3-Unit Mixed-Use
For Sale
Contact for pricing
849 West State Street, Trenton, NJ 08618
Two brick buildings combine residential, commercial, and storage components with on-site parking along an established urban corridor.
Property Size6,970 SF
Lot Size0.17 Acres
Price / SF$143.47
Days on Market10
Property Features for 849 West State Street
General Information
Standard status
Active
Size
6,970 SF
Lot size
0.17 Acres
Property subtype
Multifamily, Office, Mixed Use
Occupancy
86%
Investment Type
Value Add
Net Operating Income
$72,205
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
1
Building Details
Year Built
1916
Year Renovated
2016
Buildings
2
Stories
3
Units
3
Tenancy
Multi
Construction
brick
Listing Agency:
Horvath & Tremblay
(215) 302-4400
Listed By:
Mher Vartanian · License #PA RS324418
Source:
Crexi
Added: Aug 12
Changed: Aug 18
Last Checked: Aug 20 at 5:45AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This mixed-use property comprises two brick buildings totaling 6,970 square feet on a 0.17-acre site. The three-unit configuration includes one residential unit, one commercial unit leased to Hyacinth, and a 950-square-foot storage unit. Built in 1916, the property is 86.37% occupied and includes on-site parking.
The property fronts W State Street, an east-west corridor through Trenton with connections toward downtown, western neighborhoods, Ewing Township, and Lawrence Township. Regional access includes U.S. Route 1, Interstate 295, Interstate 195, and New Jersey Route 29. Nearby demand drivers include New Jersey state government operations, Capital Health Regional Medical Center, The College of New Jersey, Rider University, Princeton University, and established residential areas throughout Mercer County.
The property fronts W State Street, an east-west corridor through Trenton with connections toward downtown, western neighborhoods, Ewing Township, and Lawrence Township. Regional access includes U.S. Route 1, Interstate 295, Interstate 195, and New Jersey Route 29. Nearby demand drivers include New Jersey state government operations, Capital Health Regional Medical Center, The College of New Jersey, Rider University, Princeton University, and established residential areas throughout Mercer County.
Key Highlights
- 6,970 square feet across two brick buildings
- Three units: one residential, one commercial, and one storage
- 950‑square‑foot storage unit
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
$92,004
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
9.20%
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%
$1,840,080
$1.8M
Cap Rate 7%
$1,314,343
$1.3M
Cap Rate 9%
$1,022,267
$1.0M
Market Conditions
NOI Build-Up for 6,970 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
$167.3K $24.00/SF
− Vacancy
−$20.1K −$2.88/SF
EGI
$147.2K $21.12/SF
− OpEx
−$55.2K −$7.92/SF
NOI
$92.0K $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%
$1,840,080
Cap Rate 7%
$1,314,343
Cap Rate 9%
$1,022,267
Alternative Uses
Best Use
Apartment 5plus
$1.52M
$1.33M – $1.77M
NOI $106,380 @ 7.0% cap · market cap 10.64%
Second Best
Mixed Use
$1.31M
$1.15M – $1.53M
NOI $92,004 @ 7.0% cap · market cap 9.20%
Theoretical Best
Warehouse
$2.24M
$1.96M – $2.62M
NOI $156,976 @ 7.0% cap · market cap 15.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
86.4%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
839
Businesses Nearby
Explore this area
Business Placement
Demographics for 08618, NJ
37,544
Population
15,284
Households
2.5
Avg Household Size
34
Median Age
24%
College-Educated
86%
High-School Grad
5.9 sq mi
ZIP Area
6,363
Density / Sq Mi
$48,179
Median Household Income
$33,040
Median Earnings
$1,117
Median Rent
$211,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two brick buildings combine residential, commercial, and storage components with on-site parking along an established urban corridor.
Where is this mixed-use property located?
The property is located at 849 West State Street Trenton, NJ.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 6,970 square feet across two brick buildings; Three units: one residential, one commercial, and one storage; 950‑square‑foot storage unit
