34
See all 34 photos
$899,000
Est. payment /mo
7,238 SqFt
New
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 $124
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! This 7,238 SF mixed-use brick building, circa 1887, offers steady income, upside, and historic character. Situated on 0.77 acres with ample parking, it includes two commercial units on the first floor and two residential apartments above. Zoned NB (Neighborhood Business), the location has excellent visibility near Routes 78, 22, 287, and 31 ideal for commuters and businesses.Fully rented except one updated unit. A well-established Italian restaurant occupies one commercial space with a 5-year lease and scheduled increases: Year 2 (current): $3,165/mo ($38,028/year). The second commercial unit, approx. 1,440 SF, is leased to a dental office at $2,100/mo, with negotiations targeting $2,400/mo. Upstairs, a 2-bedroom unit rents at $1,525/mo, and a 3-bedroom unit is expected to rent for $2,000/mo after renovations.Heat is included (oil-fired radiator), tenants pay electric. Commercial spaces have central air, residential units have window A/Cs. Served by private well and septic.Projected gross annual income exceeds $103,000 with operating expenses around $43,500, offering a 6.65% cap rate at list price. Income, expenses, survey, and leases available upon request. Don't miss this chance to own an income-generating asset in a desirable rural-suburban market.
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