Add Listing
    For Lease
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    31 Elm St 31C Westfield, NJ 7090

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $2,500 /Mo

    Bright 2BR apartment with office, parking, near train.

    Type:Multi Family
    Lot size:
    0.29 Acres
    Added:
    Mar 31, 2026
    Days on Market:
    31
    Last Refresh:
    Mar 26 at 4:14 am

    Property Features for 31 Elm St 31C

    General Information

    Standard status
    Active
    Lot size
    0.29 Acres
    Property subtype
    Multi Family

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    EILEEN WARD-CONWAY

    Listing agent EILEEN WARD-CONWAY

    Listing office

    Listing date Mar 31, 2026

    Source Elliman

    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 EILEEN WARD-CONWAY

    Overview

    Westfield Apartment with Included Parking

    This bright apartment located in the heart of Westfield features two bedrooms, an office or den, and one bathroom. A washer and dryer are located within the apartment. One parking space behind the property is included in the rent. The property is located within walking distance of the train, shops, and dining.
    Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Westfield
    County
    Union
    State
    New Jersey
    Longitude
    -74.348125
    Latitude
    40.6506782

    Nearby Similar for Lease

    • $40 SF/Yr

      Upscale Downtown Retail Space Available

      Prime retail location in upscale downtown Westfield, New Jersey.
      Westfield, NJ 07090
      View Details
    • $3,000/Mo

      Premium Westfield Office Suite

      Move-in ready office near transportation and amenities in Westfield, NJ.
      241 North Ave W, Westfield Town, NJ 07090
      View Details
    • $925/Mo

      767 Central

      Private 144 sq. ft. office available for sublet.
      767 Central Ave, Unit Unit 1, Westfield, NJ 07090
      View Details
    • $3,500/Mo

      Downtown Westfield Office Space Available

      Approximately 1,000 SF office space for rent in Westfield.
      220 Lenox Ave, Westfield, NJ 07090-5101
      View Details
    • $3,500/Mo

      Downtown Westfield Office Space Available

      Top floor office unit in downtown Westfield for rent.
      220 Lenox Ave, Westfield Town, NJ 07090
      View Details
    • $895/Mo

      Professional Office Space For Rent

      Professional office space available on Westfield's Doctors Row.
      131 S Euclid Ave, Westfield Town, NJ 07090
      View Details
    • $800/Mo

      Professional Office Space For Rent

      Desirable office space near train station and downtown core.
      134 S Euclid Ave, Westfield Town, NJ 07090
      View Details
    • $30 SF/Yr

      Medical Office Space For Rent

      2,200 SF medical office with examination rooms and parking.
      590 Westfield Ave, Westfield Town, NJ 07090
      View Details
    • $900/Mo

      Well-Appointed Office Suite For Rent

      Office suite with natural light, restroom, and shared amenities.
      512 E Broad St,1st Fl rear, Westfield Town, NJ 07090
      View Details
    • $35 SF/Yr

      Medical/Professional Space on Doctor's Row

      Corner location with private offices and ample parking.
      577 Westfield Ave, Westfield Town, NJ 07090
      View Details
    • $1,795/Mo

      Immaculate Office Suite For Rent

      Three-room office suite with hardwood floors and included utilities.
      900 South Ave, Westfield Town, NJ 07090
      View Details
    • $1,900/Mo

      Spacious Office Near NYC Transportation

      Office space with open area, conference rooms, and private restroom.
      940 W SOUTH AVE, Westfield Town, NJ 07090
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Bright 2BR apartment with office, parking, near train.
    Where is this multifamily property located?
    The property is located at 31 Elm St 31C Westfield, NJ.
    What is the lease rate?
    The lease rate is $2,500 /Mo.
    What are key features of this property?
    This property features: Included parking space behind the property; Enjoy the convenience of an in‑unit washer and dryer; Prime location in the heart of Westfield
    We can help!
    Listing Contact
    EILEEN WARD-CONWAY
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!