Westfield Mixed-Use Investment
1030 South Ave, Westfield, NJ 07090
Mixed-use building with residential and commercial units in prime location.
Type:Commercial
Property size:
9,122 SFPrice / SF:
$274/SF- Added:
- Apr 2, 2026
- Days on Market:
- 62
- Last Refresh:
- Apr 2 at 8:10 pm
Property Features for 1030 South Ave
General Information
- Standard status
- Active
- Size
- 9,122 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2002
Listing agent PAMELA VANDENBERG-SMITH
Listing office ELITE REALTORS OF NEW JERSEY (973) 994-9009
Listing date Apr 2, 2026
Source Corcoran
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
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.
- Premium Features: Includes hardwood floors, modern open floor plans, gym, central AC, in‑unit laundry, handicap accessibility, elevator, and dedicated parking.
- Convenient Transportation: Bus to NYC stops in front of building; easy access to Garden State Parkway and Newark Airport.
- Owner Occupancy Opportunity: Unique chance for owner to occupy a unit in a high‑income‑generating property.
Overview
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $273.7k | $30.00 |
| − Vacancy | −$18.6k | −$2.04 |
| EGI | $255.1k | $27.96 |
| − OpEx | −$114.8k | −$12.58 |
| NOI | $140.3k | $15.38 |
9,122 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.00M
$1.75M – $2.34M
NOI $140,278 @ 7.0% cap · market cap 5.61%
Second Best
Retail
$1.86M
$1.63M – $2.17M
NOI $130,201 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$2.38M
$2.08M – $2.78M
NOI $166,736 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
BOC Partners
Advertising Agency
Law Office of Nadine ...
Law Firm
Location Insight
- Map
- Local Demand
- City
- Westfield
- County
- Union
- State
- New Jersey
- Longitude
- -74.3613505
- Latitude
- 40.6468932
Nearby Similar for Sale
FAQs
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 $2,500,000.
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.
