Upon landing at the completion of a cross country flight, the captain of the turbojet aircraft employed aerodynamic braking and thrust reverse to slow the airplane to about 60 knots. The captain was allowing the airplane to roll toward the end of the runway where the owner/co-pilot's hangar was located. With about 4,000 feet of runway remaining, the captain applied the brakes. No braking action was noted. The airplane continued off the end of the runway, through a fence and block wall into a parking lot where the left wing of the airplane was severed. A post crash fire consumed about half of the airplane. Emergency braking procedures were not employed. The crew reported that they were unable to shut down the engines. The co-pilot lacked experience in the aircraft and crew coordination during the approach, landing, and emergency was ineffective. The airplane traveled about 11,000 feet from point of touchdown to point of rest. Examination of the braking and hydraulic systems failed to pinpoint a malfunction.