184 Elm St
12,000 SF 100% Leased Retail Building Westfield, NJ 07090 $5,000,000 ($417/SF) 9% Cap Rate
![184 Elm St, Westfield, NJ for sale - Building Photo - Image 1 of 10](https://images1.loopnet.com/i2/_dAE1rvkPJ_OKKacFW_FYTTLko0RGQlVMIEYKcb9lQk/110/184-Elm-St-Westfield-NJ-Building-Photo-1-Large.jpg)
![184 Elm St, Westfield, NJ for sale - Aerial - Image 2 of 10](https://images1.loopnet.com/i2/hezHoqjor6GIDYR-Vhqjdmu-PzJt4FCnlEIKukE_pd8/110/184-Elm-St-Westfield-NJ-Aerial-2-Large.jpg)
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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.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
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
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![Bank of America Bank of America](https://images1.loopnet.com/i2/KcPChwyhu4u40ZumnqoCfl2yBMVws3KQSoksOFbvmUs/105/image.png)
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![Oceanfirst Bank Oceanfirst Bank](https://images1.loopnet.com/i2/U-5iTzQn4Hd745VjSD0EC4koUmWzI73Qd1Ynd_YfkRQ/105/image.jpg)
![Bareburger Bareburger](https://images1.loopnet.com/i2/RcGvG6yoXj7NlI0rwhjxPpGFo90dKwrr7yNQKzgTggM/105/image.png)
![Starbucks Starbucks](https://images1.loopnet.com/i2/V11gp9X1QvF-sYuRU43vwjphTt976BD4p9n50Z1aR1w/105/image.png)
PROPERTY TAXES
Parcel Number | 20-02405-0000-00030 | Improvements Assessment | $1,459,700 |
Land Assessment | $834,800 | Total Assessment | $2,294,500 |