Renovated Victorian Colonial Mixed-Use
For Sale
$825,000
131 Main St, Whitehouse Station, NJ 08889
Fully renovated mixed-use property in Whitehouse Station with endless possibilities.
Property Size2,744 SF
Price / SF$300.66
Days on Market437
Property Features for 131 Main St
General Information
Standard status
Active
Size
2,744 SF
Taxes and HOA fees
Annual Taxes
$10,620
Building Details
Year Built
1890
Listing Agency:
ERA BONIAKOWSKI REAL ESTATE
(732) 968-0700
Listed By:
THOMAS BONIAKOWSKI · License #8331807
Source:
Corcoran
Added: Jun 11, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 ERA BONIAKOWSKI REAL ESTATE
Investment Insights
Based on property information with market context.
This renovated Victorian Colonial in Whitehouse Station offers an exceptional mixed-use investment opportunity. The property is brimming with character and versatility. Currently, both floors are utilized as office space. The main level, originally a kitchen design showroom, is beautifully finished and ADA-compliant. The second floor features a luxurious, state-of-the-art two-bedroom, two-bath apartment with laundry facilities, a private entrance, and attic storage. Extensive renovations include newer cedar siding and a roof on the main house, updated plumbing and electrical systems, a new well, new Anderson windows, dual-zone HVAC systems, custom bathrooms and kitchens, white oak flooring, and a partially finished basement with an additional storage room. A detached two-story barn with four garage bays and second-floor storage is also included. The property offers dual access from both Main Street (Rt. 523) and James Street, and provides plenty of off-street parking. The property size is 2744 square feet. This property delivers endless possibilities for a savvy investment, a prime location for your business, or a unique residence.
Key Highlights
- Fully renovated, mixed‑use Victorian Colonial in the heart of Whitehouse Station, offering versatile investment or business opportunities.
- Luxurious, state‑of‑the‑art two‑bedroom, two‑bath apartment with private entrance, laundry, and attic storage.
- Detached two‑story barn with four garage bays and second‑floor storage.
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
$42,197
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
5.11%
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%
$843,940
$843.9K
Cap Rate 7%
$602,814
$602.8K
Cap Rate 9%
$468,856
$468.9K
Market Conditions
NOI Build-Up for 2,744 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
$82.3K $30.00/SF
− Vacancy
−$5.6K −$2.04/SF
EGI
$76.7K $27.96/SF
− OpEx
−$34.5K −$12.58/SF
NOI
$42.2K $15.38/SF
Area
Hunterdon County, NJ
Vacancy
6.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$843,940
Cap Rate 7%
$602,814
Cap Rate 9%
$468,856
Alternative Uses
Best Use
Apartment 5plus
$602.8K
$527.5K – $703.3K
NOI $42,197 @ 7.0% cap · market cap 5.11%
Second Best
Office B
$599.8K
$524.8K – $699.7K
NOI $41,983 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$716.5K
$627.0K – $835.9K
NOI $50,156 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
328
Businesses Nearby
Explore this area
Business Placement
Demographics for 08889, NJ
9,928
Population
4,449
Households
2.2
Avg Household Size
50
Median Age
61%
College-Educated
98%
High-School Grad
23.1 sq mi
ZIP Area
430
Density / Sq Mi
$147,048
Median Household Income
$78,772
Median Earnings
$1,458
Median Rent
$523,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully renovated mixed-use property in Whitehouse Station with endless possibilities.
Where is this mixed-use property located?
The property is located at 131 Main St Whitehouse Station, NJ.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Fully renovated, mixed‑use Victorian Colonial in the heart of Whitehouse Station, offering versatile investment or business opportunities.; Luxurious, state‑of‑the‑art two‑bedroom, two‑bath apartment with private entrance, laundry, and attic storage.; Detached two‑story barn with four garage bays and second‑floor storage.
