189 Pennington Avenue

Trenton, NJ 08618

$385,000
Price
Beds
2,480 Sq. Ft.
$155 / Sq. Ft.
2,480
Sq. Ft.
$155
per Sq. Ft.

Description

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...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.
  1. Listed by Joseph Miczak • Weichert Realtors-Princeton Junction
    P: 7326823740 jmiczak@weichert.com
  2. Listed by Desmond Stanley • Weichert Realtors-Princeton Junction
    P: 6095520874 dstanley@weichert.com

Property Details for 189 Pennington Avenue

Tax ID Number
11-04501-00007
Ownership
Fee Simple
Structure Type
Detached
Style
A-Frame
Waterfront
No
Garage
No
Cross Street
Calhoun St
Municipality
TRENTON CITY

Location

Listing Courtesy of Weichert Realtors-Princeton Junction
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LISTING UPDATED: 06/30/2024 11:49 AM

Property Details for 189 Pennington Avenue

StatusActive
MLS #NJME2043384
Days on Market65
Taxes$7,598 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti-Family / Fee Simple
Year Built1896
Lot Size0.06 AC / 2,500 SF
CountyMercer County

Location

Listing Courtesy of Weichert Realtors-Princeton Junction
Add your commute

Building Information for 189 Pennington Avenue

Stories-Residences3Year Built1896Building Size-Lot Size0.06 AC / 2,500 SF

Payment Calculator

$2,734 per month

30 year fixed, 7.25% Interest

Principal and Interest

$2,101

Property Taxes

$633

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 189 Pennington Avenue

Location
Location
  • School District Name: TRENTON PUBLIC SCHOOLS
  • School District County ID: 300200396606
  • SchoolDistrictSource: Listing Agent
  • County: MERCER
  • MLS Area: Trenton City (21111)
Waterfront / Water Access
Waterfront / Water Access
  • Water View: No
  • Water Access: No
  • Water Oriented: No
  • Navigable Water: No
  • Tidal Water: No
  • Riparian Rights Y/N: No
Association / Community Info
Association / Community Info
  • Association Recreation Fee Y/N: No
Taxes and Assessment
Taxes and Assessment
  • Tax Year: 2023
  • Tax Assessed Value: $136,500
  • Year Assessed: 2023
  • County Tax: $0
  • Improvement Assessed Value: $100,400
  • City Town Tax: $0
  • Land Assessed Value: $36,100
  • Clean Green Assessed: No
  • Land Use Code: 0
  • Zoning: COMMERCIAL
  • Zoning Dscrp: Mixed-use
  • Tax Lot: 00007
  • School Tax: $0
  • Tax Page Number: 300
  • Automatically Update Tax Values Y/N: Yes
Unit Information
Unit Information
  • Single Room Units Count: 1
  • One Bedroom Units Count: 1
  • Two Bedroom Units Count: 1
  • Three Bedroom Units Count: 0
Building Info
Building Info
  • Building Level Count: 2
  • Building Units Total: 3
Lot / Land Information
Lot / Land Information
  • Lot Size Source: Assessor
  • Lot Size Dimensions: 25.00 x 100.00
  • Lot Dimensions Source: Assessor
  • Parcel ID: 2151612
  • Ground Rent Exists: No
Parking
Parking
  • Type Of Parking: On Street
Interior Features
Interior Features
  • Fireplace: No
  • Accessibility Features: None
Exterior Features
Exterior Features
  • Spa: No
  • Pool: No Pool
  • Other Structures: Above Grade, Below Grade
Utilities
Utilities
  • Heating: Yes
  • Cooling Type: Window Unit(s)
  • Cooling Fuel: Electric
  • Heating Type: Baseboard - Electric
  • Heating Fuel: Electric
  • Hot Water: Instant Hot Water
  • Water Source: Public
  • Sewer Septic: Public Sewer
Confidential Data
Listing Office

Property History for 189 Pennington Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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 Record2022$7,450 ($621 / 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 5
Public - 6 to 8
Public - 9 to 12
Public - 10 to 12
Rating
School
Distance
Gregory Elementary School
PublicK to 5

Luis Munoz Rivera Elementary School
Public6 to 8

Trenton Central High School West
Public9 to 12

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.

Neighborhood Map and Transit

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189 Pennington Avenue is a multi-family home for sale in Trenton, NJ 08618. This property was listed for sale on May 15, 2024 by Weichert Realtors-Princeton Junction, it's currently listed at $385,000. It has been on the market for a total of 65 days and was last sold on July 24, 2021. This listing's school district is Trenton Public School District. Nearby schools include Gregory Elementary School, Luis Munoz Rivera Elementary School and Trenton Central High School West. 189 Pennington Avenue is a 0-bed, 0-bath, 2,480 sqft multi-family home built in 1896.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Weichert Realtors-Princeton Junction

Based on information from one of the following Multiple Listing Services: BRIGHT, Greator Scranton Board 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, Greator Scranton Board 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.