371 Pittstown Rd Active Save Request In-Person Tour Request Virtual Tour
Franklin Twp.,NJ 08867
Key Details
Property Type Single Family Home
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 7,238 sqft
Price per Sqft $103
MLS Listing ID 3972269
Year Built 1887
Annual Tax Amount $17,473
Tax Year 2024
Lot Size 0.770 Acres
Property Sub-Type Mixed Use
Property Description
Outstanding Investment Opportunity in Hunterdon County! Historic 7,238 SF mixed-use brick building (circa 1887) with strong cash flow and upside. Set on 0.77 acres with ample parking, property includes 2 first-floor commercial units and 2 upstairs apartments. Zoned NB (Neighborhood Business) with excellent visibility near Routes 78, 22, 287 & 31.Current tenants include a well-established Italian restaurant in Year 2 of a 5-year lease with scheduled rent increases ($3,165/mo current, $3,695/mo by Year 5). Second commercial space is leased to a dental office ($2,100/mo) through October, creating opportunity to re-tenant at market ($2,400+/mo). Upstairs, a 2BR rents for $1,525/mo and a 3BR is newly updated and projected at $2,000/mo.Building features oil-fired radiator heat (included in rent), tenant-paid electric, central A/C in commercial units, window A/Cs in apartments, private well & septic.Projected stabilized gross income $109K with expenses around $43.5K. NOI $65.6K equates to an attractive 8.75% cap rate at the $749,000 list price. A rare chance to acquire a fully functioning, income-generating asset with historic charm in a desirable rural-suburban market. See the video tour with drone footage!
Location
State NJ
County Hunterdon
Zoning Mixed Use
Interior
Heating Oil Tank Above Ground - Inside
Cooling 3 Units
Equipment Kitchen Area, Smoke Detector
Exterior
Exterior Feature Brick/Block
Utilities Available See Remarks
Roof Type Asphalt Shingle
Building
Story 2
Sewer Septic
Water Well