Duplex with Finished Basement and
For Sale
$599,900
Pending
659 S 2nd Street, Plainfield, NJ 07060
MULTI_FAMILY - Plainfield, NJ
Property Size1,800 SF
Lot Size0.07 Acres
Days on Market81
Property Features for 659 S 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Basement, Bedroom 4
Patio and Porch features
Deck
Interior features
Attic
Exterior features
Deck
Basement
Full
Directions
plainfield ave. to 2nd st. house facing NW
Standard status
Pending
APN
12-00111-0000-00005
Size
1,800 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7551
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Amenities
finished basement
Building Details
Year built
1895
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Tile - Ceramic
Roof type
Shingle
Listing Agency:
Coldwell Banker Realty
(732) 494-7700
Listed By:
Ying Gautreau
(732) 494-7700
Added: May 20
Changed: Aug 7
Last Checked: Aug 8 at 4:06AM
MLS# 22614979
Copyright © 2026 More 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 duplex offers two units with a finished basement and an attic. Interior finishes include vinyl and ceramic tile flooring, and the home is heated with forced air. The property also features a deck.
Recent improvements noted include a roof about 3 years old, newly cleaned and painted interiors, and newer kitchen appliances including a stove and refrigerator. There are two hot water heaters, and the home has a shingle roof. Water and sewer services are provided by the public system.
The property sits on a 0.07-acre lot and is listed at 1,800 square feet. It is described as being a few blocks from the train station, with a parking lot located in the back of the house.
Recent improvements noted include a roof about 3 years old, newly cleaned and painted interiors, and newer kitchen appliances including a stove and refrigerator. There are two hot water heaters, and the home has a shingle roof. Water and sewer services are provided by the public system.
The property sits on a 0.07-acre lot and is listed at 1,800 square feet. It is described as being a few blocks from the train station, with a parking lot located in the back of the house.
Key Highlights
- Two‑unit duplex with finished basement
- Deck and attic included
- About 3‑year‑old roof
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
$25,689
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
4.28%
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%
$513,780
$513.8K
Cap Rate 7%
$366,986
$367.0K
Cap Rate 9%
$285,433
$285.4K
Market Conditions
NOI Build-Up for 1,800 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
$38.9K $21.60/SF
− Vacancy
−$2.2K −$1.21/SF
EGI
$36.7K $20.39/SF
− OpEx
−$11.0K −$6.12/SF
NOI
$25.7K $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%
$513,780
Cap Rate 7%
$366,986
Cap Rate 9%
$285,433
Alternative Uses
Best Use
Multifamily LT 5
$367.0K
$321.1K – $428.2K
NOI $25,689 @ 7.0% cap · market cap 4.28%
Second Best
Apartment 5plus
$319.4K
$279.5K – $372.6K
NOI $22,358 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$470.0K
$411.3K – $548.4K
NOI $32,901 @ 7.0% cap · market cap 5.48%
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
1,809
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 - Duplex with a finished basement, deck, forced-air heat, and public water and sewer services.
Where is this duplex located?
The property is located at 659 S 2nd Street Plainfield, NJ.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑unit duplex with finished basement; Deck and attic included; About 3‑year‑old roof
