Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    240 Springfield Ave Westfield, NJ 07090-1023

    • Commercial real estate
    • 6.12 lot acres
    OFF-MARKET
    Last Sale
    Feb 07, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-1508857
    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

    • Sunrise of Westfield / Nursing Home / Retirement Community

    Property Details for 240 Springfield Ave

    Year built
    1997
    Lot size
    6.12 lot acres
    Property type
    Commercial real estate
    APN
    20 03905-0000-00029- 01
    APU
    200390500000002901

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Westfield
    County
    Union
    State
    New Jersey
    Longitude
    -74.3245
    Latitude
    40.6731
    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
    $363,947
    $10,010,000
    $6,839,400
    $16,849,400
    -
    $10,010,000
    $6,839,400
    $16,849,400

    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

    Similar Nearby for Sale

    • Contact for pricing
      36,000 SF

      Westfield Commercial Space - Downtown

      Prime Westfield location, 36,000 sq ft, medical-ready.
      500 Central Ave, Westfield, NJ 07090
      View Details
    • $2,100,000
      0.08 Acres

      Westfield Commercial Gem

      Downtown Westfield retail/office building
      Prospect St, Westfield, NJ 07090
      View Details
    • Contact for pricing
      0.17 Acres

      Westfield Office Space - 1000 sq ft

      Downtown Westfield office, renovated, great parking.
      232 Saint Paul St, Westfield, NJ 07090
      View Details
    • $595,000
      1,800 SF

      Westfield Retail Space - $595K

      Prime Westfield retail, 1,800 sq ft, 15 parking spaces.
      570 Westfield Ave, Westfield, NJ 07090
      View Details
    • Contact for pricing
      0.26 Acres

      Westfield Office Space for Lease

      Prime Downtown Westfield Office - All Utilities Included
      226 St Paul St, Westfield, NJ 07090
      View Details
    • Contact for pricing
      6,000 SF

      Westfield Retail Building with Expansion Potential

      6,000 SF retail building with approvals for 10 residential units.
      184 Elm St, Westfield, NJ 07090
      View Details

    Similar Nearby for Lease

    • $925 /Mo

      767 Central

      Private room for Sublet - Ideal for Wellness or Therapy Professionals
      767 Central Ave, Westfield, NJ 07090
      View Details
    • $1,350 /Mo

      Renovated Office Space Available

      Renovated office building near downtown with flexible leasing options.
      232 Saint Paul St, Westfield, NJ 07090
      View Details
    • $1,050 /Mo
      1,080 SF

      Renovated Office Space with Amenities

      Newly renovated office space with shared amenities and parking included.
      560 Springfield Ave, Westfield, NJ 07090
      View Details
    • $2,365 /Mo

      Westfield Office Space For Rent

      Office space available in Westfield, close to NYC transportation.
      238 Saint Paul St, Westfield, NJ 07090
      View Details
    • Contact for pricing
      400 SF

      Prime Retail Space in Westfield

      Retail space in central Westfield location with excellent visibility.
      82 Elm St, Westfield, NJ 07090
      View Details
    • $15 SF/Yr
      800 SF

      Westfield Office Space Available

      800 square feet of office space for lease.
      107-115 Quimby St, Westfield, NJ 07090
      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.
    240 Springfield Ave
    Westfield, NJ 07090-1023
    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

    Google sign-in failed. Please try again or use another login method.