Mixed-Use Building with
For Sale
$649,000
511 W WESTFIELD AVE Unit 511, Roselle Park, NJ 07204
Ground-floor commercial space pairs with an upstairs apartment, private entry, parking, and full basement storage.
Property Size1,873 SF
Price / SF$346.50
Days on Market452
Property Features for 511 W WESTFIELD AVE Unit 511
General Information
Standard status
Active
Size
1,873 SF
Property subtype
General Commercial
Property Condition
Severity
Repairs Needed
Evidence
Needs TLC
Site & Location
Corner Location
Yes
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$6,671
Amenities
Central Air
3
Carpet
Flat
B-3
Parking. Corner Lot.
3 Parking Spaces. Off Street.
25X75, 25X75
Central Business District, Corner.
Building Details
Buildings
1
Listing Agency:
RE/MAX 1ST ADVANTAGE
(732) 827-5344
Listed By:
MAREK KRAJNIK · License #256762
Source:
Xome
Added: Jun 5, 2025
Changed: Aug 29
Last Checked: Aug 29 at 4:30PM
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 RE/MAX 1ST ADVANTAGE
Investment Insights
Based on property information with market context.
This mixed-use property contains a ground-floor storefront with an adjoining back room and an upper-level residential apartment. The apartment includes three bedrooms, a living room, an eat-in kitchen, and a full bathroom. Central air serves the building, while a full basement provides additional storage. The property requires renovation and includes private access.
Positioned at the corner of W Westfield Ave and Central Business District, the property offers 1,873 square feet on a 25X75, 25X75 lot. Three off-street parking spaces are provided. The B-3 designation, flat roof, and storefront configuration are existing physical and land-use characteristics of the asset.
Positioned at the corner of W Westfield Ave and Central Business District, the property offers 1,873 square feet on a 25X75, 25X75 lot. Three off-street parking spaces are provided. The B-3 designation, flat roof, and storefront configuration are existing physical and land-use characteristics of the asset.
Key Highlights
- 1,873‑square‑foot mixed‑use building with storefront and upstairs apartment
- Upper‑level apartment includes 3 bedrooms, living room, eat‑in kitchen, and full bath
- Full basement provides additional storage space
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
$26,734
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
4.12%
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%
$534,680
$534.7K
Cap Rate 7%
$381,914
$381.9K
Cap Rate 9%
$297,044
$297.0K
Market Conditions
NOI Build-Up for 1,873 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
$40.5K $21.60/SF
− Vacancy
−$2.3K −$1.21/SF
EGI
$38.2K $20.39/SF
− OpEx
−$11.5K −$6.12/SF
NOI
$26.7K $14.27/SF
Area
Union County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$534,680
Cap Rate 7%
$381,914
Cap Rate 9%
$297,044
Alternative Uses
Best Use
Retail
$381.9K
$334.2K – $445.6K
NOI $26,734 @ 7.0% cap · market cap 4.12%
Second Best
Mixed Use
$353.2K
$309.1K – $412.1K
NOI $24,724 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$489.1K
$427.9K – $570.6K
NOI $34,235 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
852
Businesses Nearby
70k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 83%
Dining 16%
Home Improvements & Furnishings 1%
Wawa
Shops & Services
41,086 visits/mo
0.3 miles
BP
Shops & Services
9,772 visits/mo
0.3 miles
Burger King
Dining
7,849 visits/mo
0.2 miles
7-Eleven
Shops & Services
7,349 visits/mo
0.2 miles
Frenchy's
Dining
3,083 visits/mo
0.1 miles
Demographics for 07204, NJ
13,984
Population
5,373
Households
2.6
Avg Household Size
39
Median Age
39%
College-Educated
91%
High-School Grad
1.2 sq mi
ZIP Area
11,653
Density / Sq Mi
$104,418
Median Household Income
$55,974
Median Earnings
$1,585
Median Rent
$405,800
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?
Mixed-use property - Ground-floor commercial space pairs with an upstairs apartment, private entry, parking, and full basement storage.
Where is this mixed-use property located?
The property is located at 511 W WESTFIELD AVE Unit 511 Roselle Park, NJ.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 1,873‑square‑foot mixed‑use building with storefront and upstairs apartment; Upper‑level apartment includes 3 bedrooms, living room, eat‑in kitchen, and full bath; Full basement provides additional storage space
