Historic Office
For Sale
$549,000
134 MAIN ST Unit 1, Flemington, NJ 08822
Central air, off-street parking, and a vacant main floor support owner-user or leasing plans.
Property Size2,500 SF
Price / SF$219.60
Days on Market372
Property Features for 134 MAIN ST Unit 1
General Information
Standard status
Active
Size
2,500 SF
Property subtype
General Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$17,914
Amenities
high ceilings
original wood floors
Central Air
3
Asphalt Shingle
Commercial
Parking.
Driveway, Off Street.
Level
.28
Central Business District, Level.
Building Details
Year Built
1900
Listing Agency:
WILLIAM LAWRENCE AGENCY
(973) 917-4800
Listed By:
LAWRENCE BRUSH
Source:
Xome
Added: Aug 24, 2025
Changed: Aug 30
Last Checked: Aug 30 at 12:09AM
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 WILLIAM LAWRENCE AGENCY
Investment Insights
Based on property information with market context.
Built in 1900, this office property combines historic detailing with practical updates for contemporary commercial use. The building includes a spacious main floor that will be delivered vacant, along with high ceilings, original wood flooring, and a converted third-floor area with a cottage-style interior. Central air, a newer roof, and updated mechanical systems add functional value.
The property occupies a prominent position on Main Street in downtown Flemington, with level access, a driveway, and off-street parking. Its commercial setting and adaptable interior support continued office use, owner occupancy, or re-leasing of the available main-floor space. Recent improvements preserve the building’s established character while addressing key building systems.
The property occupies a prominent position on Main Street in downtown Flemington, with level access, a driveway, and off-street parking. Its commercial setting and adaptable interior support continued office use, owner occupancy, or re-leasing of the available main-floor space. Recent improvements preserve the building’s established character while addressing key building systems.
Key Highlights
- Historic commercial building constructed in 1900
- Spacious main floor delivered vacant
- High ceilings and original wood flooring
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
$38,250
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
6.97%
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%
$765,000
$765.0K
Cap Rate 7%
$546,429
$546.4K
Cap Rate 9%
$425,000
$425.0K
Market Conditions
NOI Build-Up for 2,500 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
$75.0K $30.00/SF
− Vacancy
−$24.0K −$9.60/SF
EGI
$51.0K $20.40/SF
− OpEx
−$12.8K −$5.10/SF
NOI
$38.3K $15.30/SF
Area
Hunterdon County, NJ
Vacancy
32.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$765,000
Cap Rate 7%
$546,429
Cap Rate 9%
$425,000
Alternative Uses
Best Use
Office B
$546.4K
$478.1K – $637.5K
NOI $38,250 @ 7.0% cap · market cap 6.97%
Second Best
Retail
$509.8K
$446.0K – $594.7K
NOI $35,683 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$652.8K
$571.2K – $761.6K
NOI $45,696 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,487
Businesses Nearby
Explore this area
Business Placement
Demographics for 08822, NJ
31,844
Population
12,274
Households
2.6
Avg Household Size
44
Median Age
57%
College-Educated
94%
High-School Grad
64.7 sq mi
ZIP Area
492
Density / Sq Mi
$137,698
Median Household Income
$67,198
Median Earnings
$1,685
Median Rent
$513,900
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?
Office building - Central air, off-street parking, and a vacant main floor support owner-user or leasing plans.
Where is this office building located?
The property is located at 134 MAIN ST Unit 1 Flemington, NJ.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Historic commercial building constructed in 1900; Spacious main floor delivered vacant; High ceilings and original wood flooring
