Freestanding Bank Building with
For Sale
$850,000
349 JOHN ST Unit 1, Westfield, NJ 07029
Corner-positioned commercial property with a former banking layout and customer vehicle access.
Property Size1,701 SF
Price / SF$499.71
Days on Market185
Property Features for 349 JOHN ST Unit 1
General Information
Standard status
Active
Size
1,701 SF
Property subtype
General Commercial
Site & Location
Corner Location
Yes
Drive-Thru
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$15,133
Amenities
3
Asphalt Shingle
commercial
46X97, 46X97
Building Details
Year Built
1974
Buildings
1
Listing Agency:
ROSA AGENCY
(908) 432-1100
Listed By:
MICHAEL ROSA
(908) 432-1100
Source:
Xome
Added: Feb 27
Changed: Aug 30
Last Checked: Aug 30 at 8:39PM
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 ROSA AGENCY
Investment Insights
Based on property information with market context.
This freestanding bank building contains 1,701 square feet and was constructed in 1974. The property includes an existing drive-through, a corner configuration measuring approximately 46 x 97, and an interior layout associated with its former banking use. Asphalt-shingle construction is noted, with on-site parking potential and convenient ingress and egress.
The property is located at 349 John St Unit 1 in Westfield, New Jersey, within a commercial corridor surrounded by established businesses and dense residential neighborhoods. Public transportation is also present in the surrounding area. An approved 1,000-unit apartment complex is located nearby, adding a significant residential component to the surrounding context.
The property is located at 349 John St Unit 1 in Westfield, New Jersey, within a commercial corridor surrounded by established businesses and dense residential neighborhoods. Public transportation is also present in the surrounding area. An approved 1,000-unit apartment complex is located nearby, adding a significant residential component to the surrounding context.
Key Highlights
- 1,701‑square‑foot freestanding commercial building
- Existing drive‑through from former bank use
- Corner lot measuring approximately 46 x 97
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
$26,013
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
3.06%
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%
$520,260
$520.3K
Cap Rate 7%
$371,614
$371.6K
Cap Rate 9%
$289,033
$289.0K
Market Conditions
NOI Build-Up for 1,701 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
$36.7K $21.60/SF
− Vacancy
−$2.1K −$1.21/SF
EGI
$34.7K $20.39/SF
− OpEx
−$8.7K −$5.10/SF
NOI
$26.0K $15.29/SF
Area
Union County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$520,260
Cap Rate 7%
$371,614
Cap Rate 9%
$289,033
Alternative Uses
Best Use
Specialty Retail
$371.6K
$325.2K – $433.6K
NOI $26,013 @ 7.0% cap · market cap 3.06%
Second Best
Retail
$346.8K
$303.5K – $404.7K
NOI $24,279 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$444.2K
$388.7K – $518.2K
NOI $31,092 @ 7.0% cap · market cap 3.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 07029, NJ
22,044
Population
10,485
Households
2.1
Avg Household Size
33
Median Age
47%
College-Educated
87%
High-School Grad
1.3 sq mi
ZIP Area
16,957
Density / Sq Mi
$80,495
Median Household Income
$52,097
Median Earnings
$2,036
Median Rent
$433,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Corner-positioned commercial property with a former banking layout and customer vehicle access.
Where is this bank located?
The property is located at 349 JOHN ST Unit 1 Westfield, NJ.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 1,701‑square‑foot freestanding commercial building; Existing drive‑through from former bank use; Corner lot measuring approximately 46 x 97
