Freestanding Two-Story Office
For Sale
$2,399,000
37 Station Drive, West Windsor, NJ 08550
Commercial Sale, West Windsor, NJ
Property Size9,616 SF
Lot Size0.67 Acres
Price / SF$249.48
Days on Market68
Property Features for 37 Station Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
ROM2
Parking
73
Interior features
Refrigeration
Appliances
Refrigeration
Lot features
Near Train
Directions
Located at the Princeton Junction Train Station minutes from Princeton, Penn Medicine, Route 1, etc.
Standard status
Active
APN
1300006000000010
Size
9,616 SF
Lot size
0.67 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
22414
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Radiant
Cooling system
Central Air
Water source
Public, Private
Building Details
Year built
1980
Floors in Building
2
Flooring type
Tile, Wood, Linoleum
Building materials
Block, Stucco
Roof type
Asphalt
Listing Agency:
DAVIS REALTORS
Listed By:
Brian Walsh
(732) 254-6700
Added: Jul 1
Changed: Sep 1
Last Checked: Sep 6 at 5:06AM
MLS# 2700031R
Copyright © 2026 All Jersey 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 freestanding office property contains 9,616 square feet across two stories and is arranged as seven separate suites. Six suites are currently rented, leaving potential space for an owner-occupier. The building has separate electric and gas meters for each tenant, central air, radiant and baseboard heating, an upgraded facade, and a newer roof. Construction includes block and stucco, with linoleum, wood, and tile flooring. The property is zoned ROM-2 and occupies 0.6703 acres across two separate lots.
The site is positioned at the entrance to Princeton Junction Train Station, with walking access to the station and rail service connecting to New York City and Philadelphia. It is also near downtown Princeton, Penn Medicine Hospital, Princeton University, and the 600-unit Avalon W Squared at Princeton Junction. Parking totals 73 spaces, including 40 daily rental spaces in a secondary lot. Public sewer and both private and public water sources serve the property.
The site is positioned at the entrance to Princeton Junction Train Station, with walking access to the station and rail service connecting to New York City and Philadelphia. It is also near downtown Princeton, Penn Medicine Hospital, Princeton University, and the 600-unit Avalon W Squared at Princeton Junction. Parking totals 73 spaces, including 40 daily rental spaces in a secondary lot. Public sewer and both private and public water sources serve the property.
Key Highlights
- 9,616 SF two‑story freestanding office building
- Seven separate suites; six are currently rented
- 0.6703 acres across 2 separate lots
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
$86,267
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
3.60%
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%
$1,725,340
$1.7M
Cap Rate 7%
$1,232,386
$1.2M
Cap Rate 9%
$958,522
$958.5K
Market Conditions
NOI Build-Up for 9,616 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
$129.2K $13.44/SF
− Vacancy
−$14.2K −$1.48/SF
EGI
$115.0K $11.96/SF
− OpEx
−$28.8K −$2.99/SF
NOI
$86.3K $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%
$1,725,340
Cap Rate 7%
$1,232,386
Cap Rate 9%
$958,522
Alternative Uses
Best Use
Office B
$1.23M
$1.08M – $1.44M
NOI $86,267 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.09M
$2.71M – $3.61M
NOI $216,568 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
663
Businesses Nearby
Explore this area
Business Placement
Demographics for 08550, NJ
21,034
Population
7,839
Households
2.7
Avg Household Size
43
Median Age
84%
College-Educated
99%
High-School Grad
19.1 sq mi
ZIP Area
1,101
Density / Sq Mi
$206,658
Median Household Income
$121,740
Median Earnings
$2,694
Median Rent
$758,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Seven-suite office property with dedicated parking and direct access to Princeton Junction Train Station.
Where is this office building located?
The property is located at 37 Station Drive West Windsor, NJ.
What is the asking price?
The asking price for this property is $2,399,000.
What are key features of this property?
This property features: 9,616 SF two‑story freestanding office building; Seven separate suites; six are currently rented; 0.6703 acres across 2 separate lots
