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    304 Route 31 Hopewell, NJ 08525
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    304 Route 31, Hopewell, NJ 08525

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    • Mixed-use properties
    • 1.06 lot acres
    For Sale
    $295,000
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    Hopewell Mixed-Use Corner Lot For Sale
    $295,000

    Hopewell Mixed-Use Corner Lot

    High-traffic location, shovel-ready lot, approved plans.

    Hopewell Township, NJ 08525
    View Listing
    Property ID
    US59-1903887
    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

    • Mixed-use properties

    Property Details for 304 Route 31

    Lot size
    1.06 lot acres
    Property type
    Mixed-use properties

    Description

    This exceptional 1.06-acre corner lot in Hopewell, NJ, presents a remarkable opportunity for commercial development. Situated at the heavily trafficked intersection of Route 31 and Route 518, this property boasts unparalleled visibility and accessibility. Its strategic location provides easy access to major roadways including Route 287, Route 78, and Route 202, offering seamless connections to I-95 and I-295. Furthermore, Route 518 provides convenient access to Skillman, Princeton, New Hope, PA, and numerous other surrounding areas. The property is already approved for construction, featuring plans for two commercial units on the first floor and two one-bedroom residential units on the second floor. One residential unit will be designated as a low-income unit for residents aged 55+. The substantial basement offers 1840 square feet of space, while the first floor comprises 2400 square feet, and the second floor encompasses 1400 square feet. The total above-ground building footprint is 3800 square feet (60ft wide x 46ft deep). Food establishments are also approved for this location. The lot is completely shovel-ready, making this an ideal investment for immediate development. Architectural renderings and floor plans are available upon request. This is a truly unique opportunity to capitalize on a prime location and pre-approved plans.

    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
    Hopewell
    County
    Hunterdon
    State
    New Jersey
    Longitude
    -74.8205
    Latitude
    40.38341

    Comparable in this City

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      Mixed-Use Property in Hopewell Borough

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      Hopewell Borough Redevelopment Site

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      Hopewell Office Suite - Owner Financing

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    • $630,000
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      Income-Producing Duplex in Hopewell Borough

      Duplex in Hopewell Borough with finished attics and off-street parking.
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    Similar Nearby for Sale

    • $1,700,000
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      20 Model Ave, Hopewell, NJ 08525

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      Mixed-Use Property in Hopewell Borough

      Mixed-use property with commercial and residential spaces in prime location.
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    • $2,600,000
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      Hopewell Borough Redevelopment Site

      Prime 1.81-acre site, redevelopment ready.
      71 Broad St, Hopewell, NJ 08525
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      Hopewell Office Suite - Owner Financing

      Prime Hopewell Office Space, Flexible Lease
      83 D, Hopewell, NJ 08525
      View Details
    • $630,000
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      Income-Producing Duplex in Hopewell Borough

      Duplex in Hopewell Borough with finished attics and off-street parking.
      11-13 Hart Ave, Hopewell, NJ 08525
      View Details
    View Listing
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    Hopewell, NJ 08525
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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.

    More about this property
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