Triplex with Driveway
For Sale
$900,000
423 Magnolia Street, Highland Park, NJ 08904
MULTI_FAMILY - Highland Park, NJ
Property Size2,718 SF
Lot Size0.12 Acres
Price / SF$331.13
Days on Market47
Property Features for 423 Magnolia Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Dining Room, Bathroom 1, 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
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
(908) 202-5738
Added: Jul 6
Changed: Aug 2
Last Checked: Aug 21 at 6:06PM
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 triplex at 423 Magnolia Street offers three separate apartments. The 1st-floor unit is a 2-bedroom layout with an updated kitchen featuring granite counters, along with a living room and dining room. The 2nd-floor unit includes a 3BR–4BR configuration with a living room and dining room. The 3rd-floor unit is a 1-bedroom apartment. Laundry is located in the basement, and there is a storage area. Exterior features include a porch and an enclosed back sunroom.
The home sits on a 0.1213-acre lot and has 2,718 square feet of building area. Construction is metal siding, and utilities include public water and public sewer. Driveway parking is available.
The property is described as being near Rutgers University, Barnabas RWJ Hospital, houses of worship, supermarkets, shopping, and other area amenities. Public transportation is noted with a bus stop a few blocks away, and the train is about 1 mile away.
The home sits on a 0.1213-acre lot and has 2,718 square feet of building area. Construction is metal siding, and utilities include public water and public sewer. Driveway parking is available.
The property is described as being near Rutgers University, Barnabas RWJ Hospital, houses of worship, supermarkets, shopping, and other area amenities. Public transportation is noted with a bus stop a few blocks away, and the train is about 1 mile away.
Key Highlights
- Three apartment units including a 2‑bedroom unit on the 1st floor and a 1‑bedroom unit on the 3rd floor
- 2,718 SF triplex on a 0.1213‑acre lot with metal siding
- Enclosed back sunroom plus porch
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex home with an enclosed back sunroom and driveway parking, featuring three separate apartment units.
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 apartment units including a 2‑bedroom unit on the 1st floor and a 1‑bedroom unit on the 3rd floor; 2,718 SF triplex on a 0.1213‑acre lot with metal siding; Enclosed back sunroom plus porch
