516-343-0013
411 North Ave W, Westfield, NJ for Sale
Apartments - FOR SALE
1/22
null | Request Cap Rate

411 North Ave W
Westfield, NJ 07090


OVERVIEW

The Northside is a 21-unit mixed-use community positioned in Downtown Westfield, a bustling and affluent neighborhood in one of NJ's best towns. Constructed in 2018 and featuring 20 residential units that are 100% Market Rate and one 1,250-squarefoot ground-floor retail space, The Northside o©ers modern, high-quality construction, with units that are equipped with stainless steel appliances, wood plank-style flooring, and solid surface countertops. The residential units, averaging 941 SF, feature one- and two-bedroom layouts, some with terrace units, and all with access to central air and inunit washers and dryers. The fully-occupied property boasts a stable core investment opportunity with an in-place NOI of $454,000, and upside potential to a pro forma NOI of $547,000 through market rent adjustments and parking income. The property is a prime core asset that offers premium finishes and efficient layouts. Investors can capitalize on a projected 10% increase in residential rents while benefiting from the added value of a dedicated parking income program, providing immediate revenue enhancement leading to 20% NOI growth potential. This combination of premium amenities and a stable income stream provides a diversified foundation for future financial growth. The Northside offers an elite walkable lifestyle within a 4 to 8-minute walk of the vibrant core of downtown Westfield. Residents benefit from immediate proximity to the Westfield Train Station (0.1 miles), on the Raritan Valley Line, offering convenient commuter rail access for residents and enhancing the property’s transit-oriented appeal. Supported by strong submarket fundamentals, the property benefits from the area’s robust rental demand and growth trajectory. The station connection makes The Northside especially attractive to daily commuters while also supporting local walkability.

FOR SALE DETAILS

PRICE

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# OF UNITS

20

CAP RATE

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% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Northside

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1880

PARKING SPACES

33

LAND DETAILS

LAND ACRES

0.39 AC

LAND SF

16,988 SF

ZONING

commercial

APN/PARCEL ID

20-03103-0000-00005

ASK ABOUT THIS PROPERTY

Fahri OzturkCBREMore Info
516-343-0013

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Fahri OzturkCBREMore Info
516-343-0013

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.