The Station at Netherwood 1014 South Ave 42 Unit Apartment Building $21,892,799 CAD ($521,257 CAD/Unit) 5.53% Cap Rate Plainfield, NJ 07062

IPRG NJ is proud to exclusively offer for sale The Station at Netherwood, locate at 1008-1014 South Avenue, Plainfield, NJ. This property occupies a 0.916-acre lot and features a newly constructed, 5-story mixed-use building completed in 2024. The building comprises 42 residential units and 1,456 square feet of ground-floor retail space. This property is 100% leased, including a long term, lease in place for the retail space - ideal for investors seeking steady income.
The residential units include a mix of 31 one-bedroom/one-bath units and 11 two-bedroom/two-bath units, with average unit sizes of 757 square feet and 1,002 square feet, respectively. Additional features include 48 parking spaces—12 in a ground-floor garage and 36 in the rear lot—and an array of amenities, such as a gym, lounge, bike racks, a roof deck, and storage facilities. The property also benefits from a 30-year PILOT (Payment In Lieu of Taxes) program granted by the City of Plainfield.
The location is exceptional, situated directly across the street from the Netherwood Train Station, providing seamless transit access via NJ Transit’s Raritan Valley Line. This area of Plainfield has experienced significant growth, with over 10 new multifamily developments completed, under construction, or in planning since 2020. The bustling South Avenue corridor continues to thrive as a hub for transit-oriented developments and urban revitalization. This is a unique opportunity to acquire a modern, stabilized asset in a booming submarket with strong growth potential.