Exceptional investment opportunity! First time on market ever! This well-maintained mixed-use building in prime Westfield location offers strong income potential with both residential and commercial tenants. All leases are up for renewal except one commercial unit lease ends Feb 2028. The building features two commercial /storefront units, two 2-bedroom apartments… Read More and a 3-bedroom penthouse apartment currently all rented well below market value. Total projected new monthly income potential $21,831 translating to a Gross Operating Income (GOI) $261,975 annually. Estimated expenses (include taxes, utilities & insurance) $75,314. The new projected Net Operating Income (NOI) is estimated at a minimum of $186,661 annually, resulting in a 7.47% Cap Rate. (See included doc for more details). Units include premium features such as hardwood floors, modern open floor plans, Gym in building, Central AC, Laundry in-unit, handicap accessibility, elevator, dedicated parking. Bus to NYC stops in front of building. Located within walking distance to schools, NJ Transit & shops. In addition to being closely located to Westfield downtown, the property is in close proximity to the downtown areas of Fanwood and Scotch Plains as well. Easy access to the Garden State Parkway and just a 25-minute drive to Newark Liberty International Airport. Also unique opportunity for owner occupancy! Read Less
All information contained herein deemed reliable but not guaranteed. Buyers should personally verify all information. GSMLS Data provided via Home Junction, Inc.
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