34
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$649,000
Est. payment /mo
7,238 SqFt
Price Dropped by $30K
371 Pittstown Rd Franklin Twp., NJ 08867
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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
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Listed by ARC REAL ESTATE
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