220 E 9th St - Apartments FOR SALE


Plainfield, NJ 07060
$900,000 USD
732-261-4324
220 E 9th St, Plainfield, NJ for Sale
$900,000 USD
Apartments - FOR SALE
1/10
null | 8.97% Cap Rate

220 E 9th St
Plainfield, NJ 07060


HIGHLIGHTS

  • Only 5 minutes from NJ Transit, this home's location offers an easy 40-minute train ride straight into Manhattan—perfect for NYC commuters
  • Nestled in a safe and quiet neighborhood, this home offers peace of mind and a serene atmosphere—ideal for families or anyone looking to unwind at the

OVERVIEW

Current gross income is $75,600 annually with 4 units leased and 1 apartment currently vacant. Asking price of $900,000 represents a GRM of 11.9 on existing rents. However, this property offers significant upside. Market rents in Plainfield support higher income levels, and once stabilized the property can generate approximately $115,200 annually in gross income. At that level, the GRM improves to 7.8. The vacancy provides an immediate opportunity for a new owner to lease at market rate without waiting for tenant turnover. This is an ideal value-add play in a growing commuter market with strong demand from NYC tenants.

FOR SALE DETAILS

PRICE

$900,000 USD

PRICE/SF

$128 USD /SF

# OF UNITS

5

PRICE/UNIT

$180,000

CAP RATE

8.97%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

222 East 9th Street, Plainfield, NJ

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Apartments, Dormitory

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1880

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.32 AC

LAND SF

13,872 SF

ZONING

-

APN/PARCEL ID

12-00824-0000-00022

ASK ABOUT THIS PROPERTY

Glenn GipsonEstate of Willie P GipsonMore Info
732-261-4324

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Glenn GipsonEstate of Willie P GipsonMore Info
732-261-4324

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