Leased Mixed-Use
For Sale
$1,685,000
24 N MAIN Street, Pennington, NJ 08534
Commercial Sale, PENNINGTON, NJ
Property Size6,236 SF
Lot Size0.13 Acres
Price / SF$270.21
Days on Market218
Property Features for 24 N MAIN Street
General Information
Property type
Other
Property subtype
Office
Parking
2
Parking features
Parking Lot, On Street
Elementary school district
HOPEWELL VALLEY REGIONAL SCHOOLS
Middle school district
HOPEWELL VALLEY REGIONAL SCHOOLS
High school district
HOPEWELL VALLEY REGIONAL SCHOOLS
Standard status
Active
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
22282
Utilities
Heating system
Forced Air
Cooling system
Central Air, Wall Unit(s)
Amenities
handicap accessible
hardwood floors
tall ceilings
large windows
natural light
Building Details
Year built
1900
Number of units
3
Building materials
Brick
Listing Agency:
BHHS Fox & Roach Hopewell Valley
(609) 737-9100
Listed By:
Gough W Thompson III · License #900694
(609) 468-3838
Added: Feb 5
Changed: Sep 4
Last Checked: Sep 11 at 7:06AM
MLS# NJME2072436
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick mixed-use property at 24 N Main Street includes 6,236 SF across three levels. The 2,968 SF first floor is handicap accessible and divided into three suites with individual street entrances. One 1,207 SF suite is available for retail or office use, while the remaining first-floor spaces are leased to professional and office users. Shared amenities include two bathrooms and a pantry area.
The second and third floors provide 3,268 SF leased to an architectural firm. Their layout includes private offices, shared work areas, hardwood flooring, tall ceilings, large windows, abundant natural light, and two additional bathrooms. The building was substantially updated in 1997, with flooring and paint refreshed in 2019. Two reserved on-site parking spaces supplement parking in the adjacent municipal lot and on the street. Central air, wall-unit cooling, and forced-air heating serve the property.
The second and third floors provide 3,268 SF leased to an architectural firm. Their layout includes private offices, shared work areas, hardwood flooring, tall ceilings, large windows, abundant natural light, and two additional bathrooms. The building was substantially updated in 1997, with flooring and paint refreshed in 2019. Two reserved on-site parking spaces supplement parking in the adjacent municipal lot and on the street. Central air, wall-unit cooling, and forced-air heating serve the property.
Key Highlights
- 6,236 SF mixed‑use building at 24 N Main Street, Pennington, NJ
- 2,968 SF handicap‑accessible first floor with three street‑level suites
- 1,207 SF retail suite available for office or retail use
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
$93,253
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
5.53%
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%
$1,865,060
$1.9M
Cap Rate 7%
$1,332,186
$1.3M
Cap Rate 9%
$1,036,144
$1.0M
Market Conditions
NOI Build-Up for 6,236 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
$139.9K $22.44/SF
− Vacancy
−$6.7K −$1.08/SF
EGI
$133.2K $21.36/SF
− OpEx
−$40.0K −$6.41/SF
NOI
$93.3K $14.95/SF
Area
Mercer County, NJ
Vacancy
4.80%
Lease Rate
$22.44 /SF/Yr
Expense Ratio
30.00%
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%
$1,865,060
Cap Rate 7%
$1,332,186
Cap Rate 9%
$1,036,144
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 authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
Explore this area
Business Placement
Demographics for 08534, NJ
12,955
Population
5,107
Households
2.5
Avg Household Size
45
Median Age
72%
College-Educated
97%
High-School Grad
21.8 sq mi
ZIP Area
594
Density / Sq Mi
$180,491
Median Household Income
$94,154
Median Earnings
$2,106
Median Rent
$573,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level suites combine retail and office layouts, with upper floors occupied by a long-term architectural firm.
Where is this mixed-use property located?
The property is located at 24 N MAIN Street 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: 6,236 SF mixed‑use building at 24 N Main Street, Pennington, NJ; 2,968 SF handicap‑accessible first floor with three street‑level suites; 1,207 SF retail suite available for office or retail use
