Princeton Junction Office/Medical
For Sale
Contact for pricing
231 Clarksville Rd, West Windsor Township, NJ 08550
27,773 SF office/medical complex near Princeton Junction Train Station.
Property Size27,773 SF
Price / SF$156.63
Days on Market2258
Property Features for 231 Clarksville Rd
General Information
Standard status
Active
Size
27,773 SF
Class
B
Property subtype
Office, Retail
Zoning
ROM4
Occupancy
93%
Lease Type
Modified Gross
Building Details
Year Built
1986
Buildings
1
Stories
1
Units
11
Tenancy
Multi
Listing Agency:
Fennelly Associates, Inc
Listed By:
Jerry Fennelly · License #NJ 8131550
Source:
Crexi
Added: Jul 1, 2020
Changed: Aug 25
Last Checked: Sep 3 at 10:11AM
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, Inc
Investment Insights
Based on property information with market context.
This 27,773 square foot office and medical complex is located in the heart of Princeton Junction in Mercer County, New Jersey. The property is situated within walking distance of the Princeton Junction Train Station and is approximately 15 minutes from Princeton. The building features operable windows and separate mechanical systems. There are 110 parking spaces available. The location offers convenient access to Route 1 and Route 130. Nearby amenities include a shopping center adjacent to the building with food, entertainment, and daycare options, as well as Quakerbridge Mall, Market Fair, and Mercer Mall. The property is a four-minute drive from US Route 1 and provides access to the Northeast Corridor Line, offering access to New York City and Philadelphia. The property is located in Block 10, Lot 19 and is zoned ROM4. Taxes are $98,030.39.
Key Highlights
- Walk to Princeton Junction Train Station for easy access to NYC & Philadelphia
- 27,773 SF Office/Medical Complex
- 110 Parking Spaces available
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
$385,662
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
8.87%
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%
$7,713,240
$7.7M
Cap Rate 7%
$5,509,457
$5.5M
Cap Rate 9%
$4,285,133
$4.3M
Market Conditions
NOI Build-Up for 27,773 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
$819.9K $29.52/SF
− Vacancy
−$177.1K −$6.38/SF
EGI
$642.8K $23.14/SF
− OpEx
−$257.1K −$9.26/SF
NOI
$385.7K $13.89/SF
Area
Mercer County, NJ
Vacancy
21.60%
Lease Rate
$29.52 /SF/Yr
Expense Ratio
40.00%
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%
$7,713,240
Cap Rate 7%
$5,509,457
Cap Rate 9%
$4,285,133
Alternative Uses
Best Use
Healthcare Medical
$5.51M
$4.82M – $6.43M
NOI $385,662 @ 7.0% cap · market cap 8.87%
Second Best
Office B
$3.56M
$3.11M – $4.15M
NOI $249,157 @ 7.0% cap · market cap 5.73%
Theoretical Best
Warehouse
$8.94M
$7.82M – $10.42M
NOI $625,492 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
323
Businesses Nearby
Balanced
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - 27,773 SF office/medical complex near Princeton Junction Train Station.
Where is this medical office space located?
The property is located at 231 Clarksville Rd West Windsor Township, NJ.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: Walk to Princeton Junction Train Station for easy access to NYC & Philadelphia; 27,773 SF Office/Medical Complex; 110 Parking Spaces available
