Multifamily
Prime South Apartments - 1369 South Ave
1369-1403 South Ave, Plainfield, NJ 07062
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is pleased to present Prime South Apartments, a newly constructed boutique multifamily property located at 1369 South Avenue in Plainfield, New Jersey. Completed in 2023, the property consists of 20 residential apartment units and one ground-floor retail space, offering investors a combination of stabilized income and identifiable value-add potential.
The residential units feature oversized floor plans, modern finishes, private balconies, and in-unit laundry. The property is located approximately 0.5 miles from Netherwood Station, providing direct NJ Transit access to Newark and Manhattan, while also benefiting from immediate access to major roadways serving Central and Northern New Jersey.
Prime South remains owned by the original developer, whose focus was on lease-up and stabilization rather than rent maximization. As a result, in-place rents and ancillary income opportunities remain below market levels. With limited new supply, strong transit access, and nearby retail and employment drivers, Prime South Apartments represents an opportunity to acquire a modern, well-located asset with durable cash flow and long-term growth potential.
Prime South Apartments - 1369 South Ave
Investment Highlights
- New Construction Boutique Multifamily Asset (2023) 20 residential units with one ground-floor retail space, offering modern construction, efficient layouts, and minimal near-term capital requirements.
- Stabilized Asset with In-Place Income and Upside Property has achieved stabilization under original developer ownership, providing steady cash flow with clear opportunity for income growth.
- Below-Market Rents Relative to Nearby New Construction Original lease-up strategy prioritized occupancy over rent maximization, creating organic upside through turnover and professional management.
- Oversized, High-Quality Unit Mix Large one- and two-bedroom apartments ranging from approximately 830 to 1,060 SF with private balconies, in-unit laundry, and contemporary finishes.
- Ground-Floor Retail Income Opportunity Street-level retail space remains underutilized, offering incremental NOI potential through lease-up at market rates.
- Transit-Oriented Location with Regional Connectivity Approximately 0.5 miles to Netherwood Station with direct NJ Transit service to Newark and Manhattan, plus convenient access to Route 22, I-78, and the Garden State Parkway.
- Proximity to National Retail and Daily Needs Located near major shopping corridors with national retailers including Target, Home Depot, Walmart, ShopRite, and other service-oriented amenities.
- Limited New Supply in Union County Submarket Scarcity of new multifamily development in the immediate area supports rent durability and long-term value appreciation.
Exclusively Listed By
Financing By
Listing Price: Request For Offer
Investment Highlights
- New Construction Boutique Multifamily Asset (2023) 20 residential units with one ground-floor retail space, offering modern construction, efficient layouts, and minimal near-term capital requirements.
- Stabilized Asset with In-Place Income and Upside Property has achieved stabilization under original developer ownership, providing steady cash flow with clear opportunity for income growth.
- Below-Market Rents Relative to Nearby New Construction Original lease-up strategy prioritized occupancy over rent maximization, creating organic upside through turnover and professional management.
- Oversized, High-Quality Unit Mix Large one- and two-bedroom apartments ranging from approximately 830 to 1,060 SF with private balconies, in-unit laundry, and contemporary finishes.
- Ground-Floor Retail Income Opportunity Street-level retail space remains underutilized, offering incremental NOI potential through lease-up at market rates.
- Transit-Oriented Location with Regional Connectivity Approximately 0.5 miles to Netherwood Station with direct NJ Transit service to Newark and Manhattan, plus convenient access to Route 22, I-78, and the Garden State Parkway.
- Proximity to National Retail and Daily Needs Located near major shopping corridors with national retailers including Target, Home Depot, Walmart, ShopRite, and other service-oriented amenities.
- Limited New Supply in Union County Submarket Scarcity of new multifamily development in the immediate area supports rent durability and long-term value appreciation.
Investment Overview
Marcus & Millichap is pleased to present Prime South Apartments, a newly constructed boutique multifamily property located at 1369 South Avenue in Plainfield, New Jersey. Completed in 2023, the property consists of 20 residential apartment units and one ground-floor retail space, offering investors a combination of stabilized income and identifiable value-add potential. The residential units feature oversized floor plans, modern finishes, private balconies, and in-unit laundry. The property is located approximately 0.5 miles from Netherwood Station, providing direct NJ Transit access to Newark and Manhattan, while also benefiting from immediate access to major roadways serving Central and Northern New Jersey. Prime South remains owned by the original developer, whose focus was on lease-up and stabilization rather than rent maximization. As a result, in-place rents and ancillary income opportunities remain below market levels. With limited new supply, strong transit access, and nearby retail and employment drivers, Prime South Apartments represents an opportunity to acquire a modern, well-located asset with durable cash flow and long-term growth potential.
Exclusively Listed By
Financing By
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