189 Pennington Avenue
$349,000
—
2,480
2,480
$141
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...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.
- Listed by Joseph Miczak • Weichert Realtors-Princeton JunctionP: (732)-682-3740 jmiczak@weichert.com
- Listed by Desmond Stanley • Weichert Realtors-Princeton JunctionP: (609)-552-0874 dstanley@weichert.com
Property Details for 189 Pennington Avenue
Tax ID Number
11-04501-00007
OwnershipFee Simple
Structure TypeDetached
StyleA-Frame
WaterfrontNo
GarageNo
Cross StreetCalhoun St
MunicipalityTRENTON CITY
LISTING UPDATED: 11/10/2024 09:14 PM
Property Details for 189 Pennington Avenue
Status | Active |
---|---|
MLS # | NJME2043384 |
Days on Market | 190 |
Taxes | $7,598 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Multi-Family / Fee Simple |
Year Built | 1896 |
Lot Size | 0.06 AC / 2,500 SF |
County | Mercer County |
Building Information for 189 Pennington Avenue
Stories-Residences3Year Built1896Building Size-Lot Size0.06 AC / 2,500 SF
Property Information for 189 Pennington Avenue
Property History for 189 Pennington Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 189 Pennington Avenue
Taxable ValueLand$36,100Additions$100,400Total$136,500
Tax Record2023$7,599 ($633 / month)
Home Facts
Total Finished SqFt2,480 SqFtAbove Grade Finished SqFt2,480 SqFtStories2Lot Size2,500 SqFtStyleMiscellaneous CommercialYear Built1896CountyMERCERAPN11 04501-0000-00007
Schools near 189 Pennington Avenue
This home is within Trenton Public School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 3 | |||
Public - | 4 to 6 | |||
Public - | 7 to 8 | |||
Public - | 10 to 12 |
Rating | School | Distance |
---|---|---|
Gregory Elementary School PublicK to 3 | ||
Monument Elementary School Public4 to 6 | ||
Holland Middle School Public7 to 8 | ||
Trenton Central High School Public10 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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