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Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID NJME2076994
Year Built 1860
Annual Tax Amount $12,310
Tax Year 2025
Lot Size 8,276 Sqft
Acres 0.19
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
The current owner has made targeted capital investments where it counts most, including a new roof, upgraded electrical systems, solar panels, and renovated kitchens, significantly reducing near-term capital expenditure risk for a new owner without over-improving the asset.
Trailing 12-month gross revenue of $106,486 and a net operating income of $69,402 reflect a clean, well-run operation with a lean 34.8% expense ratio. The property offers compelling upside for the right buyer: in-place rents show room for organic growth of approximately $900/month based on rents already being achieved within the building, and an existing third-floor storage space presents a conversion opportunity to create a 6th income-producing unit at an estimated $1,500/month, combining for approximately $400,000 in additional asset value at a 7% cap rate.
Municipal parking directly behind the building and plentiful street parking support long-term tenant demand and retention. Pennington Borough offers top-rated schools, walkable downtown amenities, and convenient access to Route 31, I-95, and I-295, consistently attracting quality, long-term tenants.
Ideal for a self-managing investor, 1031 exchange buyer, or value-add operator looking for a cash-flowing asset with real upside in a premier Central New Jersey location. Listed at $1,175,000, priced on actual in-place performance.
Location
State NJ
County Mercer
Area Pennington Boro (21108)
Zoning B-R
Interior
Hot Water 60+ Gallon Tank
Heating Baseboard - Electric, Solar - Active, Baseboard - Hot Water
Cooling Window Unit(s)
Heat Source Electric, Natural Gas
Exterior
Garage Spaces 2.0
Water Access N
Roof Type Asphalt,Shingle
Accessibility None
Total Parking Spaces 2
Garage N
Building
Sewer No Septic System
Water Public
New Construction N
Schools
School District Hopewell Valley Regional Schools
Others
Tax ID 08-00205-00029
Ownership Fee Simple
Special Listing Condition Standard
NEARBY SCHOOLS & PROPERTIES
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