Triplex with Driveway
For Sale
$900,000
423 Magnolia Street, Highland Park, NJ 08904
Residential Income, Highland Park, NJ
Property Size2,718 SF
Lot Size0.12 Acres
Price / SF$331.13
Days on Market77
Property Features for 423 Magnolia Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Dining Room, Bathroom 3, Bathroom 2, Basement
Patio and Porch features
Porch
Interior features
Unit 1(Dining Room, 2 Bedrooms, Kitchen, 1 Bath, Living Room), Unit 2(Dining Room, 3 Bedrooms, Kitchen, 1 Bath, Living Room), Unit 3(1 Bedroom, Kitchen, 1 Bath, Living Room)
Exterior features
Porch
Appliances
Water Heater(See Remarks), Water Heater, Unit 1(Range/Oven, Refrigerator), Unit 2(Range/Oven, Refrigerator), Unit 3(Range/Oven, Refrigerator)
Elementary school district
Highland Park Borough School D
Middle school district
Highland Park Borough School D
High school district
Highland Park Borough School D
Standard status
Active
APN
0703002000000018
Size
2,718 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
16038
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
driveway parking
laundry in basement
storage area
enclosed back sunroom
park-like backyard
Building Details
Year built
1940
Floors in Building
3
Building materials
Metal Siding
Listing Agency:
BEST REALTY · RE/MAX International
(732) 819-8895
Listed By:
Pinhas Cohen
(551) 206-1398
Added: Jul 6
Changed: Sep 17
Last Checked: Sep 20 at 1:06PM
MLS# 2618234R
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 2,718-square-foot triplex, built in 1940, contains three distinct apartments. The first-floor unit offers two bedrooms, a kitchen with granite counters, dining and living rooms, and one bathroom. The second-floor residence provides three to four bedrooms along with kitchen, dining, living, and bath areas. A one-bedroom apartment occupies the third floor. Basement amenities include laundry and storage, while the exterior includes an enclosed rear sunroom, porch, driveway parking, and a park-like backyard. Public water and public sewer serve the property.
The home is located at 423 Magnolia Street in Highland Park, Middlesex County, near Rutgers University, Barnabas RWJ Hospital, houses of worship, supermarkets, and shopping. A bus stop is a few blocks away, and the train station is 1 mile from the property.
The home is located at 423 Magnolia Street in Highland Park, Middlesex County, near Rutgers University, Barnabas RWJ Hospital, houses of worship, supermarkets, and shopping. A bus stop is a few blocks away, and the train station is 1 mile from the property.
Key Highlights
- Three‑unit configuration with 2,718 square feet of property size
- First‑floor 2BR apartment with updated kitchen and granite counters
- Second‑floor 3BR‑4BR apartment plus third‑floor 1BR 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
$45,489
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
5.05%
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%
$909,780
$909.8K
Cap Rate 7%
$649,843
$649.8K
Cap Rate 9%
$505,433
$505.4K
Market Conditions
NOI Build-Up for 2,718 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
$69.5K $25.56/SF
− Vacancy
−$4.5K −$1.65/SF
EGI
$65.0K $23.91/SF
− OpEx
−$19.5K −$7.17/SF
NOI
$45.5K $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%
$909,780
Cap Rate 7%
$649,843
Cap Rate 9%
$505,433
Alternative Uses
Best Use
Multifamily LT 5
$649.8K
$568.6K – $758.2K
NOI $45,489 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$597.1K
$522.5K – $696.6K
NOI $41,797 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$709.7K
$621.0K – $828.0K
NOI $49,681 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,340
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate apartments include kitchens, living areas, private baths, and access to shared basement storage and laundry.
Where is this triplex located?
The property is located at 423 Magnolia Street Highland Park, NJ.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Three‑unit configuration with 2,718 square feet of property size; First‑floor 2BR apartment with updated kitchen and granite counters; Second‑floor 3BR‑4BR apartment plus third‑floor 1BR apartment
