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189 Pennington Avenue

TRENTON, NJ 08618
  • $385,000
  • STATUS: Active
  • ON SITE: 36 Days
  • ID#: NJME2043384
UPDATED: 61 min ago
$385,000
  • 0
    BEDS
  • 0.06
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 2,480
    SQFT
  • $155
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1896
County:

School Ratings & Info

School District:

Description

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. The first-floor residential unit, previously rented at $900/month, is currently 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.

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©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Broc Schmelyun Team | RE/MAX. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-06-21T09:55:06.363.
www.soldbybroc.com/homes/150529315
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189 Pennington Avenue TRENTON, NJ 08618

  • Price: $385,000
  • Status: Active
  • On Site: 36 Days
  • Updated: 61 min ago
  • ID#: NJME2043384
0
Beds
0
Baths
0
½ Baths
0.06
Acres
2,480
SQFT
$155
$/SQFT
1896
Built
Neighborhood:
Trenton City (21111)
County:
Mercer
Area:
Trenton City (21111)
School District:
Trenton Public Schools
Property Description
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. The first-floor residential unit, previously rented at $900/month, is currently 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.
Exterior Features

Architectural Style A-Frame Construction Materials Frame Garage YN No Parking Types On Street Pool No Pool Water Access YN No Water View YN No Waterfront YN No

Interior Features

Above Grade Fin SQFT 2480 Below Grade Finished Area 0 Below Grade Unfinished Area 0 Cooling Window Unit(s) Fireplace YN No Heating Baseboard - Electric Heating YN Yes Single Room Units 1 Spa YN No Three Bedroom Units 0 Two Bedroom Units 1

Property Features

Acceptable Financing CashConventionalFHA Accessibility Features None Central Air YN No Cooling Fuel Electric Cross Street Calhoun St Foundation Details Brick/Mortar Heating Fuel Electric Hot Water Instant Hot Water Municipality TRENTON CITY Navigable Water YN N New Construction YN No Number Of Units Total 3 Original MLSNumber 803069727818 Ownership Interest Fee Simple Property Sub Type Triplex Sale Type Standard Sewer Public Sewer Structure Design Type Detached Tax Annual Amount 7598.00 Tax Lot 00007 Vacation Rental YN No Water Source Public Zoning COMMERCIAL Zoning Description Mixed-use

Listing courtesy of Weichert Realtors-Princeton Junction: .


©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Broc Schmelyun Team | RE/MAX. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-06-21T09:55:06.363.
 
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