Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    515 Central Ave Plainfield, NJ 07060

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    515 Central Ave Plainfield, NJ 07060

    View on Map
    • Land
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 515 Central Ave

    Property type
    Land

    Description

    This exceptional 6,500 square foot lot, located at 515 Central Avenue in Plainfield, New Jersey (zip code 07060), presents a unique investment opportunity. Situated on a major roadway, this property boasts a versatile size (approximately 60 feet by 105 feet) and flexible zoning that allows for a variety of development projects. The zoning permits mixed-use, commercial, or residential construction, offering significant flexibility to prospective buyers. This prime location provides excellent visibility and accessibility. Furthermore, the property's potential is enhanced by the presence of an adjacent city-owned lot, presenting an opportunity for expansion and increased development potential. The asking price for this land is $850,000. This is an ideal site for developers seeking a strategic location in Union County, New Jersey, to create a thriving commercial or residential development, or a combination of both. The property is classified as both commercial and residential land. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Plainfield
    County
    Union
    State
    New Jersey
    Longitude
    -74.4215
    Latitude
    40.6136

    Comparable in this City

    • Value Estimation by Request

      201 6Th St

      Land
      201 6Th St, Plainfield, NJ 07060
      View Details
    • Value Estimation by Request

      1030 Park Ave

      Office properties & Spaces
      1030 Park Ave, Plainfield, NJ 07060
      View Details
    • Value Estimation
      $875,000
      0.14 Acres

      24 Duer St

      APARTMENT HOUSE (UNDER 5 UNITS) • 0.14 Acres
      24 Duer St, Plainfield, NJ 07060
      View Details
    • Value Estimation by Request
      0.17 Acres

      24 Mercer Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 0.17 Acres
      24 Mercer Ave, Plainfield, NJ 07060
      View Details
    • Value Estimation by Request
      0.23 Acres

      399 Grv St

      APARTMENT HOUSE (UNDER 5 UNITS) • 0.23 Acres
      399 Grv St, North Plainfield, NJ 07060-3610
      View Details
    • Value Estimation
      $505,000
      2.95 Acres

      447 Little Pl, Unit 469

      APARTMENT HOUSE (UNDER 5 UNITS) • 2.95 Acres
      447 Little Pl, North Plainfield, NJ 07060
      View Details

    Similar Nearby for Sale

    • $4,400,000
      0.95 Acres

      Development Site in Plainfield City

      Large development site near NYC train with income potential.
      500 Arlington Ave, Plainfield, NJ 07060
      View Details
    • $825,000
      Pending

      North Plainfield Multifamily Property

      Multifamily property in North Plainfield, New Jersey.
      224-228 Westervelt Ave, North Plainfield, NJ 07060
      View Details
    • $425,000
      0.05 Acres

      North Plainfield Investment Opportunity

      Three-unit commercial building in downtown North Plainfield.
      77 Watchung Ave, Plainfield, NJ 07060
      View Details
    • $5,500,000

      Mixed-Use Investment and Redevelopment Opportunity

      Versatile property with income streams and long-term development potential.
      12-18 Washington Ave, Plainfield, NJ 07060
      View Details

    Similar Nearby for Lease

    • $3,500 /Mo

      Spacious Multi-Level Apartment For Rent

      Two-story apartment with new kitchen, hardwood floors, central air.
      25 Mountain Ave, North Plainfield, NJ 07060
      View Details
    • $3,500 /Mo

      Vacant Commercial Lot For Rent

      Vacant commercial lot available for rent in Plainfield City.
      512 Arlington Ave, Plainfield, NJ 07060
      View Details
    • Contact for pricing

      Commercial Land on Route 22

      Commercial land for lease in high-traffic retail corridor.
      619 Us Highway 22, North Plainfield, NJ 07060
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    515 Central Ave
    Plainfield, NJ 07060
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    515 Central Ave, Plainfield, NJ, 07060

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!