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    228 W Delaware Ave Pennington, NJ 08534

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    For Sale
    $975,000

    Mixed-use property featuring a bank lease and residential apartments.

    Property size:
    3,509 SF
    Lot size:
    0.42 Acres

    Property Features for 228 W Delaware Ave

    General Information

    Size
    3,509 SF
    Lot size
    0.42 Acres

    Source: Fennelly Associates Agent Gerard J. Fennelly

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Mixed-Use Property with Bank Lease

    This mixed-use property is located at the corner of W. Delaware and Route 31. The building has a total area of 3,509 square feet and includes a bank that leases 1,374 square feet under an absolute net lease. The lease term is from May 1, 2022, to April 30, 2027, and includes a security deposit of $3,600. The lease has one renewal option for 5 years with 3% annual increases, requiring 9 months' notice. In addition to the commercial space, the property features three apartments, two of which are currently vacant. There are 19 parking spaces available. The property has a lot size of 125 feet by 173.84 feet. Recent improvements include a new roof installed 10 years ago and a parking lot updated 3 years ago. The existing net operating income (NOI) is $70,000.
    Insight Report Location Intelligence

    Current Use by Public Records

    Banks

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Clothing Store Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Pennington
    County
    Mercer
    State
    New Jersey
    Longitude
    -74.7993853
    Latitude
    40.3271392

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    FAQs

    What type of property is this?
    Bank - Mixed-use property featuring a bank lease and residential apartments.
    Where is this bank located?
    The property is located at 228 W Delaware Ave Pennington, NJ.
    What is the asking price?
    The asking price for this property is $975,000.
    What are key features of this property?
    This property features: - Existing NOI: $70,000; - Bank Leases 1,374 SF – Absolute Net Lease until 4/30/27; - 3 Apartments; 2 Vacant
    (609) 306-3158
    Request Owner's contact information
    228 W Delaware Ave Pennington, NJ 08534
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    Pennington, NJ 08534
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    Realmo Value Estimation

    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.

    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.

    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
    228 W Delaware Ave Pennington, NJ 08534
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