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    Prospect St Westfield, NJ 07090

    For Sale
    $2,100,000

    Downtown Westfield retail/office building

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    307
    This exceptional 3,480 sq ft, two-story commercial building boasts a prime downtown Westfield location, directly across from the train station. The property features two separate suites with individual entrances, each offering ample natural light and customizable layouts. The first floor includes large windows, an open floor plan, private offices, a lab/workroom, storage, and a bathroom. The second floor comprises three large offices, two bathrooms, and beautiful hardwood floors. Two dedicated parking spaces are included, with additional street parking available. Separate utility metering for each floor ensures efficient cost management. The building is equipped with four furnaces and three central air conditioning units. The property offers versatile use potential, including retail, office, medical, dental, or fitness spaces. There's also the possibility of converting the second floor into two residential apartments (buyer to verify with the township). This presents a unique live/work opportunity or an excellent investment prospect in a highly desirable area. The asking price is $2,100,000, with annual real estate taxes of $24,706. This central Westfield location provides easy access for commuters and offers significant potential for various businesses. The property's high visibility and convenient location make it an attractive option for both local and out-of-town businesses.

    Property Features for Prospect St

    General Information

    Property type
    Other commercial real estate
    Lot Size
    3,485 SF

    Building Details

    Year Built
    1910
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Westfield
    County
    Union
    State
    New Jersey
    Longitude
    -74.34877
    Latitude
    40.6503

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    FAQs

    What type of property is this?
    Commercial real estate - Downtown Westfield retail/office building
    Where is this commercial real estate located?
    The property is located at Prospect St Westfield, NJ.
    What is the asking price?
    The asking price for this property is $2,100,000.
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    Prospect St Westfield, NJ 07090
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Prospect St Westfield, NJ 07090
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