411 North Avenue West - The Northside
Top Location in Downtown Westfield
Marketing description
CBRE Inc. has been retained as the exclusive advisor for the fee simple sale of The
Northside (“The Northside” or “Property”) located at 411 North Avenue West in
Westfield, New Jersey.
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 offers 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 in unit
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.
Investment highlights
100% MARKET RATE - IMMEDIATE RENT GROWTH
In-place rents are 10% below competing properties in the market.
NO CAPITAL NEEDS
Built in 2018, the property requires littel to none near-term capital expenditures.
LUXURY FINISHES
Thoughtfully designed, the Property features modern, high-end finished geared toward tenant
attraction and retention.
PREMIUM IN-UNIT AMENITIES
Units feature high-end finishes, including stainless steel appliances, stone countertops, and in-unit
washer/dryers.
SPACIOUS FLOOR PLANS
The building offers a highly desirable mix of one and two-bedroom layouts averaging a spacious
941 square feet.
PREMIER TRANSIT ACCESS
Commuters benefit from direct access to Manhattan, positioned just a one-minute walk from the Westfield Station.
ULTIMATE WALKABILITY
Boasting a 96/100 Walk Score, residents enjoy immediate access to Downtown Westfield's vibrant "live-work-play" lifestyle.
PROXIMITY TO RETAIL
The property is situated mere seconds from highly desirable neighborhood amenities, including Trader Joe's and upscale local dining.
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