Historic Mixed-Use Building in
24 N Main St Pennington, NJ 08534
24 N Main St, Pennington, NJ, 08534
$1,685,000
For Sale
$1,685,000
Well-maintained mixed-use building with retail/office space and leased upper floors.
Property Size6,236 SF
Lot Size0.13 Acres
Price / SF$270.21
Days on Market166
Property Features for 24 N Main St
General Information
- Standard status
- Active
- Size
- 6,236 SF
- Lot size
- 0.13 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1900
Listing Agency
BHHS FOX & ROACH HOPEWELL VALLEY
(609) 737-9100
Listed by
GOUGH W THOMPSON III · License #900694
Source
Corcoran
Added: Feb 4 Updated: Jul 6 at 9:59 am Checked: Jul 20 at 6:32 am
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 BHHS FOX & ROACH HOPEWELL VALLEY
Investment Insights
Based on property information with market context.
Located in the center of Pennington Borough, this historic mixed-use building at 24 N Main Street offers both owner-user and investment opportunities. Originally built in 1890 as the Pennington Fire Station, it was converted to Borough Hall and Library in 1929 and substantially updated in 1997, with interior flooring and paint refreshed in 2019. The first floor, comprising 2,968 square feet, is handicap accessible and features a street-level storefront with a separate entrance leading to a large open-plan space suitable for retail or office use. An adjacent oversized room is currently configured as a conference area. There are two bathrooms and a pantry area. The space can be subdivided into at least two units, with a minimum size of approximately 801 square feet. The second and third floors, totaling 3,268 square feet, are fully leased long-term to an architectural firm. These floors feature hardwood floors, tall ceilings, large windows, and excellent natural light. The second floor includes up to eight private offices, a common work area, and two bathrooms. The third-floor mezzanine offers a large open workspace. The property includes two reserved on-site parking spaces, with additional parking available in the adjacent municipal lot. It is ideal for retail, professional office, or mixed-use users seeking a downtown presence with existing income.
Key Highlights
- Prime downtown Pennington location with high visibility
- Mixed‑use building offering both owner‑user and investment potential
- Fully leased second and third floors provide immediate income
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $139.9k | $22.44 |
| − Vacancy | −$6.7k | −$1.08 |
| EGI | $133.2k | $21.36 |
| − OpEx | −$40.0k | −$6.41 |
| NOI | $93.3k | $14.95 |
6,236 SF · lease $22.44/SF/yr · vacancy 4.80% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.33M
$1.17M – $1.55M
NOI $93,253 @ 7.0% cap · market cap 5.53%
Second Best
Mixed Use
$1.18M
$1.03M – $1.37M
NOI $82,315 @ 7.0% cap · market cap 4.89%
Theoretical Best
Warehouse
$2.01M
$1.76M – $2.34M
NOI $140,445 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
The Front Porch
(Bike/Boat/Book/etc) Store
G&R
Advertising Agency
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Well-maintained mixed-use building with retail/office space and leased upper floors.
Where is this mixed-use property located?
The property is located at 24 N Main St Pennington, NJ.
What is the asking price?
The asking price for this property is $1,685,000.
What are key features of this property?
This property features: Prime downtown Pennington location with high visibility; Mixed‑use building offering both owner‑user and investment potential; Fully leased second and third floors provide immediate income
