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Cornell-Pingry Arms Portfolio - Availability Details
535 Park Avenue & 606 Crescent Avenue, Plainfield, NJ 07060
- For Sale Contact for pricing
- Property Type Other
- Property Size 129,808.8 Sqft
- Units 114
- Year Built 1961
- Date Updated Sep 27, 2021
- Website cornellpingryarmsportfolio.sharplaunch.com
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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- City Plainfield, NJ
- Neighborhood Van Wyck Brooks
- Zip Code 07060
- Market New Jersey
- 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.
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