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Cornell-Pingry Arms Portfolio - Availability Details

535 Park Avenue & 606 Crescent Avenue, Plainfield, NJ 07060

Gebroe-Hammer Associates is pleased to present the Cornell-Pingry Arms Multifamily Portfolio, a set of midrise properties located along the same roadway extension in the heart of Plainfield, N.J., one of the state's highest-population-density corridors undergoing a renaissance. Strategically situated within the municipality's most in-demand tree-lined neighborhood just a two-minute walk to Plainfield Station, the two-building portfolio is comprised of 114 apartment-home units with floorplans that exceed the competing housing stock average. Boasting a historically stabilized occupancy rate, both Cornell Arms and Pingry Arms are individually and collectively well-poised for value-add investment to yield considerable rent and property appreciation over the short- and long-term.  

 

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Location

  • City Plainfield, NJ
  • Neighborhood Van Wyck Brooks
  • Zip Code 07060
  • Market New Jersey

Contacts

broker

Steve Tragash

Gebroe-Hammer Associates

(630) 843-1662

Highlights

  • Well-maintained apartment properties with excellent curb appeal favored by todays workforce-housing & professional-level tenant base
  • Renter population of 54.9% in a tight market where 49.63% of the housing stock is comprised of small-to-large apartment complexes, thus creating a supply-demand gap
  • Pedestrian friendly walking grid connecting to retailers and nearby lifestyle service providers
  • Opportunity to realize significant property repositioning with modest capital improvements to kitchens and baths at turnover and community spaces
  • Potential to capture additional rent premiums based on nearby similarly repositioned multifamily communities
  • Rent-control-free market

Frequently Asked Questions

What year was Cornell-Pingry Arms Portfolio built and finished?

Cornell-Pingry Arms Portfolio was completed in 1961.

Contact Listing Broker

broker

Steve Tragash

Gebroe-Hammer Associates

(630) 843-1662

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