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    Charming Pennington Commercial Lease Opportunity Title is generated by Realmo AI

    238 W DELAWARE Avenue, Pennington, NJ 08534

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    Claim this Listing
    For Lease
    $30,600

    CommercialLease - PENNINGTON, NJ

    Type:Office
    Lot size:
    0.62 Acres
    Added:
    Sep 9, 2025
    Days on Market:
    269
    Last Refresh:
    Jun 4 at 9:06 pm

    Property Features for 238 W DELAWARE Avenue

    General Information

    Property type
    Other
    Property subtype
    Office
    Parking
    50
    Parking features
    Parking Lot
    Standard status
    Active
    Lot size
    0.62 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1937
    Building materials
    Copper Plumbing

    We can help!

    Listing Contact
    Richard A Weidel Jr.

    Listing agent Richard A Weidel Jr. License #7872781

    Listing office Weidel Corporate Center 2 Route 31, Pennington, NJ

    Listing date Sep 9, 2025

    MLS# NJME2065174

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Generous 0.62‑acre lot provides ample space for business growth.
    • Lighted, paved parking lot ensures convenient parking.
    • Prime location near state highway, municipal library, public schools, and Pennington Market Complex.
    • 2nd floor space with private entrance, private offices, and open workspaces allows for flexible business configurations.
    • Charming neighborhood blending convenience and character.
    • Built in 1937, offering a solid foundation and unique character.

    Overview

    This commercial lease property, constructed in 1937, is situated on a 0.62-acre lot. The location is in a neighborhood that offers a blend of convenience and character, surrounded by local amenities. The property features a lighted, paved parking lot. It is located near a state highway, municipal library, public middle and high schools, and the Pennington Market Complex. The available space is on the second floor and includes a private entrance, private offices, and open workspaces.
    Property Profile Location Intelligence

    Current Use by Public Records

    Brookside Revivals Home Decor Store Doyle Tutoring Tutoring Service Sentiment Depot Antiques ... Home Decor Store Princeton Assurance Corporation Title Company

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pennington
    County
    Mercer
    State
    New Jersey
    Longitude
    -74.800415
    Latitude
    40.3267937

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    FAQs

    What type of property is this?
    Office units - Commercial lease in vibrant community with ample space and convenience.
    Where is this office units located?
    The property is located at 238 W DELAWARE Avenue Pennington, NJ.
    What is the lease rate?
    The lease rate is $30,600.
    What are key features of this property?
    This property features: Generous 0.62‑acre lot provides ample space for business growth.; Lighted, paved parking lot ensures convenient parking.; Prime location near state highway, municipal library, public schools, and Pennington Market Complex.
    (800) 288-7653
    We can help!
    Listing Contact
    Richard A Weidel Jr.
    Real Estate License ID: 7872781
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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