Westfield Mixed-Use Investment
1030 South Ave, Westfield, NJ 07090
For Sale
$1,999,000
Mixed-use building with residential and commercial units in prime location.
Property Size9,122 SF
Price / SF$219.14
Days on Market222
Property Features for 1030 South Ave
General Information
Standard status
Size
Property subtype
Taxes and HOA fees
Annual Taxes
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
Listing Agency:
ELITE REALTORS OF NEW JERSEY
(973) 994-9009
Listed By:
PAMELA VANDENBERG-SMITH
Source:
Corcoran
Added: Apr 2
Changed: Aug 21
Last Checked: Aug 25 at 5:06AM
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
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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 / Yr
$120,410
Cap Rate
6.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,408,200
$2.4M
Cap Rate 7%
$1,720,143
$1.7M
Cap Rate 9%
$1,337,889
$1.3M
Market Conditions
NOI Build-Up for 9,122 SF
Gross rent
$218.9K $24.00/SF
− Vacancy
−$26.3K −$2.88/SF
EGI
$192.7K $21.12/SF
− OpEx
−$72.2K −$7.92/SF
NOI
$120.4K $13.20/SF
Area
Union County, NJ
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,408,200
Cap Rate 7%
$1,720,143
Cap Rate 9%
$1,337,889
Alternative Uses
Best Use
Mixed Use
$1.72M
$1.51M – $2.01M
NOI $120,410 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
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.
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Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
929
Businesses Nearby
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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
$930,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Mixed-use properties in Union County, NJ
Properties on Market for Mixed-use properties in Union County
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.
