Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1066 Westfield Ave Rahway, NJ 07065-2041
    Property profile & analytics

    1066 Westfield Ave Rahway, NJ 07065-2041

    View on Map
    • Gas stations
    • 0.11 lot acres
    Off-Market
    Last Sale Oct 3, 2022
    $400,000
    Property ID
    US59-1388922
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Gas stations

    Property Details for 1066 Westfield Ave

    Year built
    1930
    Construction
    CONCRETE BLOCKS
    Lot size
    0.11 lot acres
    Property type
    Gas stations
    APN
    13 00187-0000-00001
    APU
    1300187000000001

    Description

    This exceptional commercial property, located at 1066 Westfield Avenue in Rahway City, New Jersey, presents a unique investment opportunity. The 990-square-foot building sits on a 0.1-acre lot and is ideally situated near the intersection of Westfield Avenue and Broadway/Madison Avenue, ensuring high visibility and accessibility. Currently configured as a tire shop, the property boasts a recent top-to-bottom renovation, including a new roof, doors, and windows, updated electrical systems with LED lighting, and a new office with a half-bath. The interior features two heated and air-conditioned bays, providing ample workspace. Extensive parking is available, accommodating ten or more vehicles in the front and additional space at the rear. The property's strategic location within a high-traffic area guarantees consistent customer flow and substantial revenue potential. The asking price of $850,000 includes the real estate. This is a turnkey operation ready for immediate occupancy or further development. The property's zip code is 07065-2041, and it is located in Union County, New Jersey. This is an excellent opportunity to acquire a well-maintained, high-traffic commercial property in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Rahway
    County
    Union
    State
    New Jersey
    Longitude
    -74.2914
    Latitude
    40.6159
    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
    2022
    $7,680
    $74,500
    $32,900
    $107,400
    -
    $74,500
    $32,900
    $107,400

    Comparable in this City

    • Value Estimation by Request
      0.28 Acres

      1399 Lawrence St

      GAS STATION • 0.28 Acres
      1399 Lawrence St, Rahway, NJ 07065
      View Details
    • Value Estimation
      $500,000
      1,896 SF

      125 Saint Georges Ave

      SERVICE STATION (FULL SERVICE) • 1,896 SF
      125 Saint Georges Ave, Rahway, NJ 07065-2823
      View Details
    • Value Estimation by Request
      1,740 SF

      367 Saint Georges Ave

      GAS STATION • 1,740 SF
      367 Saint Georges Ave, Rahway, NJ 07065-2827
      View Details
    • Value Estimation by Request
      0.16 Acres

      St Georges Ave

      PARKING LOT • 0.16 Acres
      St Georges Ave, Rahway, NJ 07065
      View Details
    • Value Estimation by Request
      3,250 SF

      1714 Route 1

      Restaurants • 3,250 SF
      1714 Route 1, Rahway, NJ 07065
      View Details
    • Value Estimation
      $1,220,000
      0.13 Acres

      1420 Irving St

      FINANCIAL BUILDING • 0.13 Acres
      1420 Irving St, Rahway, NJ 07065-4034
      View Details

    Similar Nearby for Sale

    • $850,000
      Pending

      Renovated Repair Shop For Sale

      Strategically located, renovated repair shop with high traffic exposure.
      1066 Westfield Ave, Rahway, NJ 07065
      View Details
    • Contact for pricing
      1,950 SF

      Free-Standing Retail Building with Basement

      1950 SF retail building with basement, corner lot visibility.
      526 Saint Georges Ave, Rahway, NJ 07065
      View Details
    • Contact for pricing
      1,000 SF

      Visible Corner Retail Space Available

      Highly visible 1,000 SF corner retail space for sale.
      1035 New Brunswick Ave, Rahway, NJ 07065
      View Details
    • Contact for pricing
      3,250 SF

      Retail Space For Sale

      Retail space available for purchase.
      1714 Route 1, Rahway, NJ 07065
      View Details
    • $629,900

      Rahway Two-Family Home For Sale

      Well-maintained two-family home in desirable Rahway location.
      743 Audrey Dr, Rahway, NJ 07065
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,384 SF

      Retail Space in Downtown Rahway

      Retail space with venting in transit-oriented downtown Rahway.
      81 Monroe St, Rahway, NJ 07065
      View Details
    • Contact for pricing

      Freestanding Retail Building with Drive-Thru

      Freestanding retail building with drive-thru on high-traffic US Route 1.
      1714 Us Highway 1, Rahway, NJ 07065
      View Details
    • Contact for pricing
      981 SF

      Retail Spaces Available for Lease

      Multiple retail units available in Rahway, New Jersey.
      88-160 Lincoln Hwy, Rahway, NJ 07065
      View Details
    • New
      Contact for pricing
      3,718 SF

      Rahway City Retail/Office Space

      3,718 SF retail/office space in Rahway City, NJ.
      867 Saint Georges Ave, Rahway, NJ 07065
      View Details
    • Contact for pricing

      Retail Spaces Available For Rent

      Retail spaces available, ranging from 1,196 to 1,569 square feet.
      62 W Inman Ave, Rahway, NJ 07065
      View Details
    • Contact for pricing
      3,250 SF

      Retail Space on Route 1

      Retail property with proposed expansion in Rahway, New Jersey.
      1714 Route 1, Rahway, NJ 07065
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1066 Westfield Ave
    Rahway, NJ 07065-2041
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1066 Westfield Ave, Rahway, NJ, 07065
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!