10-Unit Mixed-Use
New
For Sale
$2,300,000
197 North Ave, Plainfield, NJ 07060
Seven apartments and three commercial spaces create a residential and business component mix.
Property Size9,120 SF
Days on Market6
Property Features for 197 North Ave
General Information
Standard status
Active
Size
9,120 SF
Property subtype
Residential Income
Units
Unit Mix
7 x 3BR/1BA
Multifamily Units
7
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$21,383
Amenities
Natural Gas
Unfinished
On Street
See Remarks
Building Details
Building Size
9,120 SF
Year Built
1894
Tenancy
Multi
Listing Agency:
RE/MAX CENTRAL
Listed By:
BRIAN FERNANDES · License #1648316
(908) 764-9878
Source:
Evrealestate
Added: Oct 8
Changed: Oct 10
Last Checked: Oct 12 at 7:28PM
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 RE/MAX CENTRAL
Investment Insights
Based on property information with market context.
This 9,120-square-foot mixed-use property contains 10 units: seven apartments with three bedrooms and one bathroom each, alongside three commercial spaces. Built in 1894, the building combines residential and business occupancy at 197 North Ave in Plainfield City, New Jersey.
Plainfield Station is across the street, with NJ Transit access nearby. The property is also situated along the downtown North Avenue corridor, where public and private investment is underway.
Plainfield Station is across the street, with NJ Transit access nearby. The property is also situated along the downtown North Avenue corridor, where public and private investment is underway.
Key Highlights
- 10‑unit property with seven apartments and three commercial spaces
- Each apartment has 3 bedrooms and 1 bathroom
- 9,120 square feet; built in 1894
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$153,260
Cap Rate
6.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,065,200
$3.1M
Cap Rate 7%
$2,189,429
$2.2M
Cap Rate 9%
$1,702,889
$1.7M
Market Conditions
NOI Build-Up for 9,120 SF
Gross rent
$315.2K $34.56/SF
− Vacancy
−$70.0K −$7.67/SF
EGI
$245.2K $26.89/SF
− OpEx
−$92.0K −$10.08/SF
NOI
$153.3K $16.80/SF
Area
Somerset County, NJ
Vacancy
22.20%
Lease Rate
$34.56 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,065,200
Cap Rate 7%
$2,189,429
Cap Rate 9%
$1,702,889
Alternative Uses
Best Use
Mixed Use
$2.19M
$1.92M – $2.55M
NOI $153,260 @ 7.0% cap · market cap 6.66%
Second Best
Retail
$1.86M
$1.63M – $2.17M
NOI $130,172 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$2.38M
$2.08M – $2.78M
NOI $166,699 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,298
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Seven apartments and three commercial spaces create a residential and business component mix.
Where is this mixed-use property located?
The property is located at 197 North Ave Plainfield, NJ.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 10‑unit property with seven apartments and three commercial spaces; Each apartment has 3 bedrooms and 1 bathroom; 9,120 square feet; built in 1894
