Investment Overview

Marcus & Millichap is pleased to offer for sale the mixed-use property located at 33-39 Sitgreaves Street in Phillipsburg, New Jersey. The property is situated in downtown Phillipsburg, an area currently experiencing revitalization through adaptive reuse projects, historic preservation, and streetscape improvements. These initiatives are attracting new retailers, restaurants, and amenities. This investment aligns well with the successful redevelopment of Easton, Pennsylvania, located just across the river, and is expected to extend growth momentum into Phillipsburg. The walkable environment, combined with access to riverfront attractions and proximity to regional employment centers, positions the property to appeal to both renters and retail tenants. Phillipsburg benefits from its closeness to Easton and strong regional connectivity via Route 22 and Interstate 78, providing direct access to New York City and Philadelphia. The Warren County retail submarket is currently among the tightest in the region, with a vacancy rate of just 2.6 percent, a sharp decline from its five-year average of 5.4 percent. Over the past year, the county absorbed more than 125,000 square feet of retail space while delivering only 6,000 square feet of new inventory, highlighting that tenant demand is far outstripping supply. This dynamic has empowered landlords, resulting in an annual rent increase of two percent, which outpaces the 10-year average. The Warren County multifamily market is equally robust, with an average vacancy rate of 2.7 percent, which is lower than the Lehigh Valley metro average of 3.2 percent. Rents have increased by 4.5 percent year-over-year, nearly double the metro average. Notably, there are currently no new multifamily units under construction, which will tighten the market further in the coming years. This supply constraint supports long-term rent growth and occupancy stability, particularly in downtown Phillipsburg, where demand is driven by commuters, local households, and spillover from Easton.