Office Unit with Shared
For Sale
Contact for pricing
501 Lenox Ave Fl 2nd, Westfield, NJ 07090
Second-floor office space includes access to shared guest reception and a bathroom.
Property Size180 SF
Price / SF$5
Days on Market12
Property Features for 501 Lenox Ave Fl 2nd
General Information
Standard status
Active
Size
180 SF
Property subtype
Commercial
Space & Availability
Floor
2
Condition
Move-in Ready
Additional Details
Utilities to Site
Yes
Property Use
Office
Building Details
Tenancy
Multi
Listing Agency:
REALMART REALTY
Listed By:
JACK QIZHAN YAO 888-362-6543 · License #10491203908
(888) 362-6543
Source:
Brentsellsnj
Added: Oct 22
Changed: Nov 1
Last Checked: Nov 1 at 5:51AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
A 12 x 15 office unit occupies the second floor of a building at 501 Lenox Ave in Westfield Town. The space has new carpeting and a fresh coat of paint, with shared reception and bathroom facilities. Off-street parking is available.
Heat, air conditioning, water, electricity, and regular garbage service are included with the space.
Heat, air conditioning, water, electricity, and regular garbage service are included with the space.
Key Highlights
- 12 x 15 office on the second floor
- Shared reception area and bathroom
- Off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$2,754
Suggested Prices Based on Cap Rates
Cap Rate 5%
$55,080
$55.1K
Cap Rate 7%
$39,343
$39.3K
Cap Rate 9%
$30,600
$30.6K
Market Conditions
NOI Build-Up for 180 SF
Gross rent
$5.4K $30.00/SF
− Vacancy
−$1.7K −$9.60/SF
EGI
$3.7K $20.40/SF
− OpEx
−$918 −$5.10/SF
NOI
$2.8K $15.30/SF
Area
Union County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$55,080
Cap Rate 7%
$39,343
Cap Rate 9%
$30,600
Alternative Uses
Best Use
Office B
$39.3K
$34.4K – $45.9K
NOI $2,754 @ 7.0% cap · market cap 306.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$47.0K
$41.1K – $54.8K
NOI $3,290 @ 7.0% cap · market cap 365.56%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,715
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
Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - Second-floor office space includes access to shared guest reception and a bathroom.
Where is this office unit located?
The property is located at 501 Lenox Ave Fl 2nd Westfield, NJ.
What are key features of this property?
This property features: 12 x 15 office on the second floor; Shared reception area and bathroom; Off‑street parking
