Renovated Duplex with
For Sale
$799,000
Pending
113 Park Pl, Plainfield, NJ 07060
Multi-Family, 3-Three Story, North Plainfield Boro, NJ
Property Size2,735 SF
Lot Size0.18 Acres
Days on Market88
Property Features for 113 Park Pl
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Parking
6
Directions
Right on Washington ave and Mercer Ave, Right on Park Pl and the property will be to your right
Standard status
Pending
Size
2,735 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12902
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP REALTY, LLC
(866) 201-6210
Listed By:
JOCSAN GARCIA · License #3619739
(866) 201-6210
Added: May 28
Changed: Aug 19
Last Checked: Aug 23 at 6:06AM
MLS# 4030567
Copyright © 2026 Garden State MLS, LLC. 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 2,735-square-foot duplex contains two residential units on a 0.18-acre parcel. Unit 1 includes one bedroom, one bathroom, a living room, dining room, and den. The second unit spans multiple levels and offers four bedrooms, two bathrooms, a living room, kitchen, and separate small kitchen area. Interior updates completed 4.5 years ago included the bathrooms, kitchen, flooring, roof, gutters, and exterior paint. The property was built in 1900 and includes a basement, two detached garages, and a long driveway.
Located in North Plainfield’s Historic District, the property has public water and public sewer service. The roof is shingle. The duplex is offered as-is.
Located in North Plainfield’s Historic District, the property has public water and public sewer service. The roof is shingle. The duplex is offered as-is.
Key Highlights
- 2,735 square feet on a 0.18‑acre parcel
- Two residential units with a 1‑bedroom/1‑bath unit and a 4‑bedroom/2‑bath unit
- Renovations completed 4.5 years ago included kitchens, bathrooms, floors, roof, gutters, and exterior paint
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
$39,033
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
4.89%
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%
$780,660
$780.7K
Cap Rate 7%
$557,614
$557.6K
Cap Rate 9%
$433,700
$433.7K
Market Conditions
NOI Build-Up for 2,735 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
$59.1K $21.60/SF
− Vacancy
−$3.3K −$1.21/SF
EGI
$55.8K $20.39/SF
− OpEx
−$16.7K −$6.12/SF
NOI
$39.0K $14.27/SF
Area
Somerset County, NJ
Vacancy
5.61%
Lease Rate
$21.60 /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%
$780,660
Cap Rate 7%
$557,614
Cap Rate 9%
$433,700
Alternative Uses
Best Use
Multifamily LT 5
$557.6K
$487.9K – $650.6K
NOI $39,033 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$485.3K
$424.7K – $566.2K
NOI $33,972 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$714.2K
$624.9K – $833.2K
NOI $49,991 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,123
Businesses Nearby
Explore this area
Business Placement
Demographics for 07060, NJ
48,423
Population
16,154
Households
3
Avg Household Size
35
Median Age
22%
College-Educated
74%
High-School Grad
5.0 sq mi
ZIP Area
9,685
Density / Sq Mi
$72,882
Median Household Income
$32,867
Median Earnings
$1,629
Median Rent
$369,400
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-family property with updated interiors, distinct living areas, and detached garage parking.
Where is this duplex located?
The property is located at 113 Park Pl Plainfield, NJ.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2,735 square feet on a 0.18‑acre parcel; Two residential units with a 1‑bedroom/1‑bath unit and a 4‑bedroom/2‑bath unit; Renovations completed 4.5 years ago included kitchens, bathrooms, floors, roof, gutters, and exterior paint
