184 Elm St 12,000 SF 100% Leased Retail Building Westfield, NJ 07090 $5,000,000 ($416.67/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.
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
$416.67
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’ 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
PROPERTY TAXES
| Parcel Number | 20-02405-0000-00030 | Improvements Assessment | $1,459,700 |
| Land Assessment | $834,800 | Total Assessment | $2,294,500 |
