Ground-Floor Storefront
For Sale
Contact for pricing
241 North Ave W, Westfield, NJ 07090
General-business zoning supports a retail-oriented storefront use on the ground floor.
Property Size23,100 SF
Price / SF$0.19
Days on Market67
Property Features for 241 North Ave W
General Information
Standard status
Active
Size
23,100 SF
Building Details
Year Built
1900
Listing Agency:
REALMART REALTY
Listed By:
JACK QIZHAN YAO · License #10491203908
(732) 727-2285
Source:
Luminancerealty
Added: Aug 10
Changed: Oct 10
Last Checked: Oct 15 at 4:46AM
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 REALMART REALTY
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Investment Insights
Based on property information with market context.
This ground-floor storefront property offers 1,200 rentable SF and 1,000 usable SF, with prominent retail-style signage and shared men’s and ladies’ restrooms that are handicap accessible. Universal Lacrosse has occupied the space for 15 years, and the premises are expected to be cleaned and ready for availability by October.
The property is near train and bus service, with approximately 16,000 cars passing daily. Customer parking is available at the adjacent train station and in a lot across the street, while employee parking is available behind the building through the town. General-business zoning applies to the ground floor. Gross lease terms include common charges, tenant gas and electric, garbage service, and HVAC maintenance, with flexible lease terms and an owner on site on the second floor.
The property is near train and bus service, with approximately 16,000 cars passing daily. Customer parking is available at the adjacent train station and in a lot across the street, while employee parking is available behind the building through the town. General-business zoning applies to the ground floor. Gross lease terms include common charges, tenant gas and electric, garbage service, and HVAC maintenance, with flexible lease terms and an owner on site on the second floor.
Key Highlights
- 1,200 rentable SF with 1,000 usable SF
- General‑business zoning for the ground floor
- Approximately 16,000 cars pass daily
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$329,713
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,594,260
$6.6M
Cap Rate 7%
$4,710,186
$4.7M
Cap Rate 9%
$3,663,478
$3.7M
Market Conditions
NOI Build-Up for 23,100 SF
Gross rent
$499.0K $21.60/SF
− Vacancy
−$27.9K −$1.21/SF
EGI
$471.0K $20.39/SF
− OpEx
−$141.3K −$6.12/SF
NOI
$329.7K $14.27/SF
Area
Union County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,594,260
Cap Rate 7%
$4,710,186
Cap Rate 9%
$3,663,478
Alternative Uses
Best Use
Retail
$4.71M
$4.12M – $5.50M
NOI $329,713 @ 7.0% cap · market cap 7,326.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.03M
$5.28M – $7.04M
NOI $422,231 @ 7.0% cap · market cap 9,382.91%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,705
Businesses Nearby
26k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 88%
Shops & Services 12%
Stop & Shop
Groceries
22,563 visits/mo
0.4 miles
Mavis Discount Tire
Shops & Services
3,001 visits/mo
0.5 miles
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
Similar Off Market Nearby
- Westfield Flowers & Gifts — 1020 South Ave W, Westfield, NJ 07090
- Westfield Florist — 722 s ave w, westfield, nj 07090
- Green Room — 605 South Ave W, Westfield, NJ 07090
- McEwen Flowers — 516 westfield ave, westfield, nj 07090
Frequently Asked Questions
What type of property is this?
Storefront property - General-business zoning supports a retail-oriented storefront use on the ground floor.
Where is this storefront property located?
The property is located at 241 North Ave W Westfield, NJ.
What are key features of this property?
This property features: 1,200 rentable SF with 1,000 usable SF; General‑business zoning for the ground floor; Approximately 16,000 cars pass daily
