MLS#NJHT2003968
STATUSPENDING
PROPERTY TYPECommercial -
SCHOOLHUNTERDON
Property Description
Outstanding Investment Opportunity in Hunterdon County! This charming ±7,238 SF mixed-use brick building, originally constructed circa 1887, offers a rare combination of steady income, upside potential, and historic character. Situated on 0.77 acres with ample paved parking, the property includes two commercial units on the first floor and two residential apartments on the second floor. Zoned NB (Neighborhood Business), the location offers excellent visibility and accessibility near Routes 78, 22, 287, and 31—perfect for commuters and businesses alike. The property is currently producing solid income with three of its four units rented. A well-established Italian restaurant occupies one commercial space and is currently in Year 2 of a 5-year lease with scheduled rent increases: Year 1: $2,990/mo ($35,880/year) Year 2 (Current): $3,165/mo ($38,028/year) Year 3: $3,355/mo ($40,308/year) Year 4: $3,520/mo ($42,240/year) Year 5: $3,695/mo ($44,340/year) The second commercial unit (approx. 1,440 SF) was previously leased to a dental office at $2,100/month and is now vacant, presenting an excellent opportunity to secure a new tenant at market rent (target ±$2,400/month). Upstairs, a 2-bedroom residential unit is rented at $1,525/month, and a 3-bedroom unit is rented at $1,925/month on a one-year lease. All tenants have heat included as the building uses oil-fired radiator heat without separate meters. Tenants pay their own electric. Commercial spaces feature central air, while residential units use window A/Cs. The property is served by private well and septic. With current in-place gross annual income of approximately $79,400 and operating expenses around $43,500, the property delivers a 5.29% cap rate at the list price of $679,000, with a stabilized cap rate approaching 9.6% once the vacant commercial unit is re-leased. Income and expense reports, survey, and lease details available upon request. Please see the video tour with drone footage at the end. Don’t miss this chance to own a fully functioning, income-generating asset in a desirable rural-suburban market.
Property Features
Property Type: Commercial -
Fuel Type: Oil
Heating: Radiant
Lot Size: 0.77 Acres
Taxes: $17,473
Year Built: 1887
Feature Descriptions
Days on Site: 293
Exterior: Frame, Brick, Block
Lot Dimensions: 0.77 Acre(S)
Municipality: FRANKLIN TWP
Sewer: On Site Septic
Total Garage/Parking Spaces: 15
Units: 4
Water: Well
Local Schools
School District: HUNTERDON
Listed By / Shown By
Listed By
Agency Name: ARC Real Estate
Agency Phone: 6097314265
Shown By
Agency Title: RealtyMark
Agency Phone: 888-240-0600
371 Pittstown Road | MLS# NJHT2003968
This commercial property located at 371 Pittstown Road, Pittstown, NJ 08867 is currently listed for sale with an asking price of $649,000. Pittstown Road is located within the HUNTERDON school district. Search Pittstown real estate on www.realtymark.net today.