Mixed-Use Building with Two
For Sale
$1,099,000
228 SAINT PAUL ST Unit 1, Westfield, NJ 07090
Freestanding property combines an occupied dental practice with a two-bedroom apartment.
Property Size3,000 SF
Price / SF$366.33
Days on Market182
Property Features for 228 SAINT PAUL ST Unit 1
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Mixed Use
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$17,190
Amenities
Central Air
Vinyl, Carpet
3
Asphalt Shingle
P1
Parking.
1 Car, Off Street, Lot.
Level
60X171, 60X171
Handicapped Access, Freestanding. Level.
Listing Agency:
COLDWELL BANKER REALTY
(908) 233-5555
Listed By:
JOHN CLARK WILEY
Source:
Xome
Added: Mar 2
Changed: Aug 29
Last Checked: Aug 30 at 1:06PM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
Located at 228 Saint Paul Street in Westfield, this 3,000-square-foot freestanding mixed-use property contains two distinct units. The first floor is occupied by a dental practice, while the second floor provides a two-bedroom apartment with an open arrangement connecting the kitchen, living room, and dining area. Central air, handicapped access, a level site, and an asphalt-shingle roof are among the property features.
A rear parking lot provides off-street parking, and the property is positioned near downtown Westfield with access to nearby eateries and major transportation routes. The lot measures 60X171, offering a straightforward configuration for the existing professional and residential uses.
A rear parking lot provides off-street parking, and the property is positioned near downtown Westfield with access to nearby eateries and major transportation routes. The lot measures 60X171, offering a straightforward configuration for the existing professional and residential uses.
Key Highlights
- 3,000‑square‑foot mixed‑use building with two units
- First floor occupied by a dental practice
- Second‑floor two‑bedroom apartment with open kitchen, living room, and dining area
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
$46,134
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
4.20%
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%
$922,680
$922.7K
Cap Rate 7%
$659,057
$659.1K
Cap Rate 9%
$512,600
$512.6K
Market Conditions
NOI Build-Up for 3,000 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
$90.0K $30.00/SF
− Vacancy
−$6.1K −$2.04/SF
EGI
$83.9K $27.96/SF
− OpEx
−$37.7K −$12.58/SF
NOI
$46.1K $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%
$922,680
Cap Rate 7%
$659,057
Cap Rate 9%
$512,600
Alternative Uses
Best Use
Apartment 5plus
$659.1K
$576.7K – $768.9K
NOI $46,134 @ 7.0% cap · market cap 4.20%
Second Best
Healthcare Medical
$638.1K
$558.4K – $744.5K
NOI $44,669 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$783.4K
$685.4K – $913.9K
NOI $54,835 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,831
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Freestanding property combines an occupied dental practice with a two-bedroom apartment.
Where is this mixed-use property located?
The property is located at 228 SAINT PAUL ST Unit 1 Westfield, NJ.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: 3,000‑square‑foot mixed‑use building with two units; First floor occupied by a dental practice; Second‑floor two‑bedroom apartment with open kitchen, living room, and dining area
