Property Details
Price :
Square Feet :
Cap Rate :
Best Offer
240,552
N/A
NOI :
Acres :
N/A
2.55
Property Type :
Property Status :
Other
Available
Investment Highlights
217-Unit Development Opportunity – Resolution-Compliant Workforce Housing Development Site in the Heart of Plainfield, Union County, New Jersey.
2.55-Acre Assemblage – Substantial 111,078 SF Site Positioned Along the Highly Traveled West Front Street Corridor.
240,552 SF Proposed Development – Two Five-Story Mixed-Use Buildings Featuring 217 Residential Units and Ground-Floor Retail Space.
Attractive Residential Unit Mix – Proposed 42 Studios, 74 One-Bedroom Units, and 101 Two-Bedroom Units, Appealing to a Broad Renter Demographic.
30-Year PILOT Assumption – Financial Projections Incorporate a 30-Year Pilot with an Initial Annual Service Charge of 10% of Annual Gross Revenue, Plus a 2% Administrative Fee.
Strong Projected Cash Flow – Pro Forma Underwriting Estimates Approximately $7.67 Million in Annual Gross Revenue and $5.35 Million in Stabilized NOI.
Transit-oriented Location – Just 1.1 Miles From Plainfield NJ TRANSIT Station, Providing Commuter Access to Newark, New York City, and Surrounding Employment Centers.
Retail & Parking Revenue Potential – Proposed 4,948 SF of Ground-Floor Retail and 221 Parking Spaces, Including 34 EV Charging Spaces, Creating Additional Revenue Opportunities.
Excellent Regional Accessibility – Located 1.2 Miles from Route 22, 4 Miles from Interstate 78, and 4.2 Miles from Interstate 287, with Approximately 18,100 Vehicles Passing Daily Along West Front Street.
Established Residential Development Market – Located Near the 90-Unit Grant Station Development and Benefiting from Plainfield's Ongoing Redevelopment, Growing Multifamily Inventory, and Relative Affordability Within the NYC Metropolitan Area.
Listing Contacts
