Mixed-Use Building with Four
1 Hilltop Rd Mendham, NJ 07945
For Sale
$749,000
Pending
Income-producing building with commercial space, a basement, and four leased one-bedroom units near Main Street.
Property Size4,328 SF
Days on Market49
Property Features for 1 Hilltop Rd
General Information
Standard status
Pending
Size
4,328 SF
Property subtype
Commercial
Building Details
Year Built
1861
Listing Agency:
KELLER WILLIAMS REALTY
(908) 273-2991
Listed By:
KIMBERLY KELLY
Source:
Corcoran
Added: Jun 11
Changed: Jul 10
Last Checked: Jul 28 at 8:38AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS REALTY
Investment Insights
Based on property information with market context.
This mixed-use building combines commercial space with residential income. In addition to the commercial area, the property includes a basement described as an ideal space for storage or office use. The residential component consists of four fully rented one-bedroom, one-bathroom apartments, providing multiple income streams within a single asset.
The building is located just off Main Street in Mendham and is described as being within Mendham’s historic district. This setting supports a character-filled building format designed to serve both commercial and neighborhood residential needs.
For tenants and operators, the layout offers a straightforward path to combining day-to-day business space with on-site residential rental demand. For buyers, the property’s mix of commercial and four leased apartments can appeal to investors seeking diversification by tenant type, as well as to owner-users who want to occupy the commercial space while maintaining rental income from the apartments. Prospective parties are encouraged to review the specific commercial space configuration and the basement’s intended use during due diligence.
The building is located just off Main Street in Mendham and is described as being within Mendham’s historic district. This setting supports a character-filled building format designed to serve both commercial and neighborhood residential needs.
For tenants and operators, the layout offers a straightforward path to combining day-to-day business space with on-site residential rental demand. For buyers, the property’s mix of commercial and four leased apartments can appeal to investors seeking diversification by tenant type, as well as to owner-users who want to occupy the commercial space while maintaining rental income from the apartments. Prospective parties are encouraged to review the specific commercial space configuration and the basement’s intended use during due diligence.
Key Highlights
- Mixed‑use building built in 1861 with commercial space, a basement, and four fully rented 1BD/1BA apartments
- Four leased 1‑bedroom, 1‑bathroom units provide rental income
- Commercial space plus basement area for storage or office use
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $129.8k | $30.00 |
| − Vacancy | −$8.8k | −$2.04 |
| EGI | $121.0k | $27.96 |
| − OpEx | −$54.5k | −$12.58 |
| NOI | $66.6k | $15.38 |
4,328 SF · lease $30.00/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.03M
$905.4K – $1.21M
NOI $72,434 @ 7.0% cap · market cap 9.67%
Second Best
Apartment 5plus
$950.8K
$832.0K – $1.11M
NOI $66,556 @ 7.0% cap · market cap 8.89%
Theoretical Best
Office A
$1.13M
$988.9K – $1.32M
NOI $79,109 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Quadplex - Income-producing building with commercial space, a basement, and four leased one-bedroom units near Main Street.
Where is this quadplex located?
The property is located at 1 Hilltop Rd Mendham, NJ.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Mixed‑use building built in 1861 with commercial space, a basement, and four fully rented 1BD/1BA apartments; Four leased 1‑bedroom, 1‑bathroom units provide rental income; Commercial space plus basement area for storage or office use
