Two-Unit Duplex with Fenced
For Sale
Under Contract
$729,000
525 S 3rd Avenue, Highland Park, NJ 08904
Residential Income, Highland Park, NJ
Property Size1,848 SF
Lot Size0.11 Acres
Price / SF$394.48
Days on Market94
Property Features for 525 S 3rd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RA
Zoning description
Buyer Should Verify, Conform to Zoning
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 6, Bedroom 4, Bathroom 3, Dining Room, Bathroom 2, Basement, Bedroom 2, Bedroom 5
Window features
Insulated Windows
Patio and Porch features
Porch
Interior features
Unit 1(1 Bath, 3 Bedrooms, Dining Room, Kitchen, Living Room), Unit 2(1 Bath, 3 Bedrooms, Dining Room, Kitchen, Living Room)
Exterior features
Fencing/Wall, Porch(es) - Enclosed, Sidewalk, Storage Shed, Windows - Insulated Pane, Yard
Fencing
Fenced
Appliances
Water Heater(Gas), Water Heater, Unit 2(Range/Oven, Refrigerator)
Lot features
Near Public Transit, Near Shopping, Near Train
Elementary school district
Highland Park Ps
Middle school district
Highland Park Ps
High school district
Highland Park Ps
Directions
Gps
Standard status
Active Under Contract
APN
0702706000000005
Size
1,848 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13691
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Building materials
Metal Siding
Roof type
Asphalt
Additional Structures
Storage
Listing Agency:
RE/MAX FIRST REALTY, INC. · RE/MAX International
(732) 257-3500
Listed By:
Orlando Galindez · License #8339366
(732) 485-7071
Added: Jun 4
Changed: Sep 3
Last Checked: Sep 5 at 9:06AM
MLS# 2662163M
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 two-unit duplex contains 1,848 square feet and was built in 1920. Each residence includes three bedrooms, a dining room, kitchen, and living room. The lower unit also has an additional room and a partially finished basement with a recreation room. Exterior features include an enclosed porch, fenced yard, storage shed, insulated-pane windows, sidewalk access, and off-street parking. The building has metal siding, baseboard heat, an asphalt roof, public water, and public sewer. Gas water heaters serve the property, with the water heaters identified as 3 years old and the furnaces as 10 years old.
The property occupies 0.1148 acres in Highland Park near Donaldson Park, which includes tennis courts and a playground. The location provides access to Route 1, Route 27, the New Jersey Turnpike, and Route 287, with New Brunswick, Rutgers University, a train station, and NYC bus service also referenced in the property information. Zoning is RA.
The property occupies 0.1148 acres in Highland Park near Donaldson Park, which includes tennis courts and a playground. The location provides access to Route 1, Route 27, the New Jersey Turnpike, and Route 287, with New Brunswick, Rutgers University, a train station, and NYC bus service also referenced in the property information. Zoning is RA.
Key Highlights
- Duplex with two residential units, each offering 3 bedrooms and a dining room, kitchen, and living room
- 1,848 square feet on a 0.1148‑acre lot
- Partially finished basement with recreation room and additional room in the lower unit
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
$30,928
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
4.24%
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%
$618,560
$618.6K
Cap Rate 7%
$441,829
$441.8K
Cap Rate 9%
$343,644
$343.6K
Market Conditions
NOI Build-Up for 1,848 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
$47.2K $25.56/SF
− Vacancy
−$3.1K −$1.65/SF
EGI
$44.2K $23.91/SF
− OpEx
−$13.3K −$7.17/SF
NOI
$30.9K $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%
$618,560
Cap Rate 7%
$441,829
Cap Rate 9%
$343,644
Alternative Uses
Best Use
Multifamily LT 5
$441.8K
$386.6K – $515.5K
NOI $30,928 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$406.0K
$355.2K – $473.7K
NOI $28,419 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$482.5K
$422.2K – $563.0K
NOI $33,778 @ 7.0% cap · market cap 4.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,066
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?
Duplex - Two residential units feature separate living areas, enclosed porch space, off-street parking, and a partially finished basement.
Where is this duplex located?
The property is located at 525 S 3rd Avenue Highland Park, NJ.
What is the asking price?
The asking price for this property is $729,000.
What are key features of this property?
This property features: Duplex with two residential units, each offering 3 bedrooms and a dining room, kitchen, and living room; 1,848 square feet on a 0.1148‑acre lot; Partially finished basement with recreation room and additional room in the lower unit
