Historic Mixed-Use Building in
For Sale
$1,685,000
24 N Main Street, Pennington, NJ 08534
Well-maintained mixed-use building with retail/office space and leased upper floors.
Property Size6,236 SF
Price / SF$270.21
Days on Market289
Property Features for 24 N Main Street
General Information
Standard status
Active
Size
6,236 SF
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1900
Listing Agency:
BHHS Fox & Roach Hopewell Valley
(609) 468-3838
Listed By:
Gough W Thompson III · License #900694
Source:
Deepcreeklake
Added: Nov 8, 2025
Changed: Aug 23
Last Checked: Aug 24 at 6:37AM
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 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
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
$82,315
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
4.89%
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%
$1,646,300
$1.6M
Cap Rate 7%
$1,175,929
$1.2M
Cap Rate 9%
$914,611
$914.6K
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
$149.7K $24.00/SF
− Vacancy
−$18.0K −$2.88/SF
EGI
$131.7K $21.12/SF
− OpEx
−$49.4K −$7.92/SF
NOI
$82.3K $13.20/SF
Area
Mercer County, NJ
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,646,300
Cap Rate 7%
$1,175,929
Cap Rate 9%
$914,611
Alternative Uses
Best Use
Mixed Use
$1.18M
$1.03M – $1.37M
NOI $82,315 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
721
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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 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: 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
