Multifamily Property with Finished
For Sale
$715,000
265 Garfield Ave, Plainfield, NJ 07062
An attic offers space that can serve as an office, with additional recreational area in the basement.
Property Size2,596 SF
Price / SF$275.42
Days on Market18
Property Features for 265 Garfield Ave
General Information
Standard status
Active
Size
2,596 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Amenities
Carbon Monoxide Detector
Smoke Detector
Curbs
Enclosed Porch(es)
Metal Fence
Building Details
Building Size
2,596 SF
Year Built
1927
Units
2
Listing Agency:
M L Realty Group, Inc
(908) 322-6969
Listed By:
Joseph M Lipscomb
Source:
Culturaunitedrealty
Added: Oct 7
Changed: Oct 23
Last Checked: Oct 23 at 5:52PM
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 M L Realty Group, Inc
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,596-square-foot multifamily property was built in 1927. A finished attic provides space that can be used as an office, while the partially finished basement can accommodate recreation or other uses.
Key Highlights
- 2,596‑square‑foot multifamily property
- Built in 1927
- Finished attic can serve as office space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,921
Cap Rate
5.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$798,420
$798.4K
Cap Rate 7%
$570,300
$570.3K
Cap Rate 9%
$443,567
$443.6K
Market Conditions
NOI Build-Up for 2,596 SF
Gross rent
$77.9K $30.00/SF
− Vacancy
−$5.3K −$2.04/SF
EGI
$72.6K $27.96/SF
− OpEx
−$32.7K −$12.58/SF
NOI
$39.9K $15.38/SF
Area
Union County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$798,420
Cap Rate 7%
$570,300
Cap Rate 9%
$443,567
Alternative Uses
Best Use
Apartment 5plus
$570.3K
$499.0K – $665.4K
NOI $39,921 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$677.9K
$593.1K – $790.9K
NOI $47,451 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
693
Businesses Nearby
Explore this area
Business Placement
Demographics for 07062, NJ
14,196
Population
4,960
Households
2.9
Avg Household Size
37
Median Age
31%
College-Educated
82%
High-School Grad
1.9 sq mi
ZIP Area
7,472
Density / Sq Mi
$92,711
Median Household Income
$40,541
Median Earnings
$1,794
Median Rent
$374,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - An attic offers space that can serve as an office, with additional recreational area in the basement.
Where is this multifamily property located?
The property is located at 265 Garfield Ave Plainfield, NJ.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: 2,596‑square‑foot multifamily property; Built in 1927; Finished attic can serve as office space
