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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.
Property Type(s):
Multi Family
| Last Updated | 9/27/2024 | Year Built | 1896 |
|---|---|---|---|
| Community | Trenton City (21111) | County | MERCER |
SCHOOLS
| School District | TRENTON PUBLIC SCHOOLS |
|---|
Price History
| Prior to Aug 13, '24 | $385,000 |
|---|---|
| Aug 13, '24 - Sep 27, '24 | $379,000 |
| Sep 27, '24 - Today | $349,000 |
Additional Details
| AIR | Window Unit(s) |
|---|---|
| AIR CONDITIONING | Yes |
| AREA | Trenton City (21111) |
| CONSTRUCTION | Frame |
| HEAT | Baseboard, Electric |
| LOT | 2614 sq ft |
| LOT DIMENSIONS | 25.00 x 100.00 |
| PARKING | On Street |
| SEWER | Public Sewer |
| STORIES | 2 |
| STYLE | A-Frame |
| TAXES | 7918 |
| WATER | Public |
| ZONING | Mixed-use |
Location
Listing provided by Weichert Realtors-Princeton Junction
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Data last updated: 1/10/25 4:51 AM PST
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