with a 24‑month lease
- Lower level configured as professional office space and occupied by a dental office
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
$37,215
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
3.96%
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%
$744,300
$744.3K
Cap Rate 7%
$531,643
$531.6K
Cap Rate 9%
$413,500
$413.5K
Market Conditions
NOI Build-Up for 2,420 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
$72.6K $30.00/SF
− Vacancy
−$4.9K −$2.04/SF
EGI
$67.7K $27.96/SF
− OpEx
−$30.4K −$12.58/SF
NOI
$37.2K $15.38/SF
Area
Middlesex County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$744,300
Cap Rate 7%
$531,643
Cap Rate 9%
$413,500
Alternative Uses
Best Use
Apartment 5plus
$531.6K
$465.2K – $620.3K
NOI $37,215 @ 7.0% cap · market cap 3.96%
Second Best
Office B
$528.9K
$462.8K – $617.1K
NOI $37,026 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$631.9K
$552.9K – $737.2K
NOI $44,234 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,257
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 Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combines a leased residential unit with occupied professional office space and additional unfinished area.
Where is this mixed-use property located?
The property is located at 321 Raritan Ave Highland Park, NJ.
What is the asking price?
The asking price for this property is $939,900.
What are key features of this property?
This property features: 2,420‑square‑foot mixed‑use building with two existing units; Upper‑level three‑bedroom, one‑bath residential unit with a 24‑month lease; Lower level configured as professional office space and occupied by a dental office
