24 Bank St
Description
Studios on Nassau St & Palmer Square (which are roughly 200 sq ft) are selling for $400,000+, with 1-bedrooms in the same area selling for $650,000+. But in this building? Six full-sized apartments are just $332,500 per unit—well below local condo pricing. Financial Overview:
Gross Income: $150,000, Expenses: $37,847, NOI: $112,153. Post-Renovation Scenario: Gross Income: $244,800, Expenses: $31,847, NOI: $213,953, Annual Taxes: $20,347, Annual Insurance: $6,000, Other Expenses (Sewer, Gas/Heat): $5,500, Total Annual Expenses: $31,847. Now let’s look at the Value-Add Potential: Renovate units to achieve full market rents and unlock substantial upside. Comparable sales highlight the premium for renovated, centrally located apartments in Princeton. With current rents far below market, this property is a compelling value-add investment. And the location & Amenities? Prime Princeton Address: Walk to Princeton University, Nassau St shops, and Palmer Square dining, Parking: Convenient monthly options at nearby garages, Strong Rental Demand: Surrounded by top-tier shopping, dining, and cultural amenities. In Conclusion: This is a unique opportunity to acquire a well-located, high-upside multifamily asset in Princeton at a price per unit far below local condo sales. Benefit from strong in-place income, robust post-renovation returns, and Princeton’s historically strong appreciation. Contact us today for a full financial package and to schedule your tour.
- Listed by Michelle A Needham • BHHS Fox & Roach - PrincetonP: (609)-839-6738 michelle.needham@foxroach.com
Property Details for 24 Bank Street
Property Details for 24 Bank Street
| Status | Closed |
|---|---|
| MLS # | NJME2062222 |
| Days on Market | 37 |
| Taxes | $20,347 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Property Type | Multi Family |
| MLS Type | Multi-Family / Fee Simple |
| Year Built | 1900 |
| Lot Size | 0.06 AC / 2,788 SF |
| County | Mercer County |
Location
Sold By Callaway Henderson Sotheby's Int'l-Princeton
Building Information for 24 Bank Street
Payment Calculator
$11,767 per month
30 year fixed, 6.46% Interest
$10,071
$1,696
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1Property Information for 24 Bank Street
- School District Name: PRINCETON REGIONAL SCHOOLS
- School District County ID: 300200396175
- County: MERCER
- MLS Area: Princeton (21114)
- Water View: No
- Water Access: No
- Water Oriented: No
- Navigable Water: No
- Tidal Water: No
- Riparian Rights Y/N: No
- Property Manager Y/N: No
- Senior Community: No
- Association Recreation Fee Y/N: No
- Tax Year: 2024
- Tax Assessed Value: $764,100
- County Tax: $0
- Improvement Assessed Value: $363,600
- Tax Opportunity Zone Y/N: No
- Land Assessed Value: $400,500
- Clean Green Assessed: No
- Municipal Trash: No
- Land Use Code: 0
- Loss Mitigation Fee: No
- Historic: No
- Zoning: R4
- Tax Lot: 00006
- School Tax: $0
- Tax Page Number: 1035
- Automatically Update Tax Values Y/N: No
- TaxDataUpdatedYN: No
- Pets Allowed: No
- Smoking Allowed: No
- Owner Pays: Sewer, Gas, Heat
- Lease Renewal Option: No
- Lease In Effect: No
- Rent Spree Online Application: No
- Rent Control: No
- Buildout Allowance Y/N: false
- Section 8 Approved: true
- Single Room Units Count: 0
- One Bedroom Units Count: 6
- Two Bedroom Units Count: 0
- Three Bedroom Units Count: 0
- Other Units: Unit 1,Unit 2
- Units Furnished: None
- Units Leased Count: 6
- Number Of Units Vacant: 0
- Rent Control: No
- # Bedrooms Count Main Level: 0
- # Bathrooms Count Main Level: 0
- # Bathrooms Full Main Level: 0
- # Bathrooms Half Main Level: 0
- Stories: Main
- Type: Unit 1
- Unit Type Occupied YN: No
- Type: Unit 2
- Unit Type Occupied YN: No
- Operating Expense: $0
- Operating Expense Includes: Insurance
- Insurance Expense: $6,000
- Gross Income: $150,000
- Net Operating Income: $118,153
- Annual Rental Income: $150,000
- Income Includes: Apartment Rentals
- Green Verification: No
- Building Units Total: 4
- Total Finished SQFT: 3,516.00
- Total Finished SQFT Source: Assessor
- Total SQFT: 3,516.00
- Total SQFT Source: Assessor
- Construction Materials: Frame
- Roof: Shingle
- Flooring Type: Ceramic Tile, Hardwood
- Basement Type: Full
- Foundation Details: Block
- Property Attached Y/N: false
- Crops Included: No
- Habitable Residence: No
- Irrigation Water Rights: No
- Farm Land Preservation Y/N: No
- Lot Size Source: Estimated
- Lot Size Dimensions: 45.00 x 0.00
- Fencing Y/N: No
- Sign On Property: No
- Parcel ID: 2138882
- Additional Parcels: No
- Ground Rent Exists: No
- Land Lease: No
- Type Of Parking: On Street
- Attached Garage: No
- Open Parking: No
- View: No
- Fireplace: No
- Accessibility Features: None
- Virtual Tour URL Unbranded: https://studio.youtube.com/video/RlPxO8PqAYM/edit
- Spa: No
- Access To Pool Y/N: No
- Pool: No Pool
- Pool Private: No
- Horse: No
- Other Structures: Above Grade, Below Grade
- Heating: Yes
- Cooling: No
- Cooling Type: Window Unit(s)
- Cooling Fuel: Electric
- Heating Type: Forced Air
- Heating Fuel: Natural Gas
- Hot Water: Natural Gas
- Water Source: Public
- Sewer Septic: Public Sewer
- Electric On Property: No
- List Agent AOR: Mid Jersey Association of REALTORS
- List Agent URL: www.michelleneedham.foxroach.com
Property History for 24 Bank Street
| Date | Event & Source | Price | Appreciation |
|---|---|---|---|
| Nov 14, 2025 | Closed BRIGHT #NJME2062222 | $1,999,999 | — |
| Aug 12, 2025 | Pending BRIGHT #NJME2062222 | — | |
| Jul 7, 2025 | Listed (Active) BRIGHT #NJME2062222 | $1,995,000 | — |
| Date | Event & Source | Price |
|---|---|---|
| 11/14/2025 | Closed BRIGHT #NJME2062222 | $1,999,999 |
| 08/12/2025 | Pending BRIGHT #NJME2062222 | — |
| 07/07/2025 | Listed (Active) BRIGHT #NJME2062222 | $1,995,000 |
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Schools near 24 Bank Street
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | PK to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Private - | PK to 12 |
Rating | School | Distance |
|---|---|---|
Community Park Elementary School PublicPK to 5 | ||
J Witherspoon Middle School Public6 to 8 | ||
Princeton High School Public9 to 12 | ||
The Lewis School & Clinic for Educational Therapy PrivatePK 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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Listing Courtesy of BHHS Fox & Roach - Princeton
Based on information from one of the following Multiple Listing Services: BRIGHT, Greater LeHigh Valley Regional MLS, Greator Scranton Board of REALTORS® and Pocono Mountains Association of REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by BRIGHT, Greater LeHigh Valley Regional MLS, Greator Scranton Board of REALTORS® and Pocono Mountains Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.