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The Waxwood 35 Quarry St 34 Unit Apartment Building $19,824,836 CAD ($583,083 CAD/Unit) 4.31% Cap Rate Princeton, NJ 08542
Investment Highlights
- A Boutique Multifamily Asset in the Heart of Princeton
- Open, spacious, and natural light filled units with 12 foot ceilings and historic 8 foot windows
- Convenient access to downtown, transit, and cultural quaint amenities of Princeton
Executive Summary
The Waxwood Apartments (“The Property”) is a thoughtfully designed boutique multifamily community located at 35 Quarry Street in Princeton, New Jersey—one of the most supply constrained and prestigious submarkets in the region. Originally constructed as a local schoolhouse, the building has been carefully repurposed into residential use, preserving its architectural character while adapting it for modern living.
Positioned in downtown Princeton and Princeton University, The Waxwood offers investors a rare opportunity to acquire a distinctive apartment asset with historic provenance, strong fundamentals, durable tenant demand, and longterm appreciation potential.
PROPERTY FACTS:
Property Name: The Waxwood Apartments
Address: 35 Quarry Street, Princeton, New Jersey
Asset Type: Multifamily
Building Type: Low Rise
Year Built / Bldg. Addition/ Conversion to Multi: 1909 / 1939 / 2002
Number of Buildings: 1
Total Units: 34 (8 Princeton Preferred Affordable Units)
Many of the current tenants are students and professors
Stories: Three
Parking: 46 surface spots
Zoning: R4-B Zoning
PRINCETON NEW JERSEY: CULTURE. COMMERCE. COMMUNITY.
A rare blend of Ivy League prestige, curated retail, and destination dining — all within a highly walkable downtown. Princeton offers affluent demographics, tourism, and enduring institutional demand — supporting long-term commercial investment stability.
ACADEMIC ANCHOR
» Princeton University, driving year-round foot traffic, global visibility, and economic stability.
RETAIL & BOUTIQUES
» Palmer Square – Luxury boutiques & seasonal events
» Labyrinth Books – Iconic literary destination
» Princeton Record Exchange – Nationally known vinyl & music retailer
DINING DESTINATION
» Elements – Chef-driven fine dining
» Mediterra – Mediterranean staple
» The Bent Spoon – Award-winning artisan dessert
ARTS & CULTURE
» McCarter Theatre Center
» Princeton University Art Museum
» Museum & Garden
OUTDOOR LIFESTYLE
» Delaware and Raritan Canal State Park
» Princeton Battlefield State Park
KEY HIGHLIGHTS:
» Prime Princeton location at 35 Quarry Street with convenient access to downtown, transit, and cultural anchors
» Adaptive reuse of a former school building, creating architectural character rarely found in local rental stock
» Boutique scale appealing to professionals, academics, and long term renters seeking authenticity
» Attractive unit mix with efficient layouts and unique interiors
» Strong market fundamentals driven by Princeton University, healthcare, and regional employment
» Limited competing multifamily supply due to zoning and land constraints
» Opportunity for continued rent growth supported by scarcity and location
Positioned in downtown Princeton and Princeton University, The Waxwood offers investors a rare opportunity to acquire a distinctive apartment asset with historic provenance, strong fundamentals, durable tenant demand, and longterm appreciation potential.
PROPERTY FACTS:
Property Name: The Waxwood Apartments
Address: 35 Quarry Street, Princeton, New Jersey
Asset Type: Multifamily
Building Type: Low Rise
Year Built / Bldg. Addition/ Conversion to Multi: 1909 / 1939 / 2002
Number of Buildings: 1
Total Units: 34 (8 Princeton Preferred Affordable Units)
Many of the current tenants are students and professors
Stories: Three
Parking: 46 surface spots
Zoning: R4-B Zoning
PRINCETON NEW JERSEY: CULTURE. COMMERCE. COMMUNITY.
A rare blend of Ivy League prestige, curated retail, and destination dining — all within a highly walkable downtown. Princeton offers affluent demographics, tourism, and enduring institutional demand — supporting long-term commercial investment stability.
ACADEMIC ANCHOR
» Princeton University, driving year-round foot traffic, global visibility, and economic stability.
RETAIL & BOUTIQUES
» Palmer Square – Luxury boutiques & seasonal events
» Labyrinth Books – Iconic literary destination
» Princeton Record Exchange – Nationally known vinyl & music retailer
DINING DESTINATION
» Elements – Chef-driven fine dining
» Mediterra – Mediterranean staple
» The Bent Spoon – Award-winning artisan dessert
ARTS & CULTURE
» McCarter Theatre Center
» Princeton University Art Museum
» Museum & Garden
OUTDOOR LIFESTYLE
» Delaware and Raritan Canal State Park
» Princeton Battlefield State Park
KEY HIGHLIGHTS:
» Prime Princeton location at 35 Quarry Street with convenient access to downtown, transit, and cultural anchors
» Adaptive reuse of a former school building, creating architectural character rarely found in local rental stock
» Boutique scale appealing to professionals, academics, and long term renters seeking authenticity
» Attractive unit mix with efficient layouts and unique interiors
» Strong market fundamentals driven by Princeton University, healthcare, and regional employment
» Limited competing multifamily supply due to zoning and land constraints
» Opportunity for continued rent growth supported by scarcity and location
Property Facts
| Price | $19,824,836 CAD | Building Class | B |
| Price Per Unit | $583,083 CAD | Lot Size | 1.43 AC |
| Sale Type | Investment | Building Size | 28,508 SF |
| Cap Rate | 4.31% | Average Occupancy | 100% |
| No. Units | 34 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1909/2002 |
| Property Subtype | Apartment | Parking Ratio | 1.61/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R4-B | ||
| Price | $19,824,836 CAD |
| Price Per Unit | $583,083 CAD |
| Sale Type | Investment |
| Cap Rate | 4.31% |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.43 AC |
| Building Size | 28,508 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1909/2002 |
| Parking Ratio | 1.61/1,000 SF |
| Zoning | R4-B |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Fireplace
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Surround Sound
- Views
- Walk-In Closets
- Family Room
- Island Kitchen
- Loft Layout
- Large Bedrooms
- Quartz Countertops
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Security System
- Package Service
- Trash Pickup - Curbside
- Vintage Building
- Walking/Biking Trails
- Wi-Fi
- Community-Wide WiFi
- Elevator
- Lounge
- Public Transportation
- Individual Locking Bedrooms
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 32 | - | - |
| 2+2 | 2 | - | - |
1 1
Walk Score®
Walker's Paradise (95)
Bike Score®
Very Bikeable (82)
Property Taxes
| Parcel Number | 14-00017-03-00093 | Improvements Assessment | $5,562,876 CAD |
| Land Assessment | $2,091,204 CAD | Total Assessment | $7,654,080 CAD |
Property Taxes
Parcel Number
14-00017-03-00093
Land Assessment
$2,091,204 CAD
Improvements Assessment
$5,562,876 CAD
Total Assessment
$7,654,080 CAD
Contacts
-
Christopher Axentiou Jr. -
Seth Katz -
Heidi Horvath -
Legacy Commercial Realty, LLC
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The Waxwood | 35 Quarry St
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