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!
0.77 Acre
