184 Elm St

12,000 SF 100% Leased Retail Building Westfield, NJ 07090 $5,000,000 ($417/SF) 9% Cap Rate

INVESTMENT HIGHLIGHTS

  • Property fully leased at an excellent CAP rate. Approvals to add 2 stories of residential units (10 apartments), valid through 2028.

EXECUTIVE SUMMARY

12,000 SF existing building with full approvals to add 2 floors of residential units (10 total apartments: 4 (2 Bedroom) 6 (one bedroom)). 3,600 SF of the retail is leased to a bank and the other 2,400 SF is currently leased to a gym. 3-year terms remaining on leases with 5-year extension options (options must be mutual). Each residential unit will have a dedicated parking space, dedicated storage in the basement, two common areas (one basement, one rooftop), and each unit will have a separate dedicated "home office". Basement space (storage, common area and dedicated offices) can be left open or rented at purchaser's option.

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PROPERTY FACTS

Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
12,000 SF
Building Class
B
Year Built/Renovated
1952/2005
Price
$5,000,000
Price Per SF
$417
Cap Rate
9%
NOI
$450,000
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Slab To Slab
12’
Building FAR
0.81
Lot Size
0.34 AC
Zoning
Retail/ Office/Resid - Building lies is zoning that permits residential construction with office/retail in ground floor and basement.
Parking
30 Spaces (2.5 Spaces per 1,000 SF Leased)
Frontage
56 FT on Elm St

AMENITIES

  • 24 Hour Access
  • Property Manager on Site
  • Security System
  • Tenant Controlled HVAC
  • Storage Space

MAJOR TENANTS

  • TENANT
  • INDUSTRY
  • SF OCCUPIED
  • RENT/SF
  • LEASE TYPE
  • LEASE END
  • Haven Savings Bank
  • Finance and Insurance
  • 3,600 SF
  • $43.70
  • Triple Net
  • Sep 2025
TENANT INDUSTRY SF OCCUPIED RENT/SF LEASE TYPE LEASE END
Haven Savings Bank Finance and Insurance 3,600 SF $43.70 Triple Net Sep 2025
Walk Score®
Walker's Paradise (96)

NEARBY MAJOR RETAILERS

The YMCA
Five Guys
Fresh&co
Bank of America
Stop & Shop
Chase
Hummus Republic
Oceanfirst Bank
Bareburger
Starbucks

PROPERTY TAXES

  • Listing ID: 29166347

  • Date on Market: 8/2/2023

  • Last Updated:

  • Address: 184 Elm St, Westfield, NJ 07090