Classic Brownstone in Historic
For Sale
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202 W State St, Trenton, NJ 08608
Four-story brownstone building in Trenton's State House Historic District.
Property Size5,000 SF
Price / SF$115
Days on Market3204
Property Features for 202 W State St
General Information
Standard status
Active
Size
5,000 SF
Class
B
Property subtype
Office
Zoning
BA-Historic District
Lease Type
Gross
Building Details
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
Segal LaBate Commercial Real Estate
Listed By:
Anne LaBate · License #NJ 9587202
(609) 394-7557
Source:
Crexi
Added: Dec 6, 2017
Changed: Sep 10
Last Checked: Sep 13 at 7:11AM
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.
Located in Trenton's State House Historic District, this offering includes a classic 4-story brownstone building comprised of two parcels. One parcel, identified as Block 3707, Lot 3, features a masonry structure with a building footprint of approximately 1,400 square feet and a total above-grave area of 5,026 square feet. The second parcel, Block 3706, Lot 1, is a paved lot situated on the corner of Capital Street and Greens Place.
Key Highlights
- Located in Trenton's State House Historic District
- Includes a 4‑story building with approximately 5,026 SF of above‑grave area and a paved lot
- Building footprint is approximately 1,400 SF
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
$44,856
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
7.80%
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%
$897,120
$897.1K
Cap Rate 7%
$640,800
$640.8K
Cap Rate 9%
$498,400
$498.4K
Market Conditions
NOI Build-Up for 5,000 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
$67.2K $13.44/SF
− Vacancy
−$7.4K −$1.48/SF
EGI
$59.8K $11.96/SF
− OpEx
−$15.0K −$2.99/SF
NOI
$44.9K $8.97/SF
Area
Mercer County, NJ
Vacancy
11.00%
Lease Rate
$13.44 /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%
$897,120
Cap Rate 7%
$640,800
Cap Rate 9%
$498,400
Alternative Uses
Best Use
Office B
$640.8K
$560.7K – $747.6K
NOI $44,856 @ 7.0% cap · market cap 7.80%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.61M
$1.41M – $1.88M
NOI $112,608 @ 7.0% cap · market cap 19.58%
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
2,040
Businesses Nearby
Explore this area
Business Placement
Demographics for 08608, NJ
1,269
Population
645
Households
2
Avg Household Size
41
Median Age
25%
College-Educated
77%
High-School Grad
0.3 sq mi
ZIP Area
4,230
Density / Sq Mi
$48,232
Median Earnings
$1,009
Median Rent
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Four-story brownstone building in Trenton's State House Historic District.
Where is this office building located?
The property is located at 202 W State St Trenton, NJ.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Located in Trenton's State House Historic District; Includes a 4‑story building with approximately 5,026 SF of above‑grave area and a paved lot; Building footprint is approximately 1,400 SF
