UPDATED:
11/11/2024 01:14 AM
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
Abv Grd Liv Area 2,480
Originating Board BRIGHT
Year Built 1896
Annual Tax Amount $7,598
Tax Year 2023
Lot Size 2,500 Sqft
Acres 0.06
Lot Dimensions 25.00 x 100.00
Property Description
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)
Fireplace N
Heat Source Electric
Exterior
Waterfront N
Water Access N
Accessibility None
Garage N
Building
Foundation Brick/Mortar
Sewer Public Sewer
Water Public
Architectural Style A-Frame
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District Trenton Public Schools
Others
Tax ID 11-04501-00007
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
Financing Cash,Conventional,FHA
Special Listing Condition Standard
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