810 Bear Tavern Rd, Ewing Township, NJ 08628 For Sale

PROPERTY HIGHLIGHTS

• Five-building office campus totaling 275,000 SF on 20.68 acres within the OP-3 Office Park Zone.

• Constructed 1983–1985 featuring flexible floorplates and institutionally maintained building systems.

• 1,400 surface parking spaces (5.09 per 1,000 SF) supporting government and medical users.

• High visibility and access – 0.4 miles to I-295, connecting to I-195, US-1, and NJ Turnpike corridors.

• Backs the Mountain View Golf Course, an 18-hole county-owned course enhancing the site’s natural setting and long-term land value.

• Zoned for professional office, educational, and research uses with potential adaptability for medical or institutional occupancy (subject to local approvals).

TENANCY & INCOME STABILITY

• Anchored by State of New Jersey agencies including Law & Public Safety, Judiciary, Department of Transportation, Office of the Public Defender, and Attorney Ethics Office, representing approximately 60% of leased area.

• Private tenants include Capital Health, a leading regional medical system, along with I.E. Shaffer & Co. and other professional users.

• Current occupancy: approximately 77% (212,746 SF leased / 62,254 SF available).

• In-place rents average $9.75/SF gross, well below comparable submarket rates in the mid-to-high teens, offering clear reversionary upside.

• Long-term ownership has maintained low rents to ensure tenant stability and consistent occupancy.

• In-place NOI: $1.44 million (9.5% cap rate at $15.19 million price / $55 per SF).

• Pro Forma NOI: $2.36 million at 100% occupancy (Yield on Cost ≈ 15%).

• Weighted Average Lease Term: approximately 5 years by area; all government tenants are state-level credit with no federal or municipal exposure.

AREA & AMENITY HIGHLIGHTS

• Located in Ewing Township, Mercer County, within New Jersey’s Central Corridor linking Philadelphia and New York City.

• West Trenton Station (1.8 miles) provides SEPTA service to Philadelphia 30th Street Station.

• Trenton Transit Center (6 miles) provides NJ Transit and Amtrak service to New York, Philadelphia, Boston, and Washington, D.C.

• Trenton–Mercer Airport (2.5 miles) provides regional commercial and executive air service.

• Located near Ewing’s primary redevelopment corridor, anchored by Ewing Town Center — the 80-acre former GM site adding 1,000+ residential units and retail — and the Parkway Avenue Redevelopment Zone (former Naval Air Propulsion Center conversion to industrial/flex). These active initiatives underscore the township’s long-term commitment to infrastructure investment, mixed-use growth, and job creation.

• Surrounded by established retail and service amenities along Route 31 and Parkway Avenue, including national brands (CVS, Dollar General, Forman Mills, SNIPES) and local shopping at The Shoppes at Campus Town (≈ 83,000 SF retail adjacent to The College of New Jersey).

• Corporate presence anchored by NJM Insurance Group headquarters, The College of New Jersey, and Capital Health Medical Center – Hopewell, driving a stable employment base across insurance, education, and healthcare sectors.

VALUE-ADD & FUTURE POTENTIAL

• The property presents multiple avenues for value creation, combining immediate yield with long-term appreciation potential.

• Below-market rents offering mark-to-market upside: in-place average $9.75/SF gross versus market rents in the $17–$19/SF range, representing a potential 70%–90% rent uplift upon rollover or re-tenanting (equating to approximately $7–$9/SF in additional gross rent potential).

• Vacancy upside: approximately 23% available (≈ 62,000 SF) across divisible floorplates supporting medical, tech, or institutional leasing strategies.

• Land-rich optional position: 20+ acres bordering a golf course offers long-term land value preservation and potential for fairway-view or mixed-use redevelopment (subject to zoning review).

• Medical and professional demand drivers: increasing healthcare and education-based tenancy in Central NJ supports continued absorption of suburban office and flex space.

• Established ownership history: multi-decade ownership has maintained the property with care, offering a strong physical asset and consistent operations for a new investor to reposition and capture upside.

• Balanced investment profile: stable state-credit income today with meaningful upside through lease-up, rent growth, and long-term land appreciation.