Marcus & Millichap Sells Retail Property In Westfield, NJ For $4.7M
207 East Broad Street
$4,700,000
$130/SF
Building Size
35,968 SF
Asset Type
Retail
Closing
Feb 13, 2024
AI
A single-tenant retail property in Westfield, located at 207 East Broad Street, has been sold for $4.7 million, according to a statement by Marcus & Millichap. The two-story property spans 35,968 square feet and is situated near the Westfield train station. It houses The Gap and is surrounded by popular national retailers such as Trader Joe's, Five Guys, Starbucks, and Walgreens.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $4,700,000
- Square Footage: 35,968
- Price per Square Foot: $131
- Address: 207 East Broad Street, Westfield
- Market: Westfield
The sale of this retail property was facilitated by Alan Cafiero, David Cafiero, and Dean Matuszewicz from Marcus & Millichap. They served as the brokers representing the buyer and seller in the transaction.
Players
Westfield Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.38%
Cash-on-Cash
-0.96%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93