Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    23 Delaware Ave, Unit U2 Pennington, NJ 08534-2238
    Back to Search
    Property profile & analytics

    23 Delaware Ave, Unit U2, Pennington, NJ 08534-2238

    View on Map
    • Commercial real estate
    • 2,789 SF
    • 0.19 lot acres
    Off-Market
    Last Sale Mar 10, 2022
    $342,500
    Property ID
    US59-1994093
    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

    • Capelli Salon / Hair Salon

    Property Details for 23 Delaware Ave

    Year built
    1900
    Lot size
    0.19 lot acres
    Zone code
    B-R
    Property type
    Commercial real estate
    APN
    08 00205- 02-00001
    APU
    8002050200001

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 10, 2022 $342,500 Capelli Properties LLC John T Deboyace Deed $323k · First Commerce Bank
    Mar 3, 2021 — John T Deboyace John T Deboyace Intrafamily Transfer · related —
    Nov 15, 2005 $300,000 Kimberly Deboyace Macdonell,jeffrey J Grant Deed $240k · Commerce Bank NA
    — — John Philion — Deed Of Trust · related $243k · Bank Of America

    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
    -74.7923
    Latitude
    40.3281
    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
    2022
    $8,536
    $113,500
    $187,700
    $301,200
    -
    $113,500
    $187,700
    $301,200

    Comparable in this City

    • Value Estimation by Request
      8.35 Acres

      1800 American Blvd

      COMMERCIAL (GENERAL)
      1800 American Blvd, Pennington, NJ 08534-4140
      View Details
    • Value Estimation by Request
      13.86 Acres

      1400 American Blvd

      COMMERCIAL (GENERAL)
      1400 American Blvd, Pennington, NJ 08534-4136
      View Details
    • Value Estimation by Request
      7.50 Acres

      2480 Pennington Rd

      COMMERCIAL (GENERAL)
      2480 Pennington Rd, Pennington, NJ 08534-5227
      View Details
    • Value Estimation by Request
      2.50 Acres

      2375 Sheffield Ln

      COMMERCIAL (GENERAL)
      2375 Sheffield Ln, Pennington, NJ 08534-2524
      View Details
    • Value Estimation
      $915,000
      4,800 SF

      65 Main St

      COMMERCIAL (GENERAL)
      65 Main St, Pennington, NJ 08534-2827
      View Details
    • Value Estimation by Request
      4.97 Acres

      1589 Reed Rd

      COMMERCIAL (GENERAL)
      1589 Reed Rd, Pennington, NJ 08534-5006
      View Details

    Similar Nearby for Sale

    • $1,850,000
      6,236 SF

      Pennington Mixed-Use Gem

      Historic building, prime location, high ROI.
      24 Main St, Pennington, NJ 08534
      View Details
    • Contact for pricing
      3,509 SF

      Mixed-Use Property with Bank Lease

      Mixed-use property featuring a bank lease and residential apartments.
      228 W Delaware Ave, Pennington, NJ 08534
      View Details
    • $500,000

      Land Near Woosamonsa Ridge Reserve

      7.96 acres with development potential near Woosamonsa Ridge.
      133 Woosamonsa Rd, Pennington, NJ 08534
      View Details
    • $1,175,000

      Well-Maintained Multifamily in Pennington Borough

      Five-unit multifamily property with upside potential in desirable Pennington Borough.
      17 W Delaware Ave, Pennington, NJ 08534
      View Details
    • $350,000
      2.39 Acres

      Buildable Lot in Pennington, NJ

      Approved 2.39-acre lot for custom home with skyline views.
      Penn Titusville Rd #Blk 62.01., Pennington, NJ 08534
      View Details
    • Contact for pricing
      4.83 Acres

      Pennington Office Space - Route 31

      Class A Office, High Visibility, 4.83 Acres
      10 Route 31, Pennington, NJ 08534
      View Details

    Similar Nearby for Lease

    • $30,600
      27,007 SF

      Charming Pennington Commercial Lease Opportunity

      Commercial lease in vibrant community with ample space and convenience.
      238 W Delaware Ave, Pennington, NJ 08534
      View Details
    • $30,600

      Charming Commercial Lease Opportunity

      Commercial lease property in a vibrant, convenient neighborhood.
      238 W Delaware Ave, 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
    • $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
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    23 Delaware Ave, Unit U2
    Pennington, NJ 08534-2238
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    23 Delaware Ave, Pennington, NJ, 08534
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!