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$ 749,000
Est. payment /mo
Price Dropped by $50K
371 Pittstown Rd Franklin Twp., NJ 08867
7,238 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 7,238 sqft
Price per Sqft $103
MLS Listing ID 3972269
Year Built 1887
Annual Tax Amount $17,473
Tax Year 2024
Lot Size 0.770 Acres
Property Sub-Type Mixed Use
Property Description
Outstanding Investment Opportunity in Hunterdon County! Historic 7,238 SF mixed-use brick building (circa 1887) with strong cash flow and upside. Set on 0.77 acres with ample parking, property includes 2 first-floor commercial units and 2 upstairs apartments. Zoned NB (Neighborhood Business) with excellent visibility near Routes 78, 22, 287 & 31.Current tenants include a well-established Italian restaurant in Year 2 of a 5-year lease with scheduled rent increases ($3,165/mo current, $3,695/mo by Year 5). Second commercial space is leased to a dental office ($2,100/mo) through October, creating opportunity to re-tenant at market ($2,400+/mo). Upstairs, a 2BR rents for $1,525/mo and a 3BR is newly updated and projected at $2,000/mo.Building features oil-fired radiator heat (included in rent), tenant-paid electric, central A/C in commercial units, window A/Cs in apartments, private well & septic.Projected stabilized gross income $109K with expenses around $43.5K. NOI $65.6K equates to an attractive 8.75% cap rate at the $749,000 list price. A rare chance to acquire a fully functioning, income-generating asset with historic charm in a desirable rural-suburban market. See the video tour with drone footage!
Location
State NJ
County Hunterdon
Zoning Mixed Use
Rooms
Basement Unfinished
Interior
Heating Oil Tank Above Ground - Inside
Cooling 3 Units
Equipment Kitchen Area, Smoke Detector
Heat Source Oil Tank Above Ground - Inside
Exterior
Exterior Feature Brick/Block
Utilities Available See Remarks
Roof Type Asphalt Shingle
Building
Story 2
Sewer Septic
Water Well
Others
Ownership Fee Simple
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Listed by ARC REAL ESTATE
