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411 North Ave W
Westfield, NJ 07090
The Northside · Multifamily Property For Sale
·
20 Units
Executive Summary
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.
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.
Property Facts
| Sale Type | Investment | Lot Size | 0.39 AC |
| No. Units | 20 | Building Size | 25,674 SF |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built/Renovated | 1880/2019 |
| Apartment Style | Low-Rise | Parking Ratio | 1.29/1,000 SF |
| Building Class | C | ||
| Zoning | commercial - apartments | ||
| Sale Type | Investment |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.39 AC |
| Building Size | 25,674 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1880/2019 |
| Parking Ratio | 1.29/1,000 SF |
| Zoning | commercial - apartments |
Amenities
Site Amenities
- Tenant Controlled HVAC
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 773 - 808 |
| 2+2 | 10 | - | 1,109 - 1,111 |
Property Taxes
| Parcel Number | 20-03103-0000-00005 | Improvements Assessment | $4,350,000 |
| Land Assessment | $2,400,000 | Total Assessment | $6,750,000 |
Property Taxes
Parcel Number
20-03103-0000-00005
Land Assessment
$2,400,000
Improvements Assessment
$4,350,000
Total Assessment
$6,750,000
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