8,276 Sqft Lot
8,276 Sqft Lot
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 SCHOOL & BUSINESS