Renovated Mixed-Use Property Near
For Sale
$900,000
348 South Ave East, Westfield, NJ 07090
Renovated mixed-use property with high-end salon and apartment near train.
Property Size2,000 SF
Lot Size0.11 Acres
Price / SF$450
Days on Market246
Property Features for 348 South Ave East
General Information
Standard status
Active
Size
2,000 SF
Lot size
0.11 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,983
Amenities
Central air
Asphalt Shingle Roof
2 Units Cooling
2 Units Heating
Blacktop Driveway
Central Air Cooling
Forced Hot Air Heating
Level Lot
Off-Street Parking
On-Street Parking
Parking Lot-Exclusive
Building Details
Year Built
1989
Listing Agency:
ERA SUBURB REALTY
(908) 322-4434
Listed By:
GEORGE HANSEN
Source:
Corcoran
Added: Dec 13, 2025
Changed: Aug 16
Last Checked: Aug 16 at 6:14AM
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 is located just blocks from the train station. The first floor unit is a high-end salon. Above the salon is a two-bedroom, one-and-a-half bath apartment with a washer and dryer in the unit. Both units have separate central air and forced hot air heat. The property was completely renovated five years ago and features separate entrances and utilities, vinyl siding, and an asphalt shingle roof. There are seven off-street parking spaces. The property is highly visible and located in a high-traffic area. The property size is 2000 square feet. This property has many potential uses, including owner occupancy or portfolio building. It presents a great investment opportunity.
Key Highlights
- High traffic location near the train station.
- Renovated mixed‑use property with a high‑end salon and a 2‑bedroom apartment.
- Separate entrances and utilities for each unit.
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
$26,400
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
2.93%
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%
$528,000
$528.0K
Cap Rate 7%
$377,143
$377.1K
Cap Rate 9%
$293,333
$293.3K
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
$48.0K $24.00/SF
− Vacancy
−$5.8K −$2.88/SF
EGI
$42.2K $21.12/SF
− OpEx
−$15.8K −$7.92/SF
NOI
$26.4K $13.20/SF
Area
Union County, NJ
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$528,000
Cap Rate 7%
$377,143
Cap Rate 9%
$293,333
Alternative Uses
Best Use
Mixed Use
$377.1K
$330.0K – $440.0K
NOI $26,400 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
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
Property Profile
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 property with high-end salon and apartment near train.
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: High traffic location near the train station.; Renovated mixed‑use property with a high‑end salon and a 2‑bedroom apartment.; Separate entrances and utilities for each unit.
