Mixed-Use Investment Redevelopment
For Sale
$5,500,000
12 Washington Ave, Plainfield, NJ 07060
Prime downtown location with income streams and development potential.
Property Size43,560 SF
Lot Size1.03 Acres
Days on Market159
Property Features for 12 Washington Ave
General Information
Standard status
Active
Size
43,560 SF
Lot size
1.03 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,757
Building Details
Building Size
43,560 SF
Year Built
1930
Stories
3
Listing Agency:
COLDWELL BANKER, FORT LEE
(201) 232-6145
Listed By:
ALINA SANTANA · License #1861239
Source:
Elliman
Added: Mar 24
Changed: Aug 13
Last Checked: Aug 26 at 8:15AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of COLDWELL BANKER, FORT LEE
Investment Insights
Based on property information with market context.
This mixed-use property is located in the downtown district of Plainfield, New Jersey. Situated in an urban-suburban mixed-use corridor, the property benefits from high visibility and accessibility to local amenities and transportation. The property includes an operating daycare, a warehouse space with a loading dock, a printing shop, a juice bar, and two apartments. The residential units consist of one 2-bedroom, 2-bath apartment and one 1-bedroom, 1-bath apartment, offering rental income. A parking lot, accessible from Washington Avenue, provides approximately six off-street parking spaces. The property is suitable for redevelopment into a mixed-use residential and commercial building, taking advantage of the ongoing growth in the Plainfield downtown area. This property offers existing income streams and long-term development potential for investors, developers, or owner-users.
Key Highlights
- Prime downtown location in a vibrant mixed‑use corridor with strong visibility and convenient access to amenities and transportation.
- Exceptional mixed‑use investment redevelopment opportunity with significant long‑term potential.
- Multiple income‑generating components including a daycare, warehouse with loading dock, printing shop, juice bar, and two apartments.
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
$488,928
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
8.89%
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%
$9,778,560
$9.8M
Cap Rate 7%
$6,984,686
$7.0M
Cap Rate 9%
$5,432,533
$5.4M
Market Conditions
NOI Build-Up for 43,560 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
$742.3K $17.04/SF
− Vacancy
−$43.8K −$1.01/SF
EGI
$698.5K $16.03/SF
− OpEx
−$209.5K −$4.81/SF
NOI
$488.9K $11.22/SF
Area
Somerset County, NJ
Vacancy
5.90%
Lease Rate
$17.04 /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%
$9,778,560
Cap Rate 7%
$6,984,686
Cap Rate 9%
$5,432,533
Alternative Uses
Best Use
Mixed Use
$10.46M
$9.15M – $12.20M
NOI $732,017 @ 7.0% cap · market cap 13.31%
Second Best
Retail
$8.88M
$7.77M – $10.36M
NOI $621,744 @ 7.0% cap · market cap 11.30%
Theoretical Best
Office A
$11.37M
$9.95M – $13.27M
NOI $796,207 @ 7.0% cap · market cap 14.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,110
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Prime downtown location with income streams and development potential.
Where is this mixed-use property located?
The property is located at 12 Washington Ave Plainfield, NJ.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Prime downtown location in a vibrant mixed‑use corridor with strong visibility and convenient access to amenities and transportation.; Exceptional mixed‑use investment redevelopment opportunity with significant long‑term potential.; Multiple income‑generating components including a daycare, warehouse with loading dock, printing shop, juice bar, and two apartments.
