Route 31 Retail
For Sale
Contact for pricing
101 NJ-31, Pennington, NJ 08534
12,000 SF building on almost four acres.
Property Size12,000 SF
Lot Size4.00 Acres
Price / SF$332.92
Days on Market1006
Property Features for 101 NJ-31
General Information
Standard status
Active
Size
12,000 SF
Lot size
4.00 Acres
Property subtype
Retail
Zoning
IC
Listing Agency:
Bonanni Realtors
(609) 586-4300
Listed By:
Jamie Walter · License #NJ 9909570
Source:
Crexi
Added: Nov 29, 2023
Changed: Aug 8
Last Checked: Aug 30 at 6:55PM
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 Bonanni Realtors
Investment Insights
Based on property information with market context.
Located on Route 31 in Pennington, this property features a 12,000 square foot building situated on almost four acres of land. The property is suitable for various uses including retail and restaurant. A long-established business currently occupies the premises, and the owner is willing to sell the business along with all equipment at inventory cost, or alternatively, sell the real estate independently.
Key Highlights
- 12,000 sq ft building on almost four acres of land.
- Located on Route 31 in Pennington.
- Long established business opportunity.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$179,448
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.49%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,588,960
$3.6M
Cap Rate 7%
$2,563,543
$2.6M
Cap Rate 9%
$1,993,867
$2.0M
Market Conditions
NOI Build-Up for 12,000 SF
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.
Gross rent
$269.3K $22.44/SF
− Vacancy
−$12.9K −$1.08/SF
EGI
$256.4K $21.36/SF
− OpEx
−$76.9K −$6.41/SF
NOI
$179.4K $14.95/SF
Area
Mercer County, NJ
Vacancy
4.80%
Lease Rate
$22.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,588,960
Cap Rate 7%
$2,563,543
Cap Rate 9%
$1,993,867
Alternative Uses
Best Use
Retail
$2.56M
$2.24M – $2.99M
NOI $179,448 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.86M
$3.38M – $4.50M
NOI $270,259 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
75
Businesses Nearby
Explore this area
Business Placement
Demographics for 08534, NJ
12,955
Population
5,107
Households
2.5
Avg Household Size
45
Median Age
72%
College-Educated
97%
High-School Grad
21.8 sq mi
ZIP Area
594
Density / Sq Mi
$180,491
Median Household Income
$94,154
Median Earnings
$2,106
Median Rent
$573,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail property - 12,000 SF building on almost four acres.
Where is this retail property located?
The property is located at 101 NJ-31 Pennington, NJ.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 12,000 sq ft building on almost four acres of land.; Located on Route 31 in Pennington.; Long established business opportunity.
