189 Pennington Avenue, Trenton, NJ 08618 (MLS # NJME2043384)

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PRICE $385,000 dsIDX morgage calculator
BEDS 2
BATHS 0
HOME SIZE 2,480 sqft
LOT SIZE 2,614 sqft

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. The first-floor residential unit, previously rented at $900/month, is currently vacant, newly revamped, and available for lease at a market rent of $1,300/month as of April 2024, representing an approximate 44.4% increase in rent potential. The second-floor residential unit, configured as a 2BR/3BR with a finished attic, is currently rented at $1,160/month, which is significantly below market value. Given current market trends, aligning this unit with market rates could potentially increase rental income by 10-20%. The commercial unit, currently operating as a hair salon, is rented at $850/month, also below market value. There is an opportunity to negotiate future lease agreements in line with market escalations, potentially increasing income by 10-15%. The property's gross annual rental income potential, if all units are rented at current rates, is $34,320. However, with adjustments to market rent rates, the projected annual income could rise to $41,280. 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.

DAYS ON MARKET 11 LAST UPDATED 5/16/2024
YEAR BUILT 1896 COMMUNITY Trenton City (21111)
COUNTY MERCER STATUS Active
PROPERTY TYPE(S) Multi Family

SCHOOLS
School District TRENTON PUBLIC SCHOOLS


ADDITIONAL DETAILS
AIR Window Unit(s)
AIR CONDITIONING Yes
AREA Trenton City (21111)
BUYER'S BROKERAGE COMPENSATION 2.5
CONSTRUCTION Frame
HEAT Baseboard, Electric
LOT 2614 sq ft
LOT DIMENSIONS 25.00 x 100.00
PARKING On Street
SEWER Public Sewer
STORIES 2
STYLE A-Frame
TAXES 7598
WATER Public
ZONING Mixed-use
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TOTAL MONTHLY PAYMENT

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Listing provided by Weichert Realtors-Princeton Junction

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