Occupied Two-Unit
New
For Sale
$320,000
404 HIGHLAND AVENUE, Westville, NJ 08093
Occupied duplex with separate entrances, individual utilities, shared basement storage, and a common backyard.
Property Size1,804 SF
Days on Market4
Property Features for 404 HIGHLAND AVENUE
General Information
Standard status
Active
Size
1,804 SF
Property subtype
Duplex
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$7,219
Amenities
shared back yard
Building Details
Building Size
1,804 SF
Year Built
1933
Listing Agency:
Sabal Real Estate
Listed By:
Linda C Jakymiw · License #226632
(856) 905-4278
Source:
Patmckennarealtors
Added: Sep 6
Changed: Sep 8
Last Checked: Sep 8 at 8:40AM
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 Sabal Real Estate
Investment Insights
Based on property information with market context.
This occupied duplex was built in 1933 and contains two residential units with separate entrances. The lower unit offers 3 bedrooms, living and dining rooms, a kitchen, an enclosed porch, and interior access to the basement. The upper unit includes 2 bedrooms, a living room, a kitchen, and an in-unit washer and dryer. The property also includes a shared backyard and basement storage accessible from outside. Each unit has separate heating, water-heating, water-meter, electrical, and gas-meter systems. Parking includes driveway access for the lower unit, while the upper unit uses street parking. A basement washer and dryer are assigned to the lower unit but have not been used by tenants.
Key Highlights
- Two‑unit duplex built in 1933
- Lower unit includes 3 bedrooms, dining room, enclosed porch, and basement access
- Upper unit features 2 bedrooms, kitchen, and washer/dryer
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
$23,703
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
7.41%
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%
$474,060
$474.1K
Cap Rate 7%
$338,614
$338.6K
Cap Rate 9%
$263,367
$263.4K
Market Conditions
NOI Build-Up for 1,804 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
$35.7K $19.80/SF
− Vacancy
−$1.9K −$1.03/SF
EGI
$33.9K $18.77/SF
− OpEx
−$10.2K −$5.63/SF
NOI
$23.7K $13.14/SF
Area
Gloucester County, NJ
Vacancy
5.20%
Lease Rate
$19.80 /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%
$474,060
Cap Rate 7%
$338,614
Cap Rate 9%
$263,367
Alternative Uses
Best Use
Multifamily LT 5
$338.6K
$296.3K – $395.1K
NOI $23,703 @ 7.0% cap · market cap 7.41%
Second Best
Apartment 5plus
$301.2K
$263.6K – $351.4K
NOI $21,086 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$606.4K
$530.6K – $707.5K
NOI $42,448 @ 7.0% cap · market cap 13.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
Explore this area
Business Placement
Demographics for 08093, NJ
9,933
Population
4,473
Households
2.2
Avg Household Size
39
Median Age
22%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
2,483
Density / Sq Mi
$70,257
Median Household Income
$41,051
Median Earnings
$1,230
Median Rent
$192,800
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 - Occupied duplex with separate entrances, individual utilities, shared basement storage, and a common backyard.
Where is this duplex located?
The property is located at 404 HIGHLAND AVENUE Westville, NJ.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1933; Lower unit includes 3 bedrooms, dining room, enclosed porch, and basement access; Upper unit features 2 bedrooms, kitchen, and washer/dryer
