1369-1403 South Ave - Apartments FOR SALE


Plainfield, NJ 07062
$8,665,000 USD
732-740-7939
1369-1403 South Ave, Plainfield, NJ for Sale
$8,665,000 USD
Apartments - FOR SALE
1/35
null | Request Cap Rate

1369-1403 South Ave
Plainfield, NJ 07062


HIGHLIGHTS

  • New Construction Boutique Multifamily (2023) 20 residential units plus 1 retail space; modern layouts, efficient design, min. near-term capital needs.
  • Stabilized Asset with In-Place Income & Upside Fully leased under original ownership; steady cash flow with clear organic rent growth potential.
  • Below-Market Rents vs Nearby New Construction Lease-up prioritized occupancy; turnover and professional management create built-in upside.
  • Large, High-Quality Unit Mix 830–1,060 SF one- and two-bedrooms with private balconies, in-unit laundry, and contemporary finishes.
  • Ground-Floor Retail NOI Potential Street-level retail offers incremental income through lease-up at market rents.
  • Walk-to-Train, Commuter Location 0.5 miles to Netherwood Station (NJ Transit to Newark & NYC); access to Route 22, I-78, GSP.

OVERVIEW

Prime South Apartments is a newly constructed boutique multifamily asset located along South Avenue in Plainfield, New Jersey. Completed in 2023, the property consists of 20 residential units and one ground-floor retail space, offering investors stabilized in-place income with clear operational upside. The residential units feature oversized one- and two-bedroom layouts, private balconies, in-unit washers and dryers, and modern finishes throughout. The property has achieved stabilization under original developer ownership, providing immediate cash flow with minimal near-term capital requirements. Prime South is located approximately 0.5 miles from Netherwood Station, offering direct NJ Transit service to Newark Penn Station and Manhattan. In-place rents remain below comparable new construction in the immediate area, creating a straightforward path to rent growth through professional management. In addition, the ground-floor retail space remains underutilized, offering incremental NOI potential through lease-up. This offering presents an opportunity to acquire a modern, transit-oriented multifamily asset with durable income characteristics and a defined path to improved performance without development or repositioning risk.

FOR SALE DETAILS

PRICE

$8,665,000 USD

PRICE/SF

$371 USD /SF

# OF UNITS

21

PRICE/UNIT

$412,619

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Prime South Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

5

YEAR BUILT

2023

PARKING SPACES

26

LAND DETAILS

LAND ACRES

0.43 AC

LAND SF

18,731 SF

ZONING

NC

APN/PARCEL ID

12-00624-0000-00012

ASK ABOUT THIS PROPERTY

Chez EiderMarcus & MillichapMore Info
732-740-7939

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Chez EiderMarcus & MillichapMore Info
732-740-7939

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.