49 Somerset St Raritan, NJ 08869-2011

Property Details for 49 Somerset St

Year built

1920

Construction

FRAME

Lot size

0.14 lot acres

Property type

Commercial real estate

APN

16 00105-0000-00004

APU

1600105000000004

Description

This exceptional mixed-use property, located at 49 W. Somerset Street in Raritan, New Jersey, presents a compelling investment opportunity. The 3,700 square foot building boasts a prime location in the heart of downtown Raritan, just four blocks from the Raritan Train Station, making it highly accessible for commuters and residents alike. The property is zoned B-1 (Central Business District) and sits on a 0.14-acre lot. The building is a two-story structure featuring approximately 3,700 square feet of space. Currently configured as a seven-unit property, it includes retail space on the first floor and six residential units on the second floor, generating a substantial net operating income (NOI) of $51,755. Ample parking is available both on Somerset Street and in a paved rear lot. Raritan is experiencing significant growth, transforming into a transit-oriented community, with several new apartment complexes recently constructed nearby. This strategic location on Raritan's main street, Somerset Street, places the property within walking distance of local restaurants, retail shops, services, a public library, a post office, and other residential and office buildings. The proximity to the NJ Transit train station further enhances its appeal and potential for future development or expansion. This property offers a unique blend of income-generating retail and residential components, making it an attractive investment in a thriving New Jersey community. The strong NOI and prime location make this a rare opportunity for investors seeking a stable and appreciating asset.