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    394 Route 31 N, Unit N Ringoes, NJ 08551

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    For Sale
    $8,499,000

    Landmark commercial property in West Amwell Pro Business Redevelopment Zone.

    Lot size:
    28.33 Acres

    Property Features for 394 Route 31 N

    General Information

    Standard status
    Active
    Lot size
    28.33 Acres

    Building Details

    Year built
    2000

    We can help!

    Listing Contact
    Caryn M. Black
    Source: Corcoran

    Listing Agency: B&B LUXURY PROPERTIES Listing Agent: Caryn M. Black

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    29-Acre Commercial Property on Route 31

    This 29-acre commercial property is located within the West Amwell Pro Business Redevelopment Zone. Situated on Route 31, the site benefits from over 2,000 feet of highway frontage and a daily traffic count exceeding 38,000 vehicles, with projections indicating a rise to over 50,000 within the next five years. The Pro Business Redevelopment Zone allows for development parameters such as rear setbacks reduced to 25 feet and 80% coverage. The property also falls within the State of New Jersey and County Grant Zone. Approved zoning uses include cannabis operations (medical grow, retail sales to the public, wholesale grow and distribution), hospitality craft production (brewery, distillery, or winery), and commercial development with potential for up to a 4-story hotel, motel, or mixed-use complex. There are two sub stations on the property. The township has invested in infrastructure improvements, including a dedicated turning lane for the property. Currently, the property operates as an income-producing site, featuring nine rental entities: a liquor store with a 15-year lease, two 18-hole miniature golf courses, a clubhouse/restaurant with a 2,000 sq. ft. patio, three offices/apartments above the clubhouse, a gray retail building, a red building/garage, an ice cream store/restaurant with offices/apartment above, and an 8-acre outdoor catering and event area. There are 5 wells and 8 ponds on the property, as well as a parking lot for up to 400 cars. An adjacent 7-acre parcel in the same redevelopment zone is also available for sale.
    Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

    Restaurant Building Supply Auto Repair Shop Department Store Kitchen & Bath Showroom Food Market Grocery & Convenience Store Storage Facility Electronics & Wireless Store Car Rental Facility

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ringoes
    County
    Hunterdon
    State
    New Jersey
    Longitude
    -74.84522
    Latitude
    40.396241

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    FAQs

    What type of property is this?
    Mixed-use property - Landmark commercial property in West Amwell Pro Business Redevelopment Zone.
    Where is this mixed-use property located?
    The property is located at 394 Route 31 N, Unit N Ringoes, NJ.
    What is the asking price?
    The asking price for this property is $8,499,000.
    What are key features of this property?
    This property features: - Located in the West Amwell Pro Business Redevelopment Zone: Offers exceptional development parameters.; - **High Traffic Location:** Situated on Route 31 with over 2,000 feet of highway frontage and a high daily traffic count (38,000+ vehicles, projected to exceed 50,000).; - **Diverse Approved Zoning Uses:** Includes cannabis operations, hospitality, craft production, and commercial development.
    (215) 436-9772
    Request Owner's contact information
    394 Route 31 N, Unit N Ringoes, NJ 08551
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    Ringoes, NJ 08551
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    394 Route 31 N, Unit N Ringoes, NJ 08551
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    We can help!
    Listing Contact
    Caryn M. Black
    Real Estate License ID: RS283866
    (215) 436-9772 (267) 614-6484 (215) 794-3227
    Learn more
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