Building Details

Year Built 1935

Buildings 3

Stories 2

Listing Agency: Corcoran Sawyer Smith - Princeton s***@corcoranss.com Show Phone

Listed By: Robert J Lopez · License #RS381254 Show Phone

Source: Cummingsrealtors

Added: Sep 14 Changed: Nov 3 Last Checked: Nov 3 at 7:02AM

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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 Corcoran Sawyer Smith - Princeton

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Investment Insights

Based on property information with market context.

This flex space property includes a two-story main building with 1 full bath and approximately 2400SF. An additional 1800SF + warehouse provides substantial storage or operational area, while a third building offers separate workspace. The property has most recently been used for cold storage and previously operated as an antique shop.

Located on Route 31, the property is less than 1 mile from I-95 and minutes from the 31 Circle and the historic town of Pennington. It is zoned HBO (Highway Business Office), with a configuration that includes multiple buildings and distinct work areas.

Key Highlights

• Two‑story building with 1 full bath
• Approximately 2400SF main building
• Additional 1800SF + warehouse space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,325

Cap Rate

4.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$406,500 $406.5K

Cap Rate 7%

$290,357 $290.4K

Cap Rate 9%

$225,833 $225.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,400 SF

Gross rent

$33.7K $14.04/SF

− Vacancy

−$2.4K −$1.01/SF

EGI

$31.3K $13.03/SF

− OpEx

−$10.9K −$4.56/SF

NOI

$20.3K $8.47/SF

Area

Mercer County, NJ

Vacancy

7.20%

Lease Rate

$14.04 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$406,500

Cap Rate 7%

$290,357

Cap Rate 9%

$225,833

Alternative Uses

Best Use

Warehouse

$772.2K

$675.7K – $900.9K (±1% cap)

NOI $54,052 @ 7.0% cap · market cap 12.57%

Second Best

Industrial

$641.4K

$561.3K – $748.3K (±1% cap)

NOI $44,900 @ 7.0% cap · market cap 10.44%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Building Supply Restaurant Hair Salon Auto Parts Store Spa & Massage Center Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

328

Businesses Nearby

Balanced

Demand for This Use

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

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Industrial Warehouse with High Ceilings

109 Titus Mill Road, Pennington, NJ 08534

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25,600 SF

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Frequently Asked Questions

What type of property is this?

Flex space - HBO-zoned property with multiple structures, warehouse capacity, and a separate workspace building.

Where is this flex space located?

The property is located at 2516 PENNINGTON ROAD Pennington, NJ.

What is the asking price?

The asking price for this property is $429,900.

What are key features of this property?

This property features: Two‑story building with 1 full bath; Approximately 2400SF main building; Additional 1800SF + warehouse space