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Listed by Sean Mulligan • ARC Real Estate
$ 899,000
Est. payment | /mo
7,238 SqFt
$ 899,000
Est. payment | /mo
7,238 SqFt
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 7,238 sqft
Price per Sqft $124
MLS Listing ID NJHT2003968
Year Built 1887
Annual Tax Amount $17,473
Tax Year 2024
Lot Size 0.770 Acres
Acres 0.77
Lot Dimensions 0.00 x 0.00
Property Sub-Type Mixed Use
Source BRIGHT
Property Description
Outstanding Investment Opportunity in Hunterdon County! This charming ±7,238 SF mixed-use brick building, originally constructed circa 1887, offers a rare combination of steady income, upside potential, and historic character. Situated on 0.77 acres with ample paved parking, the property includes two commercial units on the first floor and two residential apartments on the second floor. Zoned NB (Neighborhood Business), the location offers excellent visibility and accessibility near Routes 78, 22, 287, and 31—perfect for commuters and businesses alike.
The property is fully rented with quality tenants, except for one unit that has just finished undergoing renovation. A well-established Italian restaurant occupies one commercial space and is currently in Year 2 of a 5-year lease with scheduled rent increases:
Year 1: $2,990/mo ($35,880/year)
Year 2 (Current): $3,165/mo ($38,028/year)
Year 3: $3,355/mo ($40,308/year)
Year 4: $3,520/mo ($42,240/year)
Year 5: $3,695/mo ($44,340/year)
The second commercial unit is leased to a dental office occupying approx. 1,440 SF and currently paying $2,100/month. While this is considered below market, ownership is actively negotiating a new lease with a target of $2,400/month.
Upstairs, a 2-bedroom residential unit is rented at $1,525/month, and a 3-bedroom unit—currently vacant for flooring and painting updates—is expected to rent around $2,000/month.
All tenants have heat included as the building uses oil-fired radiator heat without separate meters. Tenants pay their own electric. Commercial spaces feature central air, while residential units use window A/Cs. The property is served by private well and septic.
With a projected gross annual income over $103,000 and operating expenses around $43,500, this investment offers an attractive 6.65% cap rate at list price. Income and expense reports, survey, and lease details available upon request. Don't miss this chance to own a fully functioning, income-generating asset in a desirable rural-suburban market.
The property is fully rented with quality tenants, except for one unit that has just finished undergoing renovation. A well-established Italian restaurant occupies one commercial space and is currently in Year 2 of a 5-year lease with scheduled rent increases:
Year 1: $2,990/mo ($35,880/year)
Year 2 (Current): $3,165/mo ($38,028/year)
Year 3: $3,355/mo ($40,308/year)
Year 4: $3,520/mo ($42,240/year)
Year 5: $3,695/mo ($44,340/year)
The second commercial unit is leased to a dental office occupying approx. 1,440 SF and currently paying $2,100/month. While this is considered below market, ownership is actively negotiating a new lease with a target of $2,400/month.
Upstairs, a 2-bedroom residential unit is rented at $1,525/month, and a 3-bedroom unit—currently vacant for flooring and painting updates—is expected to rent around $2,000/month.
All tenants have heat included as the building uses oil-fired radiator heat without separate meters. Tenants pay their own electric. Commercial spaces feature central air, while residential units use window A/Cs. The property is served by private well and septic.
With a projected gross annual income over $103,000 and operating expenses around $43,500, this investment offers an attractive 6.65% cap rate at list price. Income and expense reports, survey, and lease details available upon request. Don't miss this chance to own a fully functioning, income-generating asset in a desirable rural-suburban market.
Location
State NJ
County Hunterdon
Area Franklin Twp (21010)
Zoning NB
Interior
Hot Water Other
Heating Radiant
Cooling Other
Heat Source Oil
Exterior
Garage Spaces 15.0
Utilities Available Other
Water Access N
Accessibility Other
Total Parking Spaces 15
Garage N
Building
Sewer On Site Septic
Water Well
New Construction N
Schools
School District Hunterdon
Others
Tax ID 10-00026-00010
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Other
