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Prime South Apartments 1369-1403 South Ave 21 Unit Apartment Building $8,665,000 ($412,619/Unit) Plainfield, NJ 07062
Investment Highlights
- New Construction Boutique Multifamily (2023) 20 residential units plus 1 retail space; modern layouts, efficient design, min. near-term capital needs.
- Below-Market Rents vs Nearby New Construction Lease-up prioritized occupancy; turnover and professional management create built-in upside.
- Ground-Floor Retail NOI Potential Street-level retail offers incremental income through lease-up at market rents.
- Stabilized Asset with In-Place Income & Upside Fully leased under original ownership; steady cash flow with clear organic rent growth potential.
- Large, High-Quality Unit Mix 830–1,060 SF one- and two-bedrooms with private balconies, in-unit laundry, and contemporary finishes.
- Walk-to-Train, Commuter Location 0.5 miles to Netherwood Station (NJ Transit to Newark & NYC); access to Route 22, I-78, GSP.
Executive Summary
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.
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.
Property Facts
| Price | $8,665,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $412,619 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.43 AC |
| Gross Rent Multiplier | 21 | Building Size | 23,351 SF |
| No. Units | 21 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 2023 |
| Property Subtype | Apartment | Parking Ratio | 1.11/1,000 SF |
| Zoning | NC - NC | ||
| Price | $8,665,000 |
| Price Per Unit | $412,619 |
| Sale Type | Investment |
| Gross Rent Multiplier | 21 |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.43 AC |
| Building Size | 23,351 SF |
| No. Stories | 5 |
| Year Built | 2023 |
| Parking Ratio | 1.11/1,000 SF |
| Zoning | NC - NC |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Disposal
- Storage Space
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Patio
- Smoke Free
Site Amenities
- 24 Hour Access
- Fitness Center
- Disposal Chutes
- Bicycle Storage
- Elevator
- Public Transportation
- Key Fob Entry
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 840 |
| 2+2 | 16 | - | 1,020 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
50/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 12-00624-0000-00012 | Improvements Assessment | $0 |
| Land Assessment | $140,300 | Total Assessment | $140,300 |
Property Taxes
Parcel Number
12-00624-0000-00012
Land Assessment
$140,300
Improvements Assessment
$0
Total Assessment
$140,300
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Prime South Apartments | 1369-1403 South Ave
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