Historic Pennington Mixed-Use
24 N MAIN STREET, Pennington, NJ 08534
CommercialSale - PENNINGTON, NJ
Property size:
6,236 SFLot size:
0.13 AcresPrice / SF:
$270/SF- Added:
- Feb 5, 2026
- Days on Market:
- 105
- Last Refresh:
- May 21 at 9:06 pm
Property Features for 24 N MAIN STREET
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- Size
- 6,236 SF
- Lot size
- 0.13 Acres
Taxes and HOA fees
- Tax Annual Amount
- 22282
Utilities
- Heating system
- Forced Air
- Cooling system
- Central Air, Wall Unit(s)
Building Details
- Year built
- 1900
- Number of units
- 3
- Flooring type
- Carpet, Wood
- Roof type
- Slate
- Architectural style
- Other
Listing agent Gough "Winn" Thompson (609) 468-3838
Listing office BHHS Fox & Roach Hopewell Valley 800 Denow Road, Suite N, NJ (609) 737-9100
Listing date Feb 5, 2026
MLS# NJME2072436
Listing URL
Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Historic mixed‑use building in the center of Pennington Borough offering owner‑user and investment appeal.
- First floor (2,968 SF) is handicap accessible and suitable for retail or office use, with potential for subdivision.
- Second and third floors (3,268 SF) are fully leased long‑term to a prominent architectural firm, providing existing income.
- Features hardwood floors, tall ceilings, large windows, and excellent natural light on the upper floors.
- Two reserved on‑site parking spaces plus abundant parking in the adjacent municipal lot.
- Prominently located downtown, ideal for retail, professional office, or mixed‑use.
Overview
Located in the center of Pennington Borough, 24 N Main Street is a historic mixed-use building. Originally constructed in 1890 as the Pennington Fire Station, the building was converted to Borough Hall and Library in 1929 and updated in 1997, with interior flooring and paint refreshed in 2019. The building has a total size of 6,236 square feet and sits on a 0.13-acre lot. The first floor comprises 2,968 square feet and is handicap accessible. It features a street-level storefront with a separate entrance that opens to a large open-plan space suitable for retail or office use. An adjacent oversized room is leased for office space. First-floor tenants share two bathrooms and a pantry area. The space can be subdivided into at least two units, with a minimum size of approximately 601 square feet. The second and third floors total 3,268 square feet and are fully leased long-term to an architectural firm. These floors feature hardwood floors, tall ceilings, large windows, and natural light. The second floor includes up to eight private offices, a common work area, and two bathrooms. The third-floor mezzanine offers a large open workspace. There are two reserved on-site parking spaces, plus parking in the adjacent municipal lot. It is ideal for retail, professional office, or mixed-use users seeking a downtown presence with existing income.
Financial Insights
Value Estimation Calculated for Retail
Conservative
$1.04M
NOI $93,253 @ 9.00% cap · cautious / downside scenario
Moderate
$1.33M
NOI $93,253 @ 7.00% cap · market / base-case scenario
Aggressive
$1.87M
NOI $93,253 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
Calculated for Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $139.9k | $22.44 |
| − Vacancy | −$6.7k | −$1.08 |
| EGI | $133.2k | $21.36 |
| − OpEx | −$40.0k | −$6.41 |
| NOI | $93.3k | $14.95 |
6,236 SF · lease $22.44/SF/yr · vacancy 4.80% · expense 30.00%
Alternative Use Scenarios
Best Use
Retail
$1.33M
$1.17M – $1.55M
NOI $93,253 @ 7.0% cap · market cap 5.53%
Second Best
Mixed Use
$1.18M
$1.03M – $1.37M
NOI $82,315 @ 7.0% cap · market cap 4.89%
Theoretical Best
Warehouse
$2.01M
$1.76M – $2.34M
NOI $140,445 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
The Front Porch
(Bike/Boat/Book/etc) Store
G&R
Advertising Agency
Location Insight
- Map
- Local Demand
- City
- Pennington
- County
- Mercer
- State
- New Jersey
- Longitude
- -74.791573
- Latitude
- 40.328812
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Historic mixed-use building in downtown Pennington with investment appeal.
Where is this mixed-use property located?
The property is located at 24 N MAIN STREET Pennington, NJ.
What is the asking price?
The asking price for this property is $1,685,000.
What are key features of this property?
This property features: Historic mixed‑use building in the center of Pennington Borough offering owner‑user and investment appeal.; First floor (2,968 SF) is handicap accessible and suitable for retail or office use, with potential for subdivision.; Second and third floors (3,268 SF) are fully leased long‑term to a prominent architectural firm, providing existing income.
