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371 Pittstown Rd 7,238 SF 100% Leased Retail Building Pittstown, NJ 08867 $679,000 ($93.81/SF) 9.66% Cap Rate
INVESTMENT HIGHLIGHTS
- Fully-Leased Mixed-Use Asset – 7,238 SF historic brick building (circa 1887)
- Strong Income Potential – Projected gross annual income over $103,000 with operating expenses around $43,500; estimated 6.65% cap rate.
- On-Site Parking & Utilities – Ample on-site parking; oil heat included, tenants pay electric.
- Established Tenants in Place – Includes a popular Italian restaurant on a 5-year lease and a dental office with active lease negotiations.
- Desirable Location – Zoned NB (Neighborhood Business) with excellent visibility and access to Routes 78, 22, 287, and 31.
- Value-Add Upside – Renovated 3-bedroom unit expected to rent for $2,000/mo; potential to increase NOI through rent growth and leasing the final unit.
EXECUTIVE SUMMARY
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 currently producing solid income with three of its four units rented. 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 (approx. 1,440 SF) was previously leased to a dental office at $2,100/month and is now vacant, presenting an excellent 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 is rented at $1,925/month on a one-year lease.
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 current in-place gross annual income of approximately $79,400 and operating expenses around $43,500, the property delivers a 5.29% cap rate at the list price of $679,000, with a stabilized cap rate approaching 9.6% once the vacant commercial unit is re-leased.
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.
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 currently producing solid income with three of its four units rented. 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 (approx. 1,440 SF) was previously leased to a dental office at $2,100/month and is now vacant, presenting an excellent 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 is rented at $1,925/month on a one-year lease.
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 current in-place gross annual income of approximately $79,400 and operating expenses around $43,500, the property delivers a 5.29% cap rate at the list price of $679,000, with a stabilized cap rate approaching 9.6% once the vacant commercial unit is re-leased.
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.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
7,238 SF
Building Class
C
Year Built
1887
Price
$679,000
Price Per SF
$93.81
Cap Rate
9.66%
NOI
$65,612
Percent Leased
100%
Building Height
2 Stories
Building FAR
0.24
Lot Size
0.69 AC
Zoning
M - Mixed Use
Parking
9 Spaces (1.24 Spaces per 1,000 SF Leased)
PROPERTY TAXES
| Parcel Number | 10-00026-0000-00010 | Improvements Assessment | $375,200 |
| Land Assessment | $206,100 | Total Assessment | $581,300 |
PROPERTY TAXES
Parcel Number
10-00026-0000-00010
Land Assessment
$206,100
Improvements Assessment
$375,200
Total Assessment
$581,300
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371 Pittstown Rd
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