Turnkey Residential Health Care
For Sale
$1,500,000
518 Central Avenue, Plainfield, NJ 07060
MULTI_FAMILY - Plainfield, NJ
Property Size6,144 SF
Price / SF$244.14
Days on Market144
Property Features for 518 Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-4
Parking
2
Parking features
On Street
Interior features
Appliances, Furniture
Appliances
Appliances
Lot features
Level
Directions
GPS to 518 Central Ave.
Standard status
Active
APN
1200708000000006
Size
6,144 SF
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
16591
Utilities
Sewer type
Public Sewer
Heating system
Steam
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Flooring type
Wood, Laminate
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
KELLER WILLIAMS ELITE REALTORS · Keller Williams Realty
(732) 549-1998
Listed By:
Sonnia Mayorga
(732) 549-1998
Added: Mar 24
Changed: Jul 9
Last Checked: Aug 14 at 11:06PM
MLS# 2612741R
Copyright © 2026 All Jersey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This property is currently operating as a residential health care facility and is offered as a turnkey, ready-to-use asset. Safety and security systems are in place throughout all levels, including a comprehensive alarm system, interior and exterior video surveillance, and a sprinkler system. The building also has fire extinguishers, along with smoke and carbon monoxide detectors. The current interior configuration includes a first-floor plan with two bedrooms, one bath, a staff room, a living room, a dining room, and a kitchen. The second floor provides six beds with two baths. The third floor provides six beds with one bath.
Located in Plainfield, NJ, the property is described as being just minutes from Route 22, with convenient access to Routes 287, 78, and 22. The surrounding area is noted for proximity to local shops, dining, and everyday conveniences, supported by access to major roadways.
Designed for an assisted living or similar residential care operation, the existing layout supports multi-floor resident housing and includes dedicated staff space on the first floor. The offering is for sale on a strict as-is basis, with the seller not making repairs and not offering credits. Zoning is listed as R-4, and buyers should plan accordingly for any future intended use within that zoning framework.
Located in Plainfield, NJ, the property is described as being just minutes from Route 22, with convenient access to Routes 287, 78, and 22. The surrounding area is noted for proximity to local shops, dining, and everyday conveniences, supported by access to major roadways.
Designed for an assisted living or similar residential care operation, the existing layout supports multi-floor resident housing and includes dedicated staff space on the first floor. The offering is for sale on a strict as-is basis, with the seller not making repairs and not offering credits. Zoning is listed as R-4, and buyers should plan accordingly for any future intended use within that zoning framework.
Key Highlights
- Currently operating as a residential health care facility with safety and security systems throughout all levels, including basement
- Three‑floor layout: first floor has 2 bedrooms, 1 bath, plus staff room, living room, dining room, and kitchen
- Second floor includes 6 beds and 2 baths
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
$76,316
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
5.09%
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%
$1,526,320
$1.5M
Cap Rate 7%
$1,090,229
$1.1M
Cap Rate 9%
$847,956
$848.0K
Market Conditions
NOI Build-Up for 6,144 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
$147.5K $24.00/SF
− Vacancy
−$8.7K −$1.42/SF
EGI
$138.8K $22.58/SF
− OpEx
−$62.4K −$10.16/SF
NOI
$76.3K $12.42/SF
Area
Somerset County, NJ
Vacancy
5.90%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,526,320
Cap Rate 7%
$1,090,229
Cap Rate 9%
$847,956
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$954.0K – $1.27M
NOI $76,316 @ 7.0% cap · market cap 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,302 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,237
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Assisted living facility - Turnkey assisted living property with full safety systems and multi-floor resident setup, offered strictly as-is for ready operations.
Where is this assisted living facility located?
The property is located at 518 Central Avenue Plainfield, NJ.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Currently operating as a residential health care facility with safety and security systems throughout all levels, including basement; Three‑floor layout: first floor has 2 bedrooms, 1 bath, plus staff room, living room, dining room, and kitchen; Second floor includes 6 beds and 2 baths
