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    24 E Somerset St Raritan, NJ 08869

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    For Sale
    $1,100,000

    Mixed-use property with four rentals in Raritan's business district.

    Lot size:
    0.07 Acres

    Property Features for 24 E Somerset St

    General Information

    Lot size
    0.07 Acres

    Building Details

    Year built
    1940

    Source: RE/MAX CLASSIC GROUP Agent PATRICIA GRISH-KATCHEN

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

    Overview

    Raritan Mixed-Use Investment Opportunity

    This investment property is located on a corner lot on Thompson Street, offering high visibility. The property features four rentals in a business/residential district. All three apartments have been updated, and the storefront has been completely remodeled. The roof is one year old, and the electric system has been updated with copper wiring. New central air conditioning has been installed for the storefront and one apartment. All units, including the storefront, are currently occupied. Tenants are responsible for utilities, while the owner pays for water. The property is located near the train station and shopping malls. The county courthouse is opening soon.
    Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Raritan
    County
    Somerset
    State
    New Jersey
    Longitude
    -74.6340149
    Latitude
    40.5675685

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with four rentals in Raritan's business district.
    Where is this mixed-use property located?
    The property is located at 24 E Somerset St Raritan, NJ.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: - Prime corner lot location on Thompson Street with high visibility, ideal for investors.; - Four rental units (3 apartments and 1 storefront) in a business/residential district.; - Updated apartments and remodeled storefront.
    (908) 698-4500
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    24 E Somerset St Raritan, NJ 08869
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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
    24 E Somerset St Raritan, NJ 08869
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