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    Flemington Auto-Dealership Corridor Land Title is generated by Realmo AI

    198 Hwy202/31, Flemington, NJ 08822

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    Claim this Listing
    For Sale
    $2,700,000

    Other - Raritan Twp., NJ

    Lot size:
    12.31 Acres
    Added:
    Feb 3, 2026
    Days on Market:
    99
    Last Refresh:
    May 13 at 2:06 am

    Property Features for 198 Hwy202/31

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Lot size
    12.31 Acres

    Taxes and HOA fees

    Tax Annual Amount
    21620

    Utilities

    Heating system
    See Remarks (Heating)

    Building Details

    Roof type
    See Remarks
    Architectural style
    Other

    We can help!

    Listing Contact
    John Carriere
    John Carriere

    Listing agent John Carriere

    Listing office BHHS Fox & Roach Hunterdon County Regional Office 54 Old Highway 22, NJ

    Listing date Feb 3, 2026

    MLS# 4007999 Listing URL

    Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Rare multi‑acre development opportunity in Hunterdon County
    • B‑2 zoning allows for a wide range of advantageous uses including retail, commercial, parking, and gas stations
    • NJDEP No Further Action (NFA) determination upon delivery
    • $5,000,000 environmental insurance policy from Lloyd's of London for 10 years
    • Located in the heart of Flemington's auto‑dealership corridor
    • Buyer has full use of the property upon closing, subject only to standard building permits

    Overview

    This 12.31-acre site is located in the heart of Flemington’s auto-dealership corridor. It is situated within the B-2 zone, which allows for a wide range of permitted uses. These include retail, commercial greenhouses, mini-warehouses, public and private parking facilities, gasoline filling stations and repair uses, and shopping centers. The property is undergoing limited remediation and will be delivered with a New Jersey Department of Environmental Protection No Further Action determination. A 10-year, $5,000,000 environmental insurance policy from Lloyd’s of London will be provided for buyer protection. Upon closing, the buyer will have full use of the property, subject only to obtaining standard building permits. This is one of the last remaining multiacre development opportunities in Hunterdon County, making it a strategic acquisition.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Flemington
    County
    Hunterdon
    State
    New Jersey
    Longitude
    -74.862664
    Latitude
    40.485049

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    FAQs

    What type of property is this?
    Commercial land - Multi-acre development opportunity in Hunterdon County's auto-dealership corridor.
    Where is this commercial land located?
    The property is located at 198 Hwy202/31 Flemington, NJ.
    What is the asking price?
    The asking price for this property is $2,700,000.
    What are key features of this property?
    This property features: Rare multi‑acre development opportunity in Hunterdon County; B‑2 zoning allows for a wide range of advantageous uses including retail, commercial, parking, and gas stations; NJDEP No Further Action (NFA) determination upon delivery
    (908) 581-0300
    We can help!
    Listing Contact
    John Carriere
    John Carriere
    Learn More
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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    198 Hwy202/31, Raritan Twp., NJ 08822
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