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    Property profile & analytics

    220 Broad St Westfield, NJ 07090

    • Commercial real estate
    • 5,167 SF
    • 0.07 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-0032526
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Brosway Italia / Jewelry Store

    Property Details for 220 Broad St

    Year built
    1900
    Construction
    BRICK
    Lot size
    0.07 lot acres
    Property size
    5,167 SF
    Property type
    Commercial real estate
    APN
    20 03106-0000-00010
    APU
    2003106000000010

    Description

    This exceptional retail property, located at 220 Broad Street in the heart of a high-traffic downtown Union County area, offers two available commercial spaces ideal for a variety of businesses. The building boasts a total of 2,075 square feet, currently entirely vacant and ready for immediate occupancy. Each suite offers flexibility, with a minimum divisible space of 950 square feet and a maximum contiguous space of 1,125 square feet. The property features convenient rear alley parking, a significant advantage in a busy downtown setting. The building's prime location provides excellent street visibility, with a storefront frontage of 28.7 feet, ensuring high foot traffic and exposure for your business. This first-floor retail space presents a unique opportunity to establish or expand your presence in a thriving commercial district. The property is categorized as multi-tenant, offering potential for synergy with complementary businesses. The building's total of two suites allows for a manageable and efficient layout, perfect for smaller businesses or those seeking a more intimate commercial space. Don't miss this chance to secure a highly visible and accessible retail location in a desirable Union County area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,135,000
      6.5%
      $1,050,000
      7%
      $975,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $730,000
      Market price range: $364k - $1.02M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Westfield
    County
    Union
    State
    New Jersey
    Longitude
    -74.3477
    Latitude
    40.652
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $34,799
    $1,110,000
    $397,100
    $1,507,100
    -
    $1,110,000
    $397,100
    $1,507,100

    Comparable in this City

    • Value Estimation
      $500,000
      0.37 Acres

      339 Broad St

      COMMERCIAL (GENERAL) • 0.37 Acres
      339 Broad St, Westfield, NJ 07090-4193
      View Details
    • Value Estimation
      $2,640,000
      16,200 SF

      109 Nn W Ave

      COMMERCIAL (GENERAL) • 16,200 SF
      109 Nn W Ave, Westfield, NJ 07090-1421
      View Details
    • Value Estimation
      $1,430,000
      10,000 SF

      425 Nn E Ave

      COMMERCIAL (GENERAL) • 10,000 SF
      425 Nn E Ave, Westfield, NJ 07090-1537
      View Details
    • Value Estimation
      $930,000
      5,622 SF

      443 Nn W Ave

      COMMERCIAL (GENERAL) • 5,622 SF
      443 Nn W Ave, Westfield, NJ 07090-1433
      View Details
    • Value Estimation
      $760,000
      4,440 SF

      201 Ss E Ave

      COMMERCIAL (GENERAL) • 4,440 SF
      201 Ss E Ave, Westfield, NJ 07090-1456
      View Details
    • Value Estimation
      $995,000
      6,737 SF

      802 Ss W Ave

      COMMERCIAL (GENERAL) • 6,737 SF
      802 Ss W Ave, Westfield, NJ 07090-1784
      View Details

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      View Details
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    220 Broad St
    Westfield, NJ 07090
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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