Plainfield Multifamily Property for
543-573 West 8th Street Plainfield, NJ 07060
543-573 West 8th Street, Plainfield, NJ, 07060
$1,799,000
For Sale
$1,799,000
Three structures, including a 10-unit apartment building, in historic district.
Property Size11,790 SF
Price / SF$152.59
Days on Market175
Property Features for 543-573 West 8th Street
General Information
- Standard status
- Active
- Size
- 11,790 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1895
Listing agency
Sitar Realty Company - Corporate
(973) 202-9119
Listed by
William Sitar Jr.
(973) 202-9119
Source
Sitarcompany
Added: Jan 27 Updated: Jul 6 at 10:16AM Checked: Jul 20 at 2:29AM
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 Sitar Realty Company - Corporate
Investment Insights
Based on property information with market context.
Located within the Van Wyck Brooks Historic District of Plainfield, this multifamily property is situated on the corner of West 8th Street and Plainfield Avenue, offering close proximity to Routes 28 and 22. The property features three structures, including a 3-story, 10-unit apartment building measuring approximately 11,790 square feet. The apartments are noted for their large size and brick facade. Additional structures include a 1.5-story brick garage and a 2-story frame barn. The hallway features hardwood finishes throughout. The property is zoned R-VWB2 (Van Wyck Brooks Historic District), with further zoning information available on the property website. The site offers excess land suitable for two additional 3-story buildings, each with a full basement. The property is set in a park-like environment. Property taxes are approximately $26,500.
Key Highlights
- Large 10‑unit apartment building offering approximately 11,790 SF, complemented by a garage and barn.
- Excess land presents the opportunity for constructing two additional 3‑story buildings with full basements.
- Located in the desirable Van Wyck Brooks Historic District, conveniently close to Routes 28 and 22.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $283.0k | $24.00 |
| − Vacancy | −$16.7k | −$1.42 |
| EGI | $266.3k | $22.58 |
| − OpEx | −$119.8k | −$10.16 |
| NOI | $146.4k | $12.42 |
11,790 SF · lease $24.00/SF/yr · vacancy 5.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.09M
$1.83M – $2.44M
NOI $146,446 @ 7.0% cap · market cap 8.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.08M
$2.69M – $3.59M
NOI $215,502 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Three structures, including a 10-unit apartment building, in historic district.
Where is this apartment building located?
The property is located at 543-573 West 8th Street Plainfield, NJ.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Large 10‑unit apartment building offering approximately 11,790 SF, complemented by a garage and barn.; Excess land presents the opportunity for constructing two additional 3‑story buildings with full basements.; Located in the desirable Van Wyck Brooks Historic District, conveniently close to Routes 28 and 22.
