Versatile Brick Building with
For Sale
$399,000
984 S Broad St, Trenton, NJ 08611
Spacious commercial and residential property with income potential.
Property Size3,000 SF
Lot Size0.06 Acres
Price / SF$133
Days on Market160
Property Features for 984 S Broad St
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.06 Acres
Property subtype
Commercial
Building Details
Year Built
1950
Listing Agency:
WEICHERT REALTORS-PRINCETON JUNCTION
(609) 799-3500
Listed By:
JOSEPH D BAYLIS
Source:
Corcoran
Added: Mar 10
Changed: Jul 6
Last Checked: Aug 16 at 6:16AM
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 WEICHERT REALTORS-PRINCETON JUNCTION
Investment Insights
Based on property information with market context.
This brick building, originally constructed in 1950 and expanded in 1970, offers over 3,000 square feet of space and investment potential. The first level features a renovated commercial office space suitable for professional use. Previously used as an attorney’s office for over 30 years, the space includes a reception area, four private offices, custom closet shelving for storage, and a half bath. Off-street parking is located at the rear of the building. The turnkey space is suitable for legal, medical, or other professional services. The upstairs apartment includes five bedrooms, two full bathrooms, an eat-in kitchen, and a living room. The apartment is currently leased, providing rental income. The property includes two off-street parking spaces. The property is being sold As Is, and the buyer will be responsible for obtaining the Certificate of Occupancy and any required township certifications.
Key Highlights
- Immediate rental income from existing apartment lease ($2,400/month).
- Fully renovated commercial office space on the 1st level, ready for immediate use.**
- Versatile property with both commercial and residential spaces.
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
$26,914
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
6.75%
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%
$538,280
$538.3K
Cap Rate 7%
$384,486
$384.5K
Cap Rate 9%
$299,044
$299.0K
Market Conditions
NOI Build-Up for 3,000 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
$40.3K $13.44/SF
− Vacancy
−$4.4K −$1.48/SF
EGI
$35.9K $11.96/SF
− OpEx
−$9.0K −$2.99/SF
NOI
$26.9K $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%
$538,280
Cap Rate 7%
$384,486
Cap Rate 9%
$299,044
Alternative Uses
Best Use
Apartment 5plus
$654.1K
$572.4K – $763.1K
NOI $45,788 @ 7.0% cap · market cap 11.48%
Second Best
Office B
$384.5K
$336.4K – $448.6K
NOI $26,914 @ 7.0% cap · market cap 6.75%
Theoretical Best
Warehouse
$965.2K
$844.6K – $1.13M
NOI $67,565 @ 7.0% cap · market cap 16.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,510
Businesses Nearby
Explore this area
Business Placement
Demographics for 08611, NJ
31,531
Population
11,638
Households
2.7
Avg Household Size
32
Median Age
16%
College-Educated
70%
High-School Grad
2.9 sq mi
ZIP Area
10,873
Density / Sq Mi
$50,806
Median Household Income
$29,185
Median Earnings
$1,300
Median Rent
$142,400
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 units - Spacious commercial and residential property with income potential.
Where is this office units located?
The property is located at 984 S Broad St Trenton, NJ.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Immediate rental income from existing apartment lease ($2,400/month).; Fully renovated commercial office space on the 1st level, ready for immediate use.**; Versatile property with both commercial and residential spaces.
