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    132 Route 31 Pennington, NJ 08534
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    Property profile & analytics

    132 Route 31, Pennington, NJ 08534

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    • Office buildings
    • 1.00 lot acres
    For Sale
    $799,000
    View Listing →
    Stand-Alone Medical Office Building For Sale
    $799,000
    1.00 Acre

    Stand-Alone Medical Office Building

    Freestanding building with medical office layout and ample parking.

    132 Route 31, PENNINGTON, Pennington, NJ 8534
    View Listing
    Property ID
    US59-1118470
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 132 Route 31

    Lot size
    1.00 lot acres
    Zone code
    VRC
    Property type
    Office buildings
    APN
    06 00031-0000-00004
    APU
    600031000000004

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 7, 2025 — Vo Family Trust Dyung T Vo Deed · related —

    Description

    This exceptional freestanding office building at 132 Route 31 in Pennington, NJ, presents a unique investment opportunity. Priced at $899,999, this property sits on a one-acre lot and offers significant versatility. Previously utilized as a medical office, its adaptable layout allows for a wide range of business applications. The building boasts high visibility from its prime location and is zoned VCR. The interior comprises a substantial 23x17 foot waiting room, three administrative offices, and four medical exam rooms. A dedicated laboratory includes a half-bath, and an additional half-bath serves the main area. Ample storage is available in the walk-out basement, which also houses essential utilities including a tankless hot water heater and water softener. The building is equipped with central air conditioning and forced-air heating. Exclusive parking is provided on-site. The expansive interior and flexible zoning make this property ideal for a variety of businesses seeking a prominent location with significant space and potential. This is a rare opportunity to acquire a well-maintained, versatile commercial building in a highly desirable area. The property's features and location combine to create an exceptional investment prospect. Don't miss this chance to transform this building into your ideal workspace.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Pennington
    County
    Mercer
    State
    New Jersey
    Longitude
    -74.799
    Latitude
    40.3573
    CBSA code
    45940
    CBSA name
    TRENTON-EWING, NJ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $21,309
    $300,000
    $397,300
    $697,300
    -
    $300,000
    $397,300
    $697,300

    Comparable in this City

    • Value Estimation
      $650,000
      2.76 Acres

      21 Rte 31st N

      OFFICE BUILDING
      21 Rte 31st N, Pennington, NJ 08534-1621
      View Details
    • Value Estimation by Request

      2 Capital Way203a

      OFFICE BUILDING
      2 Capital Way203a, Pennington, NJ 08534-2521
      View Details
    • Value Estimation
      $2,535,000
      14,740 SF

      23 Rte 31st N

      OFFICE BUILDING
      23 Rte 31st N, Pennington, NJ 08534-1600
      View Details
    • Value Estimation by Request

      2 Capital Way203b

      OFFICE BUILDING
      2 Capital Way203b, Pennington, NJ 08534-2521
      View Details
    • Value Estimation by Request

      2 Capital Way203c

      OFFICE BUILDING
      2 Capital Way203c, Pennington, NJ 08534-2521
      View Details
    • Value Estimation by Request
      5.00 Acres

      130 Washington Xing Pe Rd

      OFFICE BUILDING
      130 Washington Xing Pe Rd, Pennington, NJ 08534-2508
      View Details

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      Historic Pennington Mixed-Use Building

      Historic mixed-use building in downtown Pennington with investment appeal.
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      Stand-Alone Medical Office Building

      Freestanding building with medical office layout and ample parking.
      132 Route 31, Pennington, NJ 08534
      View Details
    • $1,685,000
      3,268 SF

      Historic Mixed-Use Building For Sale

      Historic mixed-use building in downtown Pennington with investment appeal.
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      View Details
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      Pennington Mixed-Use Gem

      Historic building, prime location, high ROI.
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    Similar Nearby for Lease

    • $13 SF/Yr
      71,874 SF

      Pennington Office Building For Lease

      Single-story office building with high visibility and convenient highway access.
      130 Route 31 N, Pennington, NJ 08534
      View Details
    • Contact for pricing
      10,711 SF

      Pennington Executive Office Space

      Prime Mercer County Office Suites Available
      2 Route 31, Pennington, NJ 08534
      View Details
    • Contact for pricing

      Historic Pennington Building For Lease

      Handicap accessible, updated building suitable for retail or office.
      24 N Main St, Pennington, NJ 08534
      View Details
    • Contact for pricing

      Upgraded Office Space Available

      Former accounting firm headquarters with upgraded finishes and features.
      130 Nj-31, Pennington, NJ 08534
      View Details
    • $24 SF/Yr
      5,589 SF

      PENNINGTON Retail/Office Space Available

      Handicap accessible retail/office space in central Pennington.
      24 N Main St, Pennington, NJ 08534
      View Details
    View Listing
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    Pennington, NJ 08534
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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