Westfield Mixed-Use Investment
For Sale
$1,999,000
1030 South Ave, Westfield, NJ 07090
Mixed-use building with residential and commercial units in prime location.
Property Size9,122 SF
Price / SF$219.14
Days on Market130
Property Features for 1030 South Ave
General Information
Standard status
Active
Size
9,122 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$43,786
Amenities
Central air
Asphalt Shingle Roof
4+ Units Heating
Additional Parking
Assigned
Blacktop Driveway
Central Air Cooling
Forced Hot Air Heating
Level Lot
Parking Lot-Exclusive
Building Details
Year Built
2002
Listing Agency:
ELITE REALTORS OF NEW JERSEY
(973) 994-9009
Listed By:
PAMELA VANDENBERG-SMITH
Source:
Corcoran
Added: Apr 2
Changed: Aug 8
Last Checked: Aug 8 at 5:47AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ELITE REALTORS OF NEW JERSEY
Investment Insights
Based on property information with market context.
This well-maintained mixed-use building, located in a prime Westfield location, presents an investment opportunity. The property features two commercial storefront units, two 2-bedroom apartments, and a 3-bedroom penthouse apartment. All units are currently rented below market value. One commercial unit lease ends in February 2028, with all other leases up for renewal. The building includes premium features such as hardwood floors, modern open floor plans, a gym, central AC, in-unit laundry, handicap accessibility, an elevator, and dedicated parking. The property offers a total projected new monthly income potential of $21,831, translating to a Gross Operating Income (GOI) of $261,975 annually. Estimated expenses, including taxes, utilities, and insurance, are $75,314. The new projected Net Operating Income (NOI) is estimated at a minimum of $186,661 annually, resulting in a 7.47% Cap Rate. The building is located within walking distance to schools and NJ Transit shops. A bus to NYC stops in front of the building. The property is in close proximity to the downtown areas of Fanwood and Scotch Plains, with easy access to the Garden State Parkway and a 25-minute drive to Newark Liberty International Airport. This property also presents a unique opportunity for owner occupancy. The property size is 9,122 square feet.
Key Highlights
- High Income Potential: Projected Net Operating Income (NOI) of $186,661 annually, resulting in a 7.47% Cap Rate.
- Prime Westfield Location: Mixed‑use building in a desirable area, walking distance to schools, NJ Transit, and shops.
- Strong Rental Income: Combination of commercial and residential tenants with significant upside as all leases are up for renewal except one.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$140,278
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,805,560
$2.8M
Cap Rate 7%
$2,003,971
$2.0M
Cap Rate 9%
$1,558,644
$1.6M
Market Conditions
NOI Build-Up for 9,122 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$273.7K $30.00/SF
− Vacancy
−$18.6K −$2.04/SF
EGI
$255.1K $27.96/SF
− OpEx
−$114.8K −$12.58/SF
NOI
$140.3K $15.38/SF
Area
Union County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,805,560
Cap Rate 7%
$2,003,971
Cap Rate 9%
$1,558,644
Alternative Uses
Best Use
Apartment 5plus
$2.00M
$1.75M – $2.34M
NOI $140,278 @ 7.0% cap · market cap 7.02%
Second Best
Retail
$1.86M
$1.63M – $2.17M
NOI $130,201 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$2.38M
$2.08M – $2.78M
NOI $166,736 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
666
Businesses Nearby
Explore this area
Business Placement
Demographics for 07090, NJ
31,056
Population
11,093
Households
2.8
Avg Household Size
41
Median Age
77%
College-Educated
98%
High-School Grad
6.7 sq mi
ZIP Area
4,635
Density / Sq Mi
$212,700
Median Household Income
$106,123
Median Earnings
$2,211
Median Rent
$930,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with residential and commercial units in prime location.
Where is this mixed-use property located?
The property is located at 1030 South Ave Westfield, NJ.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: High Income Potential: Projected Net Operating Income (NOI) of $186,661 annually, resulting in a 7.47% Cap Rate.; Prime Westfield Location: Mixed‑use building in a desirable area, walking distance to schools, NJ Transit, and shops.; Strong Rental Income: Combination of commercial and residential tenants with significant upside as all leases are up for renewal except one.
