Mixed-Use Building in Downtown
For Sale
Contact for pricing
Pending
189 Front St, South Plainfield, NJ 07080
Mixed-use building with retail and apartment in historic downtown.
Property Size3,000 SF
Days on Market822
Property Features for 189 Front St
General Information
Standard status
Pending
Size
3,000 SF
Property subtype
Mixed Use
Zoning
HDD
Lease Type
Gross
Building Details
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Jack Pedersen Realty
(908) 755-8300
Listed By:
John (JACK) Pedersen
Source:
Crexi
Added: Jun 3, 2024
Changed: Aug 14
Last Checked: Aug 28 at 11:44PM
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 Jack Pedersen Realty
Investment Insights
Based on property information with market context.
This mixed-use, stand-alone building is situated on a busy corner in the up-and-coming Historic Downtown District of South Plainfield. The property includes off-street parking. The first floor features approximately 1500 square feet of retail space, suitable for a storefront, office, or display room, and includes a half bath and basement storage. This space is currently rented for $2000.00. The second floor contains an approximately 1500-square-foot apartment with three bedrooms, one bathroom, a living room, an eat-in kitchen, and a formal dining room. The current apartment tenant has been in place for over five years on a month-to-month lease at $2250.00. The total property size is 3000 square feet.
Key Highlights
- Busy corner location in South Plainfield's up‑and‑coming Historic Downtown District.
- Mixed‑use building with both retail and residential income potential.
- Off‑street parking available.
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
$25,958
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
4.36%
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%
$519,160
$519.2K
Cap Rate 7%
$370,829
$370.8K
Cap Rate 9%
$288,422
$288.4K
Market Conditions
NOI Build-Up for 3,000 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
$47.5K $15.84/SF
− Vacancy
−$6.0K −$2.00/SF
EGI
$41.5K $13.84/SF
− OpEx
−$15.6K −$5.19/SF
NOI
$26.0K $8.65/SF
Area
Middlesex County, NJ
Vacancy
12.60%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
37.50%
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%
$519,160
Cap Rate 7%
$370,829
Cap Rate 9%
$288,422
Alternative Uses
Best Use
Mixed Use
$370.8K
$324.5K – $432.6K
NOI $25,958 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$783.4K
$685.4K – $913.9K
NOI $54,835 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
634
Businesses Nearby
Explore this area
Business Placement
Demographics for 07080, NJ
24,261
Population
8,433
Households
2.9
Avg Household Size
41
Median Age
42%
College-Educated
93%
High-School Grad
8.2 sq mi
ZIP Area
2,959
Density / Sq Mi
$126,161
Median Household Income
$61,777
Median Earnings
$1,928
Median Rent
$444,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with retail and apartment in historic downtown.
Where is this mixed-use property located?
The property is located at 189 Front St South Plainfield, NJ.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Busy corner location in South Plainfield's up‑and‑coming Historic Downtown District.; Mixed‑use building with both retail and residential income potential.; Off‑street parking available.
