Two-Story Class A Office
For Sale
Contact for pricing
29 Thanet Rd, Princeton, NJ 08540
Renovated two-story Class A office building on 9.26 acres with 179 surface parking spaces and 1,600 AMPs service.
Property Size48,167 SF
Lot Size9.26 Acres
Price / SF$140.14
Days on Market535
Property Features for 29 Thanet Rd
General Information
Standard status
Active
Size
48,167 SF
Class
A
Total Parking Spaces
179
Lot size
9.26 Acres
Property subtype
OFFICE
Zoning
OR2
Additional Details
Highway Access
Yes
Heavy Power
Yes
Building Details
Year Built
1974
Year Renovated
2006
Stories
2
Listing Agency:
Fennelly Associates
(609) 520-0061
Listed By:
Gerard J. Fennelly
(609) 306-3158
Source:
Moodyscre
Added: Mar 27, 2025
Changed: Aug 11
Last Checked: Sep 11 at 10:34AM
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 Fennelly Associates
Investment Insights
Based on property information with market context.
This 2-story Class A office building was built in 1974 and renovated in 2006. The property totals 48,167 square feet and includes 179 surface parking spaces for tenant and visitor access. Power service is listed at 1,600 AMPs via PSE&G.
The site is located in Princeton, NJ, with access to Routes 206, 27, and Route 1. The property is zoned OR2 Office Research.
The property has approved use categories listed as General, Medical, Laboratory, Corporate Lodging, and Laboratory, including any uses of a research nature involving scientific investigation, research, or engineering. The listing also notes laboratory uses in the approved categories.
The site is located in Princeton, NJ, with access to Routes 206, 27, and Route 1. The property is zoned OR2 Office Research.
The property has approved use categories listed as General, Medical, Laboratory, Corporate Lodging, and Laboratory, including any uses of a research nature involving scientific investigation, research, or engineering. The listing also notes laboratory uses in the approved categories.
Key Highlights
- 48,167 SF, two‑story Class A office building on 9.26 acres
- Built in 1974; renovated in 2006
- 179 surface parking spaces
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
$432,116
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
6.40%
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%
$8,642,320
$8.6M
Cap Rate 7%
$6,173,086
$6.2M
Cap Rate 9%
$4,801,289
$4.8M
Market Conditions
NOI Build-Up for 48,167 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
$647.4K $13.44/SF
− Vacancy
−$71.2K −$1.48/SF
EGI
$576.2K $11.96/SF
− OpEx
−$144.0K −$2.99/SF
NOI
$432.1K $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%
$8,642,320
Cap Rate 7%
$6,173,086
Cap Rate 9%
$4,801,289
Alternative Uses
Best Use
Office B
$6.17M
$5.40M – $7.20M
NOI $432,116 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$15.50M
$13.56M – $18.08M
NOI $1,084,798 @ 7.0% cap · market cap 16.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
954
Businesses Nearby
Explore this area
Business Placement
Demographics for 08540, NJ
48,216
Population
19,255
Households
2.5
Avg Household Size
41
Median Age
82%
College-Educated
98%
High-School Grad
51.7 sq mi
ZIP Area
933
Density / Sq Mi
$169,898
Median Household Income
$80,357
Median Earnings
$2,083
Median Rent
$723,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Renovated two-story Class A office building on 9.26 acres with 179 surface parking spaces and 1,600 AMPs service.
Where is this office building located?
The property is located at 29 Thanet Rd Princeton, NJ.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: 48,167 SF, two‑story Class A office building on 9.26 acres; Built in 1974; renovated in 2006; 179 surface parking spaces
