Historic Executive Office
For Sale
Contact for pricing
226 West State Street, Trenton, NJ 08608
Executive office property with rear parking and access to Trenton’s downtown business district.
Property Size4,290 SF
Price / SF$134.03
Days on Market140
Property Features for 226 West State Street
General Information
Standard status
Active
Size
4,290 SF
Class
B
Property subtype
Multifamily, Office, Mixed Use
Zoning
His
Building Details
Year Built
1897
Stories
3
Units
4
Listing Agency:
Segal LaBate Commercial Real Estate
(609) 394-7557
Listed By:
Anne LaBate · License #NJ 9587202
Source:
Crexi
Added: Apr 13
Changed: Aug 30
Last Checked: Aug 30 at 7:37AM
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.
Built in 1897, this historic office building provides 4,290 square feet of executive office space in downtown Trenton. The property includes rear parking for 10-plus cars and is zoned His.
The building is near the New Jersey State House, state legislative offices, New Jersey State Library, State Museum, and other cultural attractions. Routes 29 and 1 are immediately accessible, with connections to Interstates 95, 195, and 295 via Calhoun Street.
The building is near the New Jersey State House, state legislative offices, New Jersey State Library, State Museum, and other cultural attractions. Routes 29 and 1 are immediately accessible, with connections to Interstates 95, 195, and 295 via Calhoun Street.
Key Highlights
- 4,290 square feet of executive office space
- 1897 construction date
- Rear parking for 10‑plus cars
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
$38,486
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
6.69%
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%
$769,720
$769.7K
Cap Rate 7%
$549,800
$549.8K
Cap Rate 9%
$427,622
$427.6K
Market Conditions
NOI Build-Up for 4,290 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
$57.7K $13.44/SF
− Vacancy
−$6.3K −$1.48/SF
EGI
$51.3K $11.96/SF
− OpEx
−$12.8K −$2.99/SF
NOI
$38.5K $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%
$769,720
Cap Rate 7%
$549,800
Cap Rate 9%
$427,622
Alternative Uses
Best Use
Office B
$549.8K
$481.1K – $641.4K
NOI $38,486 @ 7.0% cap · market cap 6.69%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.38M
$1.21M – $1.61M
NOI $96,618 @ 7.0% cap · market cap 16.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
839
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
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 - Executive office property with rear parking and access to Trenton’s downtown business district.
Where is this office building located?
The property is located at 226 West State Street 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: 4,290 square feet of executive office space; 1897 construction date; Rear parking for 10‑plus cars
