NJ > Trenton
Trenton, NJ 08618,189 PENNINGTON AVE
Trenton, NJ 08618,189 PENNINGTON AVE
Trenton, NJ 08618,189 PENNINGTON AVE
35
See all 35 photos
$349,000
Est. payment /mo
Save
2,480 SqFt
Active

189 PENNINGTON AVE Trenton, NJ 08618

Save
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Melissa Roswell

Melissa Roswell

+1(856) 904-9502

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

New Price! 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.

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

Parking Type On Street

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

Bright MLS (BMLS)
Listed by Joseph Miczak • Weichert Realtors-Princeton Junction

GET MORE INFORMATION

Melissa Roswell

Agent | License ID: 1540788

+1(856) 904-9502

Name
Phone*
Message

By registering you agree to our Terms of Service & Privacy Policy. Consent is not a condition of buying a property, goods, or services.

Go tour this home

189 PENNINGTON AVE

Quick Search
There are 27 quick searches