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    34 Somerset St Raritan, NJ 08869

    Sponsored
    For Sale
    $1,700,000

    TD Bank anchored, value-add potential.

    Property size:
    4,868 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This fee-simple retail property in Raritan, NJ, presents a compelling value-add investment opportunity. The 4,868 square foot building, constructed in 1985, sits on a 0.52-acre lot and features a single story with one building and two units. Currently 50% occupied by TD Bank, a tenant with a strong track record (2024 deposits exceeding $339 million), under a gross lease with 5 years remaining and a 5-year option. The lease includes annual rent bumps of 2%. The property boasts 2,738 square feet of vacant space on the first floor, plus an additional approximately 4,000 square feet of vacant lower-level space, previously used as a medical office. The convenient location on Somerset Street (Route 626), near Route 206 and the Somerville Circle, offers high visibility and access to a major retail corridor and commuter route. The property is zoned B-1 (Central Business District) and includes 31 parking spaces and two drive-thru lanes. The asking price is $1,700,000, translating to $349.22 per square foot. This property offers significant upside potential through lease-up of the vacant space and strong existing income from a creditworthy tenant. The property's location and existing infrastructure make it suitable for a variety of retail or office uses.

    Property Features for 34 Somerset St

    General Information

    Property type
    Individual retail properties
    Square Feet
    4,868 SF
    Lot Size
    22,651 SF

    Building Details

    Year Built
    1985
    Buildings
    1
    Stories
    1
    Units
    2

    HighLights

    • Fee‑simple retail property in Raritan, NJ, totaling 4,868 square feet on a 0.52‑acre lot.
    • 50% occupied by TD Bank under a gross lease with 5 years remaining plus a 5‑year option, including 2% annual rent increases.
    • 2,738 SF of vacant first‑floor space and approximately 4,000 SF of vacant lower‑level space.
    • High‑visibility location on Route 626, near Route 206 and Somerville Circle, with 31 parking spaces and two drive‑thru lanes.
    • Asking price: $1,700,000 ($349.22/SF). TD Bank's 2024 deposits exceeded $339 million, placing it in the top 10% system‑wide.
    Property Profile Location Intelligence

    Current Use by Public Records

    Morristown Memorial Wound ... Doctor Morristown Memorial Wound ... Doctor Shah Ashish MD Doctor Morristown Memorial Wound ... Doctor Morristown Memorial Wound ... Doctor

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Raritan
    County
    Somerset
    State
    New Jersey
    Longitude
    -74.6308647
    Latitude
    40.568256

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    FAQs

    What type of property is this?
    Individual retail property - TD Bank anchored, value-add potential.
    Where is this individual retail property located?
    The property is located at 34 Somerset St Raritan, NJ.
    What is the asking price?
    The asking price for this property is $1,700,000.
    What are key features of this property?
    This property features: Fee-simple retail property in Raritan, NJ, totaling 4,868 square feet on a 0.52-acre lot.; 50% occupied by TD Bank under a gross lease with 5 years remaining plus a 5-year option, including 2% annual rent increases.; 2,738 SF of vacant first-floor space and approximately 4,000 SF of vacant lower-level space.
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    Raritan, NJ 08869
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    Realmo Value Estimation

    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.

    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.

    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
    34 Somerset St Raritan, NJ 08869
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