189 Pennington Avenue
Trenton, NJ, 08618 $ 385,000
Bedrooms3 Baths0.0 Monthly Estimate*
$ 2,559
for $385,000 with 3 bedrooms. This home was built in 1896 on a lot size of 0.06.
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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FeaturesInteriorHeating Fuel Electric
Hot Water Instant Hot Water
Total Stories 2
Heating Y/N Y
Fireplace Y/N N
Street Suffix AVENUE
Central Air Y/N N
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GeneralSewer Public Sewer
Heating Baseboard - Electric
Cooling Window Unit(s)
Possession Immediate
Zoning COMMERCIAL
Architectural Style A-Frame
Construction Materials Frame
Year Built 1896
Property SubType Triplex
Tax Year 2023
Percent Ownership Fee Simple
Cool Fuel Electric
Municipality TRENTON CITY
Accessibility None
County MERCER
New Construction N
Property Type Multi-Family
Garage Y/N N
Water Access Y/N N
Other Structures Above Grade Below Grade
Status ACTIVE
Directions Take NJ-29 N Take Calhoun St Exit toward capitol complex/ Thomas Edison State Univ. Turn left onto Pennington Ave.
City TRENTON
Buyer Agent Compensation 2.5
Zoning Description Mixed-use
Total Units 3
MLS Area Trenton City (21111)
Lot Size Square Feet 2500.00
Waterfront Y/N N
Street Name PENNINGTON
Tax Annual Amount 7598.0
Home Warranty Y/N N
Two Bedroom 1
Structure Type Detached
Price Per Sq Ft Total 155.24
Acceptable Financing Cash Conventional FHA
Vacation Rental Y/N N
Days on Market 8
Standard Status Active
Year Built Source Assessor
Tax Lot 00007
Buyer Agent Compensation Type % Of Gross
Association Recreation Fee N
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ExteriorPool No Pool
Water Source Public
Type of Parking On Street
Foundation Details Brick/Mortar
Spa N
Water View Y/N N
Lot Dimensions 25.00 x 100.00
Lot Size Acres 0.06
Lot Size Units Square Feet
Lot Size Source Assessor
Land Assessed Value 36100.00
Navigable Water Y/N N
Water Oriented Y/N N
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* Excluded FeaturesList ByJoseph "Joe" MiczakListing Agent
Affordability Calculator
- Monthly Principal & Interest
- $2,559
- Monthly Property Taxes
- $633
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Trenton, NJ
Average List Price $349,889
Percent of Sale Price 9%
About Trenton, NJ 84,716 Population
-1% Since 2002
$ 35,062 Median Income
35.69 Median Age
32% Households with Children
Trends Information provided by ATTOM Data Solutions.
3535812 Elementary School
3533992 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
5/15/2024 | $385,000 | | Listed Price |