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 fully rented with quality tenants, except for one unit that has just finished undergoing renovation. 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 is leased to a dental office occupying approx. 1,440 SF and currently paying $2,100/month. While this is considered below market, ownership is actively negotiating a new lease with a target of $2,400/month. Upstairs, a 2-bedroom residential unit is rented at $1,525/month, and a 3-bedroom unit—currently vacant for flooring and painting updates—is expected to rent around $2,000/month. 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 a projected gross annual income over $103,000 and operating expenses around $43,500, this investment offers an attractive 6.65% cap rate at list price. Income and expense reports, survey, and lease details available upon request. Don’t miss this chance to own a fully functioning, income-generating asset in a desirable rural-suburban market.