2,480 SqFt
2,480 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
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
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "