189 PENNINGTON AVE Active

Trenton,NJ 08618

$ 349000

- Bed

- Bath

2480 SqFt


Key Details

Property Type Multi-Family

Sub Type Detached

Listing Status Active

Purchase Type For Sale

Square Footage 2,480 sqft

Price per Sqft $140

MLS Listing ID NJME2043384

Style A-Frame

Year Built 1896

Annual Tax Amount $7,598

Tax Year 2023

Lot Size 2,500 Sqft

Property Description

New Price! 189 Pennington Avenue presents a compelling investment opportunity with significant upside potential through strategic management and market repositioning. This mixed-use property comprises residential and commercial units, offering a balanced and diversified income stream.

First floor unit approximately 500 sq ft, 1 bedroom 1 bathroom. Renting at $1,225/mo.

Second Floor Unit, 3 bedrooms including finished attic. Approximately 1,500 sq. ft. renting at $1,160/mo. which is significantly below market value with older couple currently staying there for 10+ years. Market rent is $1,800 for 3 bedroom.

The commercial unit, currently operating as a hair salon, is rented at $850/month, also below market value of $1,000/mo. There is an opportunity to negotiate future lease agreements in line with market escalations, potentially increasing income by 20-25%. The property's gross annual rental income potential, if all units are rented at current rates, is $38,820. However, with adjustments to market rent rates, the projected annual income could rise to $48,300. Recent renovations and market adjustments enhance operational efficiency, providing a strategic advantage for increased net operating income (NOI).

The mixed-use nature of the property reduces vacancy risks and enhances overall financial stability, making it an attractive option for real estate investors. In a revitalizing area, 189 Pennington Avenue offers promising growth in rental income and property value, making it a lucrative investment opportunity.

Should you need assistance finding a mixed use loan the current owner is happy to assist.

Location

State NJ

County Mercer

Area Trenton City (21111)

Zoning COMMERCIAL

Interior

Hot Water Instant Hot Water

Heating Baseboard - Electric

Cooling Window Unit(s)

Exterior

Waterfront N

Water Access N

Building

Foundation Brick/Mortar

Sewer Public Sewer

Water Public

New Construction N

Schools

School District Trenton Public Schools

Others

Acceptable Financing Cash,Conventional,FHA

Listing Terms Cash,Conventional,FHA

Special Listing Condition Standard

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