371 Pittstown Rd Active Save Request In-Person Tour Request Virtual Tour
Franklin Twp.,NJ 08867
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 $89
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) offering strong cash flow and clear upside. Situated on 0.77 acres with ample parking, the 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 ($3,165/mo current, $3,695/mo by Year 5) and two occupied apartments 2BR at $1,525/mo and 3BR at $1,925/mo (one-year lease). The second commercial unit (approx. 1,440 SF) was previously leased to a dental office at $2,100/mo and is now vacant ideal to re-tenant at market ($2,400+/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. Current in-place gross income $79.4K with expenses $43.5K producing a 5.3% cap rate at $679K list price; stabilized cap rate projected 9.6% once the vacancy is filled. A rare chance to own a fully functioning, income-generating asset with historic character in a desirable rural-suburban market. See 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