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Netherwood Flats 829 South Ave 70 Unit Apartment Building For Sale Plainfield, NJ 07062
Investment Highlights
- Netherwood Flats is a rare-to-market, 73-unit, transit oriented, multifamily investment property situated in highly sought-after Netherwood Section
- Built to own—superior finishes, community amenities, and predominantly two-bedroom units will allow an investor to capture maximum upside.
- It has an ideal composition of 100% market-rate apartments, averaging 1,027 SF, including 31 one-bedroom and 39 two-bedroom two-bathroom units.
- Future ownership has the opportunity to implement reimbursement programs for water and sewer, storage lockers, as well as an amenity fee.
Executive Summary
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 that can be achieved in year one.
AMENITY PACKAGE: Full suite of indoor and outdoor amenities, including a resident lobby lounge, private outdoor terrace with grill stations and fire pits, fitness center, mailroom, and covered garage parking. Units feature stainless steel appliances, central heating and AC, in-unit washer/dryers, and hardwood floors.
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 that can be achieved in year one.
AMENITY PACKAGE: Full suite of indoor and outdoor amenities, including a resident lobby lounge, private outdoor terrace with grill stations and fire pits, fitness center, mailroom, and covered garage parking. Units feature stainless steel appliances, central heating and AC, in-unit washer/dryers, and hardwood floors.
Property Facts
| Sale Type | Investment | Lot Size | 1.06 AC |
| No. Units | 70 | Building Size | 80,000 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 4 |
| Apartment Style | Mid-Rise | Year Built | 2023 |
| Building Class | B | Opportunity Zone |
Yes
|
| Zoning | TSC - Trainside Commercial Zone | ||
| Sale Type | Investment |
| No. Units | 70 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 1.06 AC |
| Building Size | 80,000 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 2023 |
| Opportunity Zone |
Yes |
| Zoning | TSC - Trainside Commercial Zone |
Amenities
Unit Amenities
- Dishwasher
- Disposal
- Washer/Dryer
- Oven
- Stainless Steel Appliances
Site Amenities
- 24 Hour Access
- Courtyard
- Fitness Center
- Tenant Controlled HVAC
- Gas Range
- Lounge
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 31 | - | 624 - 936 |
| 2+2 | 39 | - | 1,116 - 1,321 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Good public transit
60/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 12-00645-0000-00014 | Improvements Assessment | $4,897,200 |
| Land Assessment | $102,800 | Total Assessment | $5,000,000 |
Property Taxes
Parcel Number
12-00645-0000-00014
Land Assessment
$102,800
Improvements Assessment
$4,897,200
Total Assessment
$5,000,000
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Netherwood Flats | 829 South Ave
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