Renovated Retail Space in
For Sale
Contact for pricing
Pending
33 E State St, Trenton, NJ
High-end retail space with additional showroom potential in prime location.
Property Size1,200 SF
Lot Size0.10 Acres
Days on Market1236
Property Features for 33 E State St
General Information
Standard status
Pending
Size
1,200 SF
Lot size
0.10 Acres
Property subtype
RETAIL
Listing Agency:
Segal LaBate Commercial Real Estate
(609) 394-7557
Listed By:
Charles Teh
(609) 635-3709
Source:
Moodyscre
Added: Apr 25, 2023
Changed: Aug 8
Last Checked: Sep 10 at 11:20AM
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 Segal LaBate Commercial Real Estate
Investment Insights
Based on property information with market context.
This property features a renovated 1,200+ square foot retail store with quality finishes, including a marble floor and a large window providing excellent exposure. The space is equipped with central air and heating, two fitting rooms, and a restroom. Additionally, there is over 5,000 square feet of unfinished space on the first and second floors, suitable for transformation into a showroom, furniture store, or inventory space. The property also includes a pedestrian alley to East Front Street. The total square footage of the property is 5,968. Located in the heart of the Central Business District of Trenton, this two-story masonry building includes a first-floor sales area and stock area, as well as basement and second-floor storage areas. The front of the store features two plate glass display areas. The location benefits from heavy pedestrian and vehicle traffic and is a prime transit point with multiple bus stops and a train station within a 10-minute walk. It offers easy access to Routes 1, 29, and 129, with connections to 95, 295, and I-95. The property is easily walkable from Mercer Community College and is in close proximity to state, county, and city government offices and local businesses. The zoning permits a broad range of retail and office uses.
Key Highlights
- Prime location in Trenton's Central Business District with heavy pedestrian and vehicle traffic.
- Boasting 5,968 SF total property size including 1,200+ SF high‑end renovated retail space.
- 5,000+ SF unfinished space suitable for showroom, furniture store, or inventory.
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
$17,945
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
7.18%
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%
$358,900
$358.9K
Cap Rate 7%
$256,357
$256.4K
Cap Rate 9%
$199,389
$199.4K
Market Conditions
NOI Build-Up for 1,200 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
$26.9K $22.44/SF
− Vacancy
−$1.3K −$1.08/SF
EGI
$25.6K $21.36/SF
− OpEx
−$7.7K −$6.41/SF
NOI
$17.9K $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%
$358,900
Cap Rate 7%
$256,357
Cap Rate 9%
$199,389
Alternative Uses
Best Use
Retail
$256.4K
$224.3K – $299.1K
NOI $17,945 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$386.1K
$337.8K – $450.4K
NOI $27,026 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,250
Businesses Nearby
7k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Phillips 66
Shops & Services
5,035 visits/mo
0.5 miles
U-Haul
Shops & Services
2,283 visits/mo
0.2 miles
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Retail space - High-end retail space with additional showroom potential in prime location.
Where is this retail space located?
The property is located at 33 E State St Trenton, NJ.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Prime location in Trenton's Central Business District with heavy pedestrian and vehicle traffic.; Boasting 5,968 SF total property size including **1,200+ SF high‑end renovated retail space.**; 5,000+ SF unfinished space suitable for showroom, furniture store, or inventory.
