Auction - REIT Sale | Former 7-Eleven 1478 South Ave 2,795 SF Retail Building Plainfield, NJ 07062 $211,623 CAD ($75.71 CAD/SF)

Marcus & Millichap is pleased to present the opportunity to acquire a vacant, free-standing retail building located at 1472-78 South Avenue, Plainfield, New Jersey 07062 (the “Property”). Strategically positioned within the New York-Newark-Jersey City MSA, the Property is offered at a substantial discount to replacement cost, presenting an exceptional opportunity for an owner-user or investor to acquire a highly visible retail asset with compelling value-add potential.
Constructed in 2010, the Property consists of a ±2,795 SF one-story, free-standing retail building situated on a ±0.325-acre (±14,156 SF) hard corner parcel. The site is improved with 12 surface parking spaces, full asphalt paving, and two curb cuts along South Avenue and Terrill Road, providing excellent accessibility and circulation. The Property features 100’ feet of frontage along South Avenue and 150’ feet of frontage along Terrill Road, offering outstanding visibility at one of Plainfield’s primary commercial intersections with a combined 22,221 vehicles per day (VPD). Formerly occupied by 7-Eleven under a triple net lease, the Property offers the opportunity to reposition the asset through owner occupancy or lease-up at market rental rates, with CoStar retail market rents ranging from $27 to $33 per square foot NNN. The building is zoned NC (Neighborhood Commercial), permitting a broad range of retail, office, restaurant, medical, and service-oriented uses. Combined with its existing retail improvements, refrigeration infrastructure, flexible zoning, prominent corner location, and below-replacement-cost pricing, the Property presents an attractive adaptive reuse or value-add investment opportunity for a wide variety of users.
The Property is strategically located in Plainfield, New Jersey, within Union County and the New York-Newark-Jersey City MSA, approximately ±15-mi southwest of Newark and ±25-mi west of New York City. Positioned along South Avenue at its signalized intersection with Terrill Road, the Property benefits from exceptional visibility and accessibility within one of Plainfield’s primary commercial corridors. The location is just ±1-mi from U.S. Route 22 and ±3.5-mi from Interstate 78, providing convenient connectivity to the Garden State Parkway, Interstate 287, Newark Liberty International Airport, and the broader Northern New Jersey and New York metropolitan region. Situated just east of the heavily trafficked retail intersection of Route 28 (South Avenue) and Terrill Road, the Property is surrounded by a strong concentration of national and regional retailers, including Wawa, Wendy’s, Fine Fare Supermarkets, CVS Pharmacy, Dunkin’, McDonald’s, and other neighborhood-serving businesses that generate consistent consumer traffic throughout the corridor. Strong demographic fundamentals further enhance the location, with average household incomes exceeding $190,000 within the 1-mi, 3-mi, and 5-mi trade areas. The Property serves approximately 125,570 residents within 3-mi, expanding to more than ±298,000 residents within 5-mi, where the average household income exceeds $205,800, positioning the Property within one of Northern New Jersey’s most affluent and densely populated suburban trade areas.