Renovated Mixed-Use
For Sale
$900,000
348 SOUTH AVE EAST, Westfield, NJ 07090
Renovated mixed-use building with a salon on the first floor and a two-bedroom apartment above.
Property Size2,000 SF
Price / SF$450
Days on Market443
Property Features for 348 SOUTH AVE EAST
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
7
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$10,983
Amenities
washer/dryer in unit
separate central air conditioning
forced hot air heat
Central Air
3
Asphalt Shingle
4A
Parking.
7 Parking Spaces. Off Street, On Street, Lot.
Level
.114 AC
Central Business District, Level.
Building Details
Year Built
1989
Listing Agency:
ERA SUBURB REALTY
(908) 322-4434
Listed By:
GEORGE HANSEN
Source:
Xome
Added: May 24, 2025
Changed: Aug 8
Last Checked: Aug 8 at 3:50AM
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 ERA SUBURB REALTY
Investment Insights
Based on property information with market context.
This renovated mixed-use property includes a high-end salon tenant on the first floor and a two-bedroom, 1½-bath apartment on the floor above. The apartment is equipped with an in-unit washer and dryer. Both units have separate central air and forced hot air heat, along with separate entrances and utilities. Exterior improvements include vinyl siding and an asphalt shingle roof.
The property is located just blocks from the train station and is described as highly visible in a high-traffic area. It also offers seven off-street parking spaces.
The building is presented as a flexible-use asset with multiple practical operating options, including owner-occupancy and investment ownership. The seller indicates the property was completely renovated about five years ago.
The property is located just blocks from the train station and is described as highly visible in a high-traffic area. It also offers seven off-street parking spaces.
The building is presented as a flexible-use asset with multiple practical operating options, including owner-occupancy and investment ownership. The seller indicates the property was completely renovated about five years ago.
Key Highlights
- Renovated mixed‑use building (1989) with a salon on the first floor and a 2‑bedroom, 1‑1/2‑bath apartment above
- Separate utilities and separate entrances for the salon and the apartment
- Both units have separate climate control with central A/C and forced hot air heat
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
$30,756
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
3.42%
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%
$615,120
$615.1K
Cap Rate 7%
$439,371
$439.4K
Cap Rate 9%
$341,733
$341.7K
Market Conditions
NOI Build-Up for 2,000 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
$60.0K $30.00/SF
− Vacancy
−$4.1K −$2.04/SF
EGI
$55.9K $27.96/SF
− OpEx
−$25.2K −$12.58/SF
NOI
$30.8K $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%
$615,120
Cap Rate 7%
$439,371
Cap Rate 9%
$341,733
Alternative Uses
Best Use
Apartment 5plus
$439.4K
$384.5K – $512.6K
NOI $30,756 @ 7.0% cap · market cap 3.42%
Second Best
Mixed Use
$377.1K
$330.0K – $440.0K
NOI $26,400 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$522.2K
$457.0K – $609.3K
NOI $36,557 @ 7.0% cap · market cap 4.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,396
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 - Renovated mixed-use building with a salon on the first floor and a two-bedroom apartment above.
Where is this mixed-use property located?
The property is located at 348 SOUTH AVE EAST Westfield, NJ.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Renovated mixed‑use building (1989) with a salon on the first floor and a 2‑bedroom, 1‑1/2‑bath apartment above; Separate utilities and separate entrances for the salon and the apartment; Both units have separate climate control with central A/C and forced hot air heat
