Single-Story Warehouse With Rail
For Sale
Contact for pricing
13-23 Steiner Place, North Plainfield, NJ 07060
Masonry industrial facility with drive-in loading, rail service, and B-2A Business Zone flexibility.
Property Size12,500 SF
Lot Size0.50 Acres
Price / SF$264
Days on Market9
Property Features for 13-23 Steiner Place
General Information
Standard status
Active
Size
12,500 SF
Total Parking Spaces
7
Lot size
0.50 Acres
Property subtype
Industrial
Zoning
B-2A Business Zone
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
12 ft
Warehouse Space
12,500 SF
Drive-In Doors
4
Rail Access
Yes
Building Details
Year Built
1919
Buildings
1
Stories
1
Building Size
12,500 SF
Construction
masonry
Listing Agency:
Marcus & Millichap - New Jersey
(201) 742-6167
Listed By:
Scott Geller · License #NJ:1649748
Source:
Crexi
Added: Jul 29
Changed: Aug 4
Last Checked: Aug 5 at 9:45AM
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 Marcus & Millichap - New Jersey
Investment Insights
Based on property information with market context.
This single-story masonry warehouse contains 12,500 square feet on a 0.50-acre site. The facility provides 12-foot clear heights, four drive-in doors, and rail access for industrial operations. Natural gas, city water, and city sewer serve the property, supporting warehouse, distribution, manufacturing, contractor-service, and other specialized industrial functions. The building was constructed in 1919.
The property is within North Plainfield’s B-2A Business Zone, which allows a range of business, professional, administrative, retail, public, religious, and community-oriented uses. Office buildings, retail stores, and public facilities are among the specifically identified permitted categories. Regional access includes Route 22, Interstate 78, Route 287, and the New Jersey Turnpike, with the site located 0.5 miles from Route 22. Bridgewater, Piscataway, Edison, and Newark are identified as nearby business centers.
The property is within North Plainfield’s B-2A Business Zone, which allows a range of business, professional, administrative, retail, public, religious, and community-oriented uses. Office buildings, retail stores, and public facilities are among the specifically identified permitted categories. Regional access includes Route 22, Interstate 78, Route 287, and the New Jersey Turnpike, with the site located 0.5 miles from Route 22. Bridgewater, Piscataway, Edison, and Newark are identified as nearby business centers.
Key Highlights
- 12,500‑square‑foot masonry warehouse on a 0.50‑acre site
- 12‑foot clear heights and four drive‑in doors
- Rail access supports industrial operations
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
$193,050
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
5.85%
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%
$3,861,000
$3.9M
Cap Rate 7%
$2,757,857
$2.8M
Cap Rate 9%
$2,145,000
$2.1M
Market Conditions
NOI Build-Up for 12,500 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
$337.5K $27.00/SF
− Vacancy
−$40.5K −$3.24/SF
EGI
$297.0K $23.76/SF
− OpEx
−$104.0K −$8.32/SF
NOI
$193.1K $15.44/SF
Area
Union County, NJ
Vacancy
12.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
35.00%
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%
$3,861,000
Cap Rate 7%
$2,757,857
Cap Rate 9%
$2,145,000
Alternative Uses
Best Use
Flex RnD
$2.76M
$2.41M – $3.22M
NOI $193,050 @ 7.0% cap · market cap 5.85%
Second Best
Warehouse
$2.43M
$2.13M – $2.84M
NOI $170,368 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$3.26M
$2.86M – $3.81M
NOI $228,480 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12 ft
Clear height
4
Drive-in doors
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,835
Businesses Nearby
Balanced
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Pro Storage — 310 Park Ave, Plainfield, NJ 07060
- Self Storage Boxes Hitches — 250 e front st, plainfield, nj 07060
- Self Storage — 79 linden ave, north plainfield, nj 07060
- Shutter Profession — 108 Watchung Ave Unit 161, Plainfield, NJ 07060
- Self-Storage at U-Haul — 243 E 2nd St, Plainfield, NJ 07060
Frequently Asked Questions
What type of property is this?
Warehouse - Masonry industrial facility with drive-in loading, rail service, and B-2A Business Zone flexibility.
Where is this warehouse located?
The property is located at 13-23 Steiner Place North Plainfield, NJ.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 12,500‑square‑foot masonry warehouse on a 0.50‑acre site; 12‑foot clear heights and four drive‑in doors; Rail access supports industrial operations
