Historic Pennington Mixed-Use Building

PENNINGTON, NJ 08534 Pennington, NJ 08534

Claim this Listing
For Sale
$1,685,000

SINGLE_FAMILY - PENNINGTON, NJ

Property size:
6,236 SF
Lot size:
0.13 Acres
Price / SF:
$270/SF
Added:
Feb 5, 2026
Days on Market:
155
Last Refresh:
Jul 10 at 10:06 pm

Property Features

General Information

Property type
Residential
Property subtype
Other
Standard status
Active
Size
6,236 SF
Lot size
0.13 Acres

Building Details

Year built
1900

Listing agent Gough "Winn" Thompson License #900694

Listing office BHHS Fox & Roach Hopewell Valley NJ

Listing date Feb 5, 2026

MLS# NJME2072436

Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.


Investment Insights

Based on property information with market context.

Located in the center of Pennington Borough, 24 N Main Street is a historic mixed-use building. Originally constructed in 1890 as the Pennington Fire Station, the building was converted to Borough Hall and Library in 1929 and updated in 1997, with interior flooring and paint refreshed in 2019. The building has a total size of 6,236 square feet and sits on a 0.13-acre lot. The first floor comprises 2,968 square feet and is handicap accessible. It features a street-level storefront with a separate entrance that opens to a large open-plan space suitable for retail or office use. An adjacent oversized room is leased for office space. First-floor tenants share two bathrooms and a pantry area. The space can be subdivided into at least two units, with a minimum size of approximately 601 square feet. The second and third floors total 3,268 square feet and are fully leased long-term to an architectural firm. These floors feature hardwood floors, tall ceilings, large windows, and natural light. The second floor includes up to eight private offices, a common work area, and two bathrooms. The third-floor mezzanine offers a large open workspace. There are two reserved on-site parking spaces, plus parking in the adjacent municipal lot. It is ideal for retail, professional office, or mixed-use users seeking a downtown presence with existing income.

Key Highlights

  • Historic mixed‑use building in the center of Pennington Borough offering owner‑user and investment appeal.
  • First floor (2,968 SF) is handicap accessible and suitable for retail or office use, with potential for subdivision.
  • Second and third floors (3,268 SF) are fully leased long‑term to a prominent architectural firm, providing existing income.

Local Financial Insights For Retail

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $139.9k $22.44
− Vacancy −$6.7k −$1.08
EGI $133.2k $21.36
− OpEx −$40.0k −$6.41
NOI $93.3k $14.95
6,236 SF · lease $22.44/SF/yr · vacancy 4.80% · expense 30.00%

Alternative Uses

Best Use
Retail
$1.33M
$1.17M – $1.55M (±1% cap)
NOI $93,253 @ 7.0% cap · market cap 5.53%
Second Best
Mixed Use
$1.18M
$1.03M – $1.37M (±1% cap)
NOI $82,315 @ 7.0% cap · market cap 4.89%
Theoretical Best
Warehouse
$2.01M
$1.76M – $2.34M (±1% cap)
NOI $140,445 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Storefront properties

FAQs

What type of property is this?
Mixed-use property - Historic mixed-use building in downtown Pennington with investment appeal.
Where is this mixed-use property located?
The property is located at Pennington, NJ.
What is the asking price?
The asking price for this property is $1,685,000.
What are key features of this property?
This property features: Historic mixed‑use building in the center of Pennington Borough offering owner‑user and investment appeal.; First floor (2,968 SF) is handicap accessible and suitable for retail or office use, with potential for subdivision.; Second and third floors (3,268 SF) are fully leased long‑term to a prominent architectural firm, providing existing income.
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