Built circa 1780, the Moses Baldwin House is a captivating homestead set in a quiet corner of Pennington. Once home to the town’s cordwainer (or shoemaker), the property has evolved through thoughtful upgrades that align it with 21st-century living while honoring its past. A clear sense of care and stewardship is evident throughout. Historic details such as wide-plank floors, timber-framed doorways, generous fireplaces, and original fixtures lend warmth and character to every room. These elements are complemented by well-considered modern updates that enhance comfort and function. Both the living room and family room feature woodstoves within their fireplaces and provide inviting spaces for gathering, along with a spacious dining room. The renovated kitchen stands out as a central hub, with marble countertops, a farmhouse sink, custom pantry storage, a Bertazzoni range and hood, and refined cabinetry. A nearby powder room is handy. Upstairs, is the main bedroom, along with three additional bedrooms, a laundry closet, and two modern bathrooms. A thoughtfully added study connects directly to one of the bathrooms, offering a cozy work-from-home nook or TV lounge. Despite its peaceful setting, the home is just minutes from Pennington’s shops, dining, and everyday amenities, offering an appealing balance of privacy and accessibility. In Hopewell Township, NJ, "OCC" refers to the Office/Commercial Conversion district. This specialized zoning overlay is designed to permit the adaptive reuse of existing structures into professional offices or commercial spaces while maintaining the rural and historical character of the area
Rare opportunity to own a well-maintained 5-unit multifamily in the heart of downtown Pennington Borough, one of Mercer County's most desirable small communities. This character-filled older building features a balanced unit mix of two 2-bedroom and three 1-bedroom apartments, offering the kind of old-world charm that distinguishes it from newer cookie-cutter construction. The current owner has made targeted capital investments where it counts most, including a new roof, upgraded electrical systems, solar panels, and renovated kitchens, significantly reducing near-term capital expenditure risk for a new owner without over-improving the asset. Trailing 12-month gross revenue of $106,486 and a net operating income of $69,402 reflect a clean, well-run operation with a lean 34.8% expense ratio. The property offers compelling upside for the right buyer: in-place rents show room for organic growth of approximately $900/month based on rents already being achieved within the building, and an existing third-floor storage space presents a conversion opportunity to create a 6th income-producing unit at an estimated $1,500/month, combining for approximately $400,000 in additional asset value at a 7% cap rate. Municipal parking directly behind the building and plentiful street parking support long-term tenant demand and retention. Pennington Borough offers top-rated schools, walkable downtown amenities, and convenient access to Route 31, I-95, and I-295, consistently attracting quality, long-term tenants. Ideal for a self-managing investor, 1031 exchange buyer, or value-add operator looking for a cash-flowing asset with real upside in a premier Central New Jersey location. Listed at $1,175,000, priced on actual in-place performance.
Historic Mixed-Use Building Downtown Pennington Prominently located in the center of Pennington Borough, 24 N Main Street is a well-maintained historic mixed-use building offering both owner-user and investment appeal. Originally constructed in 1890 as the Pennington Fire Station, the building was converted to Borough Hall and Library in 1929 and substantially updated in 1997, with interior flooring and paint refreshed in 2019. I First Floor – 2,968 SF (Handicap Accessible) Street-level storefront with a separate entrance opens to a large open-plan space suitable for retail or office use. Adjacent oversized room leased for office space. First floor tenants share two bathrooms and a pantry area. Space can be subdivided into at least two units, with a minimum size of approximately 601 SF. Second & Third Floors – 3,268 SF (Leased) Second and third floors are fully leased long-term to a prominent architectural firm. Space features hardwood floors, tall ceilings, large windows, and excellent natural light. Second floor includes up to eight private offices, common work area, and two bathrooms. Third-floor mezzanine offers a large open workspace. Parking Two reserved on-site parking spaces plus abundant parking in the adjacent municipal lot. Use Ideal for retail, professional office, or mixed-use users seeking a downtown presence with existing income.
Pennington is located in New Jersey. Pennington, New Jersey has a population of 2,777. Pennington is more family-centric than the surrounding county with 34.53% of the households containing married families with children. The county average for households married with children is 32.83%.
The median household income in Pennington, New Jersey is $141,250. The median household income for the surrounding county is $85,687 compared to the national median of $69,021. The median age of people living in Pennington is 47.8 years.
The average high temperature in July is 86.1 degrees, with an average low temperature in January of 20.7 degrees. The average rainfall is approximately 48 inches per year, with 20.8 inches of snow per year.
