UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
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
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 residential 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 currently leased to a dental office occupying approx. 1,440 SF and paying $2,100/month. The dental tenant will be vacating in October, providing a unique opportunity to secure a new tenant at market rent (target ±$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 stabilized gross annual income of ±$109,000 and operating expenses around $43,500, this investment offers an attractive 8.75% cap rate at the updated list price of $749,000.
Income and expense reports, survey, and lease details available upon request. Please see the video tour with drone footage at the end. 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
Virtual Tour https://www.dropbox.com/scl/fi/ano2pzdtm85ktkp3c71q2/371-Pittstown-Road-Mls.mov?rlkey=s3uv5mzg8yuqr1w5ef0ujxqxi&st=uoqmz4to&raw=1
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