$385,000 Price Analysis    ♡   Trenton, NJ 08618 3 bed None bath 2,480 SqFt ($155/SqFt) 2,500SqFt lot. Built 1896 Listed 2024-05-15, Taxes $7,598 | ✓ USDA Eligible near Trenton, NJ Restrictions may apply due to home size |
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 strea m. The first-floor residential unit, previously rented at $900/month, is currntly 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.
Presented by Joseph Miczak at
Weichert, Realtors - Princeton Junction.
Property MLS #NJME2043384 from BrightMLS
Heating Features: Baseboard - Electric
Heating: Yes
Lot Size Square Feet: 2499
Number of 1 Bedroom Units: 1
Number of 2 Bedroom Units: 1
Map directions Map directions Map directions Map directionsSource Listing Status: Active
County: MERCER
Source Property Type: Multi-Family
Area: MERCER
Source Neighborhood: MERCER
Postal Code Plus 4: 3872
Township: TRENTON CITY
Property Subtype: Triplex
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2023 | $100,400 + $36,100 $136,500 | $7,598 |
| 2022 | $73,400 + $36,100 $109,500 | $5,976 |
| 2021 | $73,400 + $36,100 $109,500 | $6,080 |
| 2020 | $73,400 + $36,100 $109,500 | $6,060 |
| 2019 | $73,400 + $36,100 $109,500 | $5,963 |
| 2018 | $79,600 + $39,400 $119,000 | $6,203 |
| 2017 | $79,600 + $39,400 $119,000 | $5,896 |
| 2016 | $63,400 + $15,800 $79,200 | $4,556 |
| 2015 | $63,400 + $15,800 $79,200 | $4,540 |
| 2014 | $63,400 + $15,800 $79,200 | $4,519 |
| 2013 | $63,400 + $15,800 $79,200 | $4,491 |
| 2012 | $63,400 + $15,800 $79,200 | $4,382 |
| 2011 | $63,400 + $15,800 $79,200 | $4,463 |
| 2010 | $63,400 + $15,800 $79,200 | $4,338 |
| 2009 | $98,900 + $15,800 $114,700 | $5,379 |
| 2008 | $98,900 + $15,800 $114,700 | $5,027 |
| 2007 | $98,900 + $15,800 $114,700 | $4,805 |
$385,000
BrightMLS
Listing removed 2024-05-07
$0
BrightMLS
Listed 2024-05-06
$385,000
BrightMLS
Sold 2021-12-16
$170,000
Public Record
Sold 2019-10-28
$100,800
Public Record
Listing removed 2019-09-21
$0
BrightMLS
Listed 2019-09-11
$129,990
BrightMLS
Listing removed 2012-02-09
$210,000
BrightMLS
Listing removed 2012-02-09
$210,000
BrightMLS
Listing removed 2012-02-08
$184,000
BrightMLS
Listed 2006-12-12
$184,000
BrightMLS
Listed 2005-09-19
$210,000
BrightMLS
Listed 2005-09-19
$210,000
BrightMLS
Sold 2004-09-02
$160,000
Public Record
Year Built: 1896
Construction Materials: Frame
Property Age: 128
Structure Type: Detached
House Style: A-Frame
Architectural Style: Detached
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.