Princeton Office with Value-Add Potential 3 Independence Way 125,700 SF 44% Leased Office Building Online Auction Sale Princeton, NJ 08540
INVESTMENT HIGHLIGHTS
- Exceptional value-add office opportunity in Princeton with high lease-up potential and strong upside for investors.
- Quick drive to restaurants, retailers and amenities including Target, ShopRite, The UPS Store, Starbucks, Trader Joe’s, and PF Chang’s.
- Boasting strong demographics, the area features a growing population and average household incomes exceeding $179,000 within 2 miles.
- Strategically located in a premier business park off Route 1, offering seamless access to Trenton, Philadelphia, Newark, and Manhattan.
- Princeton offers investors a prestigious location anchored by an Ivy League institution and a thriving business ecosystem.
EXECUTIVE SUMMARY
3 Independence Way presents an ideal opportunity in Princeton, New Jersey. The 125,700-square-foot office property is well appointed with four stories. Set on 8.44 acres, the property offers abundant surface parking with 500 spaces, accommodating both employees and visitors with ease. Originally built in 1983, this meticulously maintained property has been thoughtfully upgraded and enhanced over the years. Notable amenities include a full-service café, modern fitness center, state-of-the-art security system, and newly upgraded HVAC.
With 44% current occupancy, the property boasts a dynamic, synergistic tenant mix that enhances the overall business environment. Current tenants on site include Rutgers University, Aetna, an energy company, and other business and professional services. Investors have a compelling opportunity to unlock significant upside by capitalizing on the property's vacancies and leasing them at competitive market rates, driving both income and overall asset value.
This Princeton location is a highly sought-after destination for investors, offering unmatched appeal and potential. Princeton benefits from being strategically positioned between major urban hubs like New York City, Philadelphia, and Trenton. Its proximity to key cities provides convenient access to a diverse pool of potential tenants, including businesses seeking a well-connected suburban location. Princeton is a prestigious location for office users with Princeton University and a variety of major companies across different industries. Bristol Myers Squibb, Novo Nordisk, Dow Jones, Tyco International, and Covance are just a few big names running out of this locale. This thriving business environment fosters innovation and attracts top-tier talent. Princeton continues to be a magnet for both established corporations and emerging enterprises.
3 Independence Way benefits from its advantageous location in Princeton near major roadways. Route 1’s close proximity ensures seamless connectivity, enabling efficient commutes for both employees and visitors. Convenience is key in this area with many restaurants and retailers close by. Ruth’s Chris Steak House, ShopRite, The Home Depot, McDonald’s, and countless hotels are all close by.
Property tours are available by appointment only. Please contact the listing broker to schedule.
With 44% current occupancy, the property boasts a dynamic, synergistic tenant mix that enhances the overall business environment. Current tenants on site include Rutgers University, Aetna, an energy company, and other business and professional services. Investors have a compelling opportunity to unlock significant upside by capitalizing on the property's vacancies and leasing them at competitive market rates, driving both income and overall asset value.
This Princeton location is a highly sought-after destination for investors, offering unmatched appeal and potential. Princeton benefits from being strategically positioned between major urban hubs like New York City, Philadelphia, and Trenton. Its proximity to key cities provides convenient access to a diverse pool of potential tenants, including businesses seeking a well-connected suburban location. Princeton is a prestigious location for office users with Princeton University and a variety of major companies across different industries. Bristol Myers Squibb, Novo Nordisk, Dow Jones, Tyco International, and Covance are just a few big names running out of this locale. This thriving business environment fosters innovation and attracts top-tier talent. Princeton continues to be a magnet for both established corporations and emerging enterprises.
3 Independence Way benefits from its advantageous location in Princeton near major roadways. Route 1’s close proximity ensures seamless connectivity, enabling efficient commutes for both employees and visitors. Convenience is key in this area with many restaurants and retailers close by. Ruth’s Chris Steak House, ShopRite, The Home Depot, McDonald’s, and countless hotels are all close by.
Property tours are available by appointment only. Please contact the listing broker to schedule.
DATA ROOM Click Here to Access
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted SF
999
999
999
Average SF
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/SF Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/SF
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
% Leased at Sale
9.9%
9.9%
9.9%
-
Market Sale Price per SF
New York - NY USA
Market Cap Rate
New York - NY USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Building Size
125,700 SF
Building Class
B
Year Built
1983
Percent Leased
44%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
28,501 SF
Slab To Slab
14’
Building FAR
0.34
Lot Size
8.44 AC
Zoning
OR
Parking
500 Spaces (3.7 Spaces per 1,000 SF Leased)
AMENITIES
- 24 Hour Access
- Atrium
- Fitness Center
- Food Service
- Property Manager on Site
- Skylights
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
Space is built out as a standard office space
Space is built out as a standard office space
Space is built out as a standard office space
Space is built out as a standard office space
Space is built out as a standard office space
Space is built out as a standard office space
Space is built out as a standard office space
Space is built out as a standard office space
| Space | Size | Space Use | Condition | Available |
| 1st Floor | 906 SF | Office | Full Build-Out | Now |
| 1st Floor | 1,478 SF | Office | Full Build-Out | Now |
| 1st Floor | 2,849 SF | Office | Full Build-Out | Now |
| 2nd Floor | 3,651-12,019 SF | Office | Full Build-Out | Now |
| 2nd Floor | 500-1,200 SF | Office | Full Build-Out | Now |
| 2nd Floor | 5,066 SF | Office | Full Build-Out | Now |
| 3rd Floor | 6,084-19,244 SF | Office | Full Build-Out | Now |
| 4th Floor | 5,647-23,944 SF | Office | Full Build-Out | Now |
1st Floor
| Size |
| 906 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
1st Floor
| Size |
| 1,478 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
1st Floor
| Size |
| 2,849 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Floor
| Size |
| 3,651-12,019 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Floor
| Size |
| 500-1,200 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
2nd Floor
| Size |
| 5,066 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
3rd Floor
| Size |
| 6,084-19,244 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
4th Floor
| Size |
| 5,647-23,944 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
1,636
41,603
114,292
2020 Population
1,597
41,301
111,469
2029 Population
1,633
41,359
113,991
2024-2029 Projected Population Growth
-0.2%
-0.6%
-0.3%
Daytime Employees
12,688
33,578
85,829
Total Businesses
525
2,409
7,428
Average Household Income
$202,869
$165,946
$166,302
Median Household Income
$192,267
$133,581
$136,036
Total Consumer Spending
$26.3M
$671M
$1.8B
Median Age
47.9
42.2
40.8
2024 Households
511
15,854
41,718
Percent College Degree or Above
36%
32%
32%
Average Home Value
$675,798
$684,209
$648,309
PROPERTY TAXES
| Parcel Number | 21-00080-01-00003-03 | Improvements Assessment | $3,591,100 |
| Land Assessment | $2,109,000 | Total Assessment | $5,700,100 |
SALE ADVISOR
SALE ADVISOR
Robert Loderstedt, Senior Managing Director
(973) 998-1093
Contact
Robert Loderstedt joined Newmark in 2016 as a director in the firm’s East Brunswick, New Jersey, office. With 17 years of commercial real estate experience, Mr. Loderstedt specializes in advising tenants, property owners and investors in the acquisition, disposition and leasing of commercial properties.
On the corporate service multi-market side of the business, Mr. Loderstedt oversaw combined portfolios for Prudential Financial and The Hartford of over 300 owned and leased locations totaling more than 12 million square feet. Mr. Loderstedt executed and/or managed over 450 real estate transactions totaling in excess of 13 million square feet across 43 states for a six-year period.
On the corporate service multi-market side of the business, Mr. Loderstedt oversaw combined portfolios for Prudential Financial and The Hartford of over 300 owned and leased locations totaling more than 12 million square feet. Mr. Loderstedt executed and/or managed over 450 real estate transactions totaling in excess of 13 million square feet across 43 states for a six-year period.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Pace Zambito
Contact
Auctioneer License:
Ten-X Commercial, LLC Arlene Richardson RE Brkr 2187404
