About 371 Pittstown Rd
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.
