$ 1,175,000
-
$1,175,000
Price -
0
Bed -
0
Bath -
5,000
SqFt
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About the Listing ESTATENJ - 3253715
Rare opportunity to own a well-maintained 5-unit multifamily in the heart of downtown Pennington Borough, one of Mercer County's most desirable small communities. This character-filled older building features a balanced unit mix of two 2-bedroom and three 1-bedroom apartments, offering the kind of old-world charm that distinguishes it from newer cookie-cutter construction. 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.
Listing Highlights
Status
Active
Days on Site
5
Property Type
Commercial Sale
MLS ®
NJME2076994
Year Built
1860
Total Square Footage
5,000
Lot/Acreage
0.19
Interior Details
- Bedrooms: 0
- Bathrooms: 0 Full
- Appliances:
- Air Cond: Window Unit(s)
- Heating: Baseboard - Electric,Solar - Active,Baseboard - Hot Water
- Fireplaces:
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: Not New Construction,Horse Property: No
- Garage Capacity: N/A
- Parking Spaces: 2
- Zoning: B-R
- Roof: Asphalt,Shingle
- Others: Good
- Sewer: No Septic System
- Parking Features: Driveway,On Street,Parking Lot,2+ Spaces,1+ Spaces
Financial Details
- Tax Amount: $12,310
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: 2025
Payment Calculator
Monthly Payment
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Questions About..
17 W Delaware Ave Pennington, NJ 08534
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