Flex Space with Office and
New
For Sale
$1,733,000
2504 Plainfield Ave, Scotch Plains, NJ 07076
Flexible commercial layout combines office suites with garage and warehouse areas.
Property Size4,032 SF
Price / SF$429.81
Days on Market6
Property Features for 2504 Plainfield Ave
General Information
Standard status
Active
Size
4,032 SF
Property subtype
Commercial
Site & Location
Fenced Yard
No
Outdoor Storage
No
Warehouse & Industrial
Rail Access
No
Three-Phase Power
No
Heavy Power
No
Cold Storage
No
Conditioned Warehouse
No
Additional Details
Opportunity Zone
No
Taxes and HOA fees
Annual Taxes
$19,290
Amenities
Central air
Asphalt Shingle Roof
Baseboard - Electric Heating
Blacktop Driveway
Crushed Stone Driveway
Floor/Wall Heater Heating
Off-Street Parking
On-Street Parking
Wall A/C Unit(s) Cooling
Building Details
Year Built
1971
Abandoned
No
Listing Agency:
COLDWELL ROBERT MICHAEL REALTY
(732) 815-1550
Listed By:
MICHELLE CASTRO
Source:
Corcoran
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 2:35PM
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 COLDWELL ROBERT MICHAEL REALTY
Investment Insights
Based on property information with market context.
This 4,032-square-foot flex property, built in 1971, includes 3 office suites and 3 garage or warehouse areas. One office suite is vacant, while the overall configuration supports a combination of administrative and storage functions. Recent property updates include a new roof and renovated bathrooms. Overhead doors, a loading dock, and a usable yard add functional value for commercial operations.
Separate utility meters serve the individual spaces, with occupants responsible for their own utilities. The property is located at 2504 Plainfield Ave in Scotch Plains Twp., New Jersey, with access to major highways and commercial corridors. Its mix of office, garage, warehouse, and yard components provides a flexible footprint for an owner-user or multi-space commercial operation.
Separate utility meters serve the individual spaces, with occupants responsible for their own utilities. The property is located at 2504 Plainfield Ave in Scotch Plains Twp., New Jersey, with access to major highways and commercial corridors. Its mix of office, garage, warehouse, and yard components provides a flexible footprint for an owner-user or multi-space commercial operation.
Key Highlights
- 4,032 SF flex property built in 1971
- 3 office suites and 3 garage/warehouse spaces
- One vacant office suite
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
$62,270
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
3.59%
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%
$1,245,400
$1.2M
Cap Rate 7%
$889,571
$889.6K
Cap Rate 9%
$691,889
$691.9K
Market Conditions
NOI Build-Up for 4,032 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
$108.9K $27.00/SF
− Vacancy
−$13.1K −$3.24/SF
EGI
$95.8K $23.76/SF
− OpEx
−$33.5K −$8.32/SF
NOI
$62.3K $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%
$1,245,400
Cap Rate 7%
$889,571
Cap Rate 9%
$691,889
Alternative Uses
Best Use
Flex RnD
$889.6K
$778.4K – $1.04M
NOI $62,270 @ 7.0% cap · market cap 3.59%
Second Best
Office B
$881.3K
$771.1K – $1.03M
NOI $61,690 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$1.05M
$921.2K – $1.23M
NOI $73,699 @ 7.0% cap · market cap 4.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 07076, NJ
24,871
Population
9,037
Households
2.8
Avg Household Size
41
Median Age
65%
College-Educated
97%
High-School Grad
9.0 sq mi
ZIP Area
2,763
Density / Sq Mi
$173,564
Median Household Income
$86,300
Median Earnings
$1,816
Median Rent
$696,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial layout combines office suites with garage and warehouse areas.
Where is this flex space located?
The property is located at 2504 Plainfield Ave Scotch Plains, NJ.
What is the asking price?
The asking price for this property is $1,733,000.
What are key features of this property?
This property features: 4,032 SF flex property built in 1971; 3 office suites and 3 garage/warehouse spaces; One vacant office suite
