#3948404, Listing Office: ELLEN ROSENBAUM REAL ESTATE
189 Pennington Ave Trenton, NJ 08618
Property details
About 189 Pennington Ave
New Price! 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. First floor unit approximately 500 sq ft, 1 bedroom 1 bathroom. Renting at $1,225/mo. Second Floor Unit, 3 bedrooms including finished attic. Approximately 1,500 sq. ft. renting at $1,160/mo. which is significantly below market value with older couple currently staying there for 10+ years. Market rent is $1,800 for 3 bedroom. The commercial unit, currently operating as a hair salon, is rented at $850/month, also below market value of $1,000/mo. There is an opportunity to negotiate future lease agreements in line with market escalations, potentially increasing income by 20-25%. The property's gross annual rental income potential, if all units are rented at current rates, is $38,820. However, with adjustments to market rent rates, the projected annual income could rise to $48,300. 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. Should you need assistance finding a mixed use loan the current owner is happy to assist.
Highlights
(PENDING)
Summary
- MLS Number: NJME2043384
- MLS Name: BRIGHT
- Office Name: Weichert Realtors-Princeton Junction
- Office Phone: (609) 799-3500
- Office Email: bcarroll@weichertrealtors.net
- Listing Agent: Joseph Miczak
- Agent Phone: (732) 682-3740
- Agent Email: jmiczak@weichert.com
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Last updated on: 3/15/2025, 12:20:57 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$349,000
189 Pennington Ave
$4,144
closing credit¹
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0.5% sale price²
Price information
Property sales
Date | Event | Price |
---|---|---|
Dec 16, 2021 | Home Sold | $170,000 |
Oct 28, 2019 | Home Sold | $100,800 |
Sep 02, 2004 | Home Sold | $160,000 |
Tax history
Year | Assessment | Property Tax |
---|---|---|
2024 | $136,500 | $7,598 |
2022 | $109,500 | $6,080 |
2021 | $109,500 | $6,060 |
2020 | $109,500 | $5,963 |
2019 | $109,500 | $6,203 |
History based on county public records data.
Nearby schools
1
Battle Monument Intermediate School
Public District 4-6
0.1 mi
•145 Pennington Ave
2
Benjamin C. Gregory Elementary School
Public District PK-3
0.4 mi
•500 Rutherford Ave
1
Ulysses S. Grant Intermediate School
Public District 4-6
0.9 mi
•159 N Clinton Ave
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $23,803. Typical income of Trenton, NJ residents is less than $<35k annually. Typical family type is single, no kids. The most common level of education of people living in this area is high school diploma.
Similar homes for sale
This home is located at 189 Pennington Ave in Trenton, NJ and zip code 08618 in the Pennington / Prospect neighborhood. This 2,480 square foot home, which was built in 1896, sits on a 0.06 acre lot. Features: 0 bathroom. It has been listed on Rocket Homes since May 15, 2024 and is currently priced at $349,000.
While more than 27 listings in Trenton, NJ in February 2025 were sold above asking price, there were more than 8 listings sold at asking price, and more than 20 were sold below. In February 2025 in Trenton, NJ there were 2.2% less homes for sale than in January. The median list price of listings available in February 2025 was $338,000, while the average time on the real estate market was 52 days.