Storefront Retail
For Sale
$480,000
331-35 Park Ave #1, Plainfield, NJ 07060
Open-plan commercial space requiring rehabilitation, with a full basement accessed from within.
Property Size2,000 SF
Price / SF$240
Days on Market192
Property Features for 331-35 Park Ave #1
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Zoning
comm
Property Condition
Severity
Repairs Needed
Evidence
needs rehab
Building Details
Building Size
2,000 SF
Stories
1
Units
1
Listing Agency:
Century 21 Alliance Realty
(908) 587-5222
Listed By:
Ismael Estrada Jr
(908) 587-5222
Source:
Betterhomerealestate
Added: Feb 20
Changed: Aug 29
Last Checked: Aug 30 at 5:40PM
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 Century 21 Alliance Realty
Investment Insights
Based on property information with market context.
This storefront property offers approximately 2,000 square feet of open commercial space and includes a full basement with access from the interior. The premises require rehabilitation and are offered strictly in their existing condition.
The property is located at 331-35 Park Ave #1 in Plainfield City, New Jersey, providing a defined address for a storefront-oriented commercial use.
The property is located at 331-35 Park Ave #1 in Plainfield City, New Jersey, providing a defined address for a storefront-oriented commercial use.
Key Highlights
- Approximately 2,000 square feet of open commercial space
- Full basement with interior‑only access
- Property requires rehabilitation
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
$28,547
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
5.95%
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%
$570,940
$570.9K
Cap Rate 7%
$407,814
$407.8K
Cap Rate 9%
$317,189
$317.2K
Market Conditions
NOI Build-Up for 2,000 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
$43.2K $21.60/SF
− Vacancy
−$2.4K −$1.21/SF
EGI
$40.8K $20.39/SF
− OpEx
−$12.2K −$6.12/SF
NOI
$28.5K $14.27/SF
Area
Somerset County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$570,940
Cap Rate 7%
$407,814
Cap Rate 9%
$317,189
Alternative Uses
Best Use
Retail
$407.8K
$356.8K – $475.8K
NOI $28,547 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$522.2K
$457.0K – $609.3K
NOI $36,557 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,298
Businesses Nearby
Under-served
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 Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Plainfield Florist — 8 Grandview Ave, North Plainfield, NJ 07060
Frequently Asked Questions
What type of property is this?
Storefront property - Open-plan commercial space requiring rehabilitation, with a full basement accessed from within.
Where is this storefront property located?
The property is located at 331-35 Park Ave #1 Plainfield, NJ.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Approximately 2,000 square feet of open commercial space; Full basement with interior‑only access; Property requires rehabilitation
