Two-Unit Duplex with Finished
For Sale
Under Contract
$599,900
659 S 2nd Street, Plainfield, NJ 07060
MULTI_FAMILY - Plainfield, NJ
Property Size1,800 SF
Lot Size0.07 Acres
Price / SF$333.28
Days on Market81
Property Features for 659 S 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-4
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 6, Bedroom 5, Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 1, Bathroom 2, Den
Patio and Porch features
Deck
Interior features
Unit 1(2+ Baths, 3 Bedrooms, Kitchen, Living Room, See Remarks), Unit 2(1 Bath, 3 Bedrooms, Den/Family Room, Kitchen, Living Room)
Exterior features
Deck
Appliances
Water Heater(Gas), Water Heater, Unit 1(Refrigerator), Unit 2(Range/Oven, Refrigerator)
Elementary school district
Plainfields Psd
Middle school district
Plainfields Psd
High school district
Plainfields Psd
Directions
Plainfield Ave To 2nd St. House Facing Nw
Standard status
Active Under Contract
APN
1200111000000005
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
Cooling system
Window Unit(s)
Water source
Public
Amenities
finished basement
Building Details
Year built
1895
Floors in Building
2
Building materials
Vinyl Siding
Roof type
Asphalt
Additional Structures
See Remarks
Listing Agency:
COLDWELL BANKER REALTY · Coldwell Banker Real Estate
(732) 494-7700
Listed By:
Ying Gautreau
(732) 494-7700
Added: May 20
Changed: Aug 2
Last Checked: Aug 8 at 4:06AM
MLS# 2662023M
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.
Two-unit duplex with a finished basement, offering Unit 1 with three bedrooms, a kitchen, living room, and 2+ baths, and Unit 2 with three bedrooms, a den/family room, a kitchen, and one bath. The home includes forced air heating and window unit cooling. Vinyl siding with an asphalt roof; the roof is approximately 3 years old. Updates noted include newly cleaned and painted interiors, a newer stove and refrigerator, and two newer hot water heaters. A deck adds outdoor space.
A parking lot is located in the back of the house, and the property is listed as ready for new ownership or a new tenant. Public water and public sewer services are provided.
Built in 1895 and situated on a 0.0746-acre lot, this R-4 zoned duplex is described as being a few blocks from the train station and is offered with easy showings.
A parking lot is located in the back of the house, and the property is listed as ready for new ownership or a new tenant. Public water and public sewer services are provided.
Built in 1895 and situated on a 0.0746-acre lot, this R-4 zoned duplex is described as being a few blocks from the train station and is offered with easy showings.
Key Highlights
- Two‑unit duplex: Unit 1 has three bedrooms and 2+ baths; Unit 2 has three bedrooms and 1 bath
- Finished basement plus deck for additional usable space
- Parking lot located in the back of the house
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
Multi-tenant
Tenancy
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 - R-4 zoned two-unit duplex with deck, finished basement, and public utilities in Plainfield, NJ.
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: Unit 1 has three bedrooms and 2+ baths; Unit 2 has three bedrooms and 1 bath; Finished basement plus deck for additional usable space; Parking lot located in the back of the house
