118 Main St Somerville, NJ 08876-2216

Property Details for 118 Main St

Construction

BRICK

Lot size

0.08 lot acres

Property type

Commercial real estate

APN

18 00114-0000-00029

APU

1800114000000029

Description

This exceptional mixed-use property, located at 118 W Main St in desirable downtown Somerville, New Jersey, presents a compelling value-add investment opportunity. The 6,500 square foot building boasts a prime location directly across Main Street from The Edge at Main, home to popular establishments such as Wolfgang's, Starbucks, and Playa Bowls, ensuring high foot traffic and visibility. The property comprises one street-level retail space and two residential apartments. One apartment features a single bedroom, an office, and one bathroom, while the third-floor apartment is unique, offering the only walkout balcony on Main Street. The building sits on a 0.07-acre lot and is zoned B-1. The property's strong financial performance is reflected in its $1,950,000 asking price, a $300 per square foot rate, and a pro-forma NOI of $156,000, translating to an 8.00% pro-forma cap rate. Recent improvements include a new flat roof installed in 2021. Its convenient proximity to the train station, ample public parking, and major highways adds to its appeal. Investors will appreciate the opportunity to capitalize on the thriving downtown Somerville scene and its numerous amenities. The property is offered fee simple with APN 2718-00114-0000-00029-0000.