Plainfield Multifamily Property for
For Sale
$1,799,000
543-573 West 8th Street, Plainfield, NJ 07060
Three structures, including a 10-unit apartment building, in historic district.
Property Size11,790 SF
Price / SF$152.59
Days on Market214
Property Features for 543-573 West 8th Street
General Information
Standard status
Active
Size
11,790 SF
Property subtype
Multifamily
Building Details
Building Size
11,790 SF
Year Built
1895
Listing Agency:
Sitar Realty Company - Corporate
(973) 202-9119
Listed By:
William Sitar Jr.
(973) 202-9119
Source:
Sitarcompany
Added: Jan 27
Changed: Aug 27
Last Checked: Aug 28 at 9:41AM
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 Sitar Realty Company - Corporate
Investment Insights
Based on property information with market context.
Located within the Van Wyck Brooks Historic District of Plainfield, this multifamily property is situated on the corner of West 8th Street and Plainfield Avenue, offering close proximity to Routes 28 and 22. The property features three structures, including a 3-story, 10-unit apartment building measuring approximately 11,790 square feet. The apartments are noted for their large size and brick facade. Additional structures include a 1.5-story brick garage and a 2-story frame barn. The hallway features hardwood finishes throughout. The property is zoned R-VWB2 (Van Wyck Brooks Historic District), with further zoning information available on the property website. The site offers excess land suitable for two additional 3-story buildings, each with a full basement. The property is set in a park-like environment. Property taxes are approximately $26,500.
Key Highlights
- Large 10‑unit apartment building offering approximately 11,790 SF, complemented by a garage and barn.
- Excess land presents the opportunity for constructing two additional 3‑story buildings with full basements.
- Located in the desirable Van Wyck Brooks Historic District, conveniently close to Routes 28 and 22.
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
$146,446
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
8.14%
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%
$2,928,920
$2.9M
Cap Rate 7%
$2,092,086
$2.1M
Cap Rate 9%
$1,627,178
$1.6M
Market Conditions
NOI Build-Up for 11,790 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
$283.0K $24.00/SF
− Vacancy
−$16.7K −$1.42/SF
EGI
$266.3K $22.58/SF
− OpEx
−$119.8K −$10.16/SF
NOI
$146.4K $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%
$2,928,920
Cap Rate 7%
$2,092,086
Cap Rate 9%
$1,627,178
Alternative Uses
Best Use
Apartment 5plus
$2.09M
$1.83M – $2.44M
NOI $146,446 @ 7.0% cap · market cap 8.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.08M
$2.69M – $3.59M
NOI $215,502 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
813
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?
Apartment building - Three structures, including a 10-unit apartment building, in historic district.
Where is this apartment building located?
The property is located at 543-573 West 8th Street Plainfield, NJ.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Large 10‑unit apartment building offering approximately 11,790 SF, complemented by a garage and barn.; Excess land presents the opportunity for constructing two additional 3‑story buildings with full basements.; Located in the desirable Van Wyck Brooks Historic District, conveniently close to Routes 28 and 22.
