Netherwood Flats 829 South Ave 73 Unit Apartment Building For Sale Plainfield, NJ 07062

THE INVESTMENT: Netherwood Flats is a rare-to-market, 73-unit, transit- oriented multifamily investment property situated in the highly sought after Netherwood Section of Plainfield, NJ.
100% MARKET RATE UNIT-MIX: Netherwood Flats has an ideal composition of 100% market rate apartments averaging 1,027 SF including 31 one-bedroom and 39 two-bedroom two-bathroom layouts along with three leased ground-floor commercial spaces.
ASSET QUALITY: Netherwood Flats was built to own - superior finishes, community amenities, and predominantly two-bedroom units will allow an investor to capture maximum rental upside without capital expenditure.
MAXIMIZING REVENUE: Future ownership has the opportunity to implement reimbursement programs for water and sewer, storage lockers, as well as an amenity fee – offering substantial upside which can be achieved in year one.
AMENITY PACKAGE: Full suite of indoor & outdoor amenities including a resident lobby lounge, private outdoor terrace with grill stations and fire pits, fitness center, mailroom, covered garage parking. Units feature stainless steel appliances, central heating and AC, in-unit washer/dryers, and hardwood floors.
LONG-TERM TAX VALUE: Netherwood Flats has a 30-year tax PILOT at 10% of EGI and is exempt from land taxes, significantly enhancing cash flow while eliminating negative tax exposure.
TRANSPORTATION AND EMPLOYMENT HUB: Ideal location steps from the Plainfield Netherwood Train Station with to the region’s major employment centers by train or car in New York City, Newark, and Jersey City.
STRATEGIC LOCATION: The “Queen City” offers an array of historical attractions, relaxing parks, fine dining, educational facilities; all benefiting from a prime location proximate to mass transit and the city’s walkable downtown and bordering Scotch Plains.