Duplex with Finished
For Sale
$599,900
659 S 2nd St, Plainfield, NJ 07060
Two-unit property with rear parking, updated systems, and convenient access to the train station.
Property Size1,768 SF
Price / SF$339.31
Days on Market42
Property Features for 659 S 2nd St
General Information
Standard status
Active
Size
1,768 SF
Property subtype
Multi-Family
Building Details
Year Built
1895
Listing Agency:
Coldwell Banker Realty
(732) 494-7700
Listed By:
Ying Gautreau
Source:
Goldstandardrealty
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 4:06PM
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 Banker Realty
Investment Insights
Based on property information with market context.
This two-unit duplex, built in 1895, includes a finished basement and a rear parking lot. The property has been recently cleaned and painted, with a 3-year-old roof, a newer stove, a newer refrigerator, and two new hot water heaters.
Located at 659 S 2nd St in Plainfield, New Jersey, the property is a few blocks from the train station. Its existing two-unit configuration and completed cleaning and painting provide a straightforward starting point for continued occupancy or leasing.
Located at 659 S 2nd St in Plainfield, New Jersey, the property is a few blocks from the train station. Its existing two-unit configuration and completed cleaning and painting provide a straightforward starting point for continued occupancy or leasing.
Key Highlights
- Two‑unit duplex built in 1895
- Finished basement included
- Rear parking lot
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
$25,232
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
4.21%
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%
$504,640
$504.6K
Cap Rate 7%
$360,457
$360.5K
Cap Rate 9%
$280,356
$280.4K
Market Conditions
NOI Build-Up for 1,768 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
$38.2K $21.60/SF
− Vacancy
−$2.1K −$1.21/SF
EGI
$36.0K $20.39/SF
− OpEx
−$10.8K −$6.12/SF
NOI
$25.2K $14.27/SF
Area
Somerset County, NJ
Vacancy
5.61%
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%
$504,640
Cap Rate 7%
$360,457
Cap Rate 9%
$280,356
Alternative Uses
Best Use
Multifamily LT 5
$360.5K
$315.4K – $420.5K
NOI $25,232 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$313.7K
$274.5K – $366.0K
NOI $21,961 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$461.7K
$404.0K – $538.6K
NOI $32,316 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
981
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?
Duplex - Two-unit property with rear parking, updated systems, and convenient access to the train station.
Where is this duplex located?
The property is located at 659 S 2nd St Plainfield, NJ.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑unit duplex built in 1895; Finished basement included; Rear parking lot
