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.
DAYS ON MARKET
|
117
|
LAST UPDATED
|
8/13/2024
|
YEAR BUILT
|
1896
|
COMMUNITY
|
Trenton City (21111)
|
COUNTY
|
MERCER
|
STATUS
|
Active
|
PROPERTY TYPE(S)
|
Multi Family
|
|
|
School District |
TRENTON PUBLIC SCHOOLS |
Prior to Aug 13, '24
|
$385,000
|
Aug 13, '24 - Today |
$379,000 |
AIR |
Window Unit(s) |
AIR CONDITIONING |
Yes |
AREA |
Trenton City (21111) |
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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