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189 Pennington Avenue

Trenton, NJ 08618

– beds
– baths
2,480 sqft
2,500 sqft lot
$140 per sqft
1896 build

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.

Listing courtesy of BRIGHT / Weichert Realtors-Princeton Junction

Last checked: Checking… • Last updated Nov 11, 2024 •

MLS# NJME2043384 —

The Building

Year Built:

1896
Year Built Source:

Assessor
New Construction:

No
Construction Materials:

Frame
Structure Type:

Detached
Architectural Style:

A-Frame
Building Levels:

2
Building Units Total:

3
Accessibility Features:

None
Foundation Details:

Brick/Mortar
Total SqFt Source:

Assessor
Total Below Grade SqFt Source:

Assessor
Tax Total Finished SqFt:

2480

Interior

Fireplace:

No
Living Area SqFt Source:

Assessor

Room Dimensions

Total SqFt:

2480
Living Area SqFt:

2,480 Sqft

Financial & Terms

Sale Type:

Standard
Acceptable Financing:

Cash, Conventional, FHA
Possession:

Immediate

Location

Directions:

Take NJ-29 N Take Calhoun St Exit toward capitol complex/ Thomas Edison State Univ. Turn left onto Pennington Ave.
Cross Street:

Calhoun St
Latitude:

40.22953000
Longitude:

-74.76908000

The Property

Property Type:

Multi-Family
Property Subtype:

Triplex
Lot Size Units:

Square Feet
Lot Size Acres:

0.06
Lot Size Source:

Assessor
Lot Size Dimensions:

25.00 x 100.00
Lot Dimensions Source:

Assessor
Lot SqFt:

2,500 Sqft
Zoning Description:

Mixed-use
Zoning:

COMMERCIAL
Other Structures:

Above Grade, Below Grade
Water View:

No
Waterfront:

No
Water Oriented:

No
Water Access:

No
Navigable Water:

No
Tidal Water:

No
Ground Rent Exists:

No
Riparian Rights:

No

Listing Agent

Contact info:

Taxes

Tax ID Number:

11-04501-00007
Tax Year:

2023
Tax Lot:

00007
Tax Annual Amount:

$7,598
Tax Assessed Value:

$136,500
Year Assessed:

2023
Total Taxes Payment Frequency:

Annually

Heating & Cooling

Cooling Type:

Window Unit(s)
Central Air:

No
Cooling Fuel:

Electric
Heating:

Yes
Heating Type:

Baseboard - Electric
Heating Fuel:

Electric

Utilities

Sewer/Septic:

Public Sewer
Hot Water:

Instant Hot Water
Water Source:

Public

Schools

School District Name:

Trenton Public Schools
School District Source:

Listing Agent

The Community

Pool:

No Pool
Spa:

No
Association Recreation Fee:

No

Parking

Garage:

No
Type of Parking:

On Street

Extra Units

Vacation Rental:

No
Single Room Units:

1
One Bedroom Units:

1
Two Bedroom Units:

1

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Transit Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price	% Change
9/27/24 Sep 27, 2024	Price Changed	BRIGHT	$349,000	-7.9%
8/13/24 Aug 13, 2024	Price Changed	BRIGHT	$379,000	-1.6%
6/7/24 Jun 7, 2024	Listed / Active	BRIGHT	$385,000

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This multifamily located in Stuyvesant - Prospect, Trenton, NJ 08618 is currently for sale for $349,000. 189 Pennington Avenue is a 2,480 square foot multifamily with – beds and – baths. 189 Pennington Avenue is in the Stuyvesant - Prospect neighborhood of Trenton and has a WalkScore® of 76, making it very walkable. This multifamily is in the attendance area of B.C Gregory Elementary School, Trenton Central High School - West Campus, Trenton Central High School, and Rivera Middle School.

Listing Courtesy of: BRIGHT and Weichert Realtors-Princeton Junction.

The information included in this listing 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. The information on each listing is furnished by the owner and deemed reliable to the best of his/her knowledge, but should be verified by the purchaser. BRIGHT MLS and Estately assume no responsibility for typographical errors, misprints or misinformation. This property is offered without respect to any protected classes in accordance with the law. 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.