Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    543-573 West 8Th St Plainfield, NJ 07060

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,990,000

    Three structures, including a 10-unit apartment building, in historic district.

    Property size:
    11,790 SF

    Property Features for 543-573 West 8Th St

    General Information

    Size
    11,790 SF

    Building Details

    Year built
    1895

    We can help!

    Listing Contact
    William Sitar Jr.
    Source: Sitarcompany

    Listing Agent: William Sitar Jr.

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Plainfield Multifamily Property for Sale

    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.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Plainfield
    County
    Somerset
    State
    New Jersey
    Longitude
    -74.420979
    Latitude
    40.60936

    Nearby Similar for Sale

    • New
      $924,000
      Pending

      Plainfield Three-Family Home For Sale

      Three-unit residential income property in desirable Plainfield neighborhood, ideal for commuters.
      819-825 Kensington Ave, Plainfield, NJ 07060
      View Details
    • $799,900
      Pending

      Updated Multi-Family Home with Pool

      Updated two-family home in Plainfield with in-ground pool.
      1627 Prospect Ave, Plainfield, NJ 07060
      View Details
    • $749,000
      Pending

      Plainfield City Multi-Family Home

      Multi-family home in Historic Netherwood Heights, Plainfield City, NJ.
      810-814 Leland Ave, Plainfield, NJ 07062
      View Details
    • $799,000
      0.60 Acres

      Spacious Three-Family Home, Large Backyard

      Well-maintained three-family home in North Plainfield Boro, NJ.
      421 Tappan Ave, Plainfield, NJ 07063
      View Details
    • New
      $699,000
      0.21 Acres

      Westfield Multifamily Property For Sale

      Multifamily property in Westfield with redevelopment and investment potential.
      863 North Ave W, Plainfield, NJ 07062
      View Details
    • $1,099,000
      Pending

      Historic 6-Family Home, Prime Location

      Charming 6-unit property in North Plainfield's Historic District.
      64 Washington Ave, Plainfield, NJ 07060
      View Details
    • $1,099,000
      Pending

      Historic 6-Family Home Investment

      Charming 6-unit property in North Plainfield's Historic District.
      64 Washington Ave, Plainfield, NJ 07060
      View Details
    • $889,000
      Pending

      New Construction Multi-Family Home

      New construction duplex featuring modern amenities and convenient location.
      223 Monroe Ave, Plainfield, NJ 07063
      View Details
    • $1,200,000
      6,052 SF

      Mixed-Use Building Near Train Station

      Five-unit mixed-use building with expansion potential near Plainfield Train.
      146 North Ave, Plainfield, NJ 07060
      View Details
    • $3,100,000
      12,000 SF

      Freestanding Warehouse with Fenced Yard

      12,000 SF warehouse with drive-in doors and fenced yard.
      13 Steiner Pl, Plainfield, NJ 07060
      View Details
    • $499,999
      Pending

      Plainfield Multi-Family Near Train

      Two-unit property in Plainfield near train station with Manhattan access.
      402-04 E 2Nd St, Plainfield, NJ 07060
      View Details
    • $675,000
      Pending

      Plainfield City Multi-Family Property

      Multi-family property for sale in Plainfield City, New Jersey.
      954 W 4Th St, Plainfield, NJ 07063
      View Details

    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 St Plainfield, NJ.
    What is the asking price?
    The asking price for this property is $1,990,000.
    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.
    (973) 202-9119
    Request Owner's contact information
    543-573 West 8Th St Plainfield, NJ 07060
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    543-573 West 8Th St
    Plainfield, NJ 07060
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    543-573 West 8Th St Plainfield, NJ 07060
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    William Sitar Jr.
    (973) 202-9119
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.