Prime South Apartments | New Construction Income & Upside
Prime South Apartments | Boutique New Construction with In-Place Income & Upside
Marketing description
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.
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.
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