#NJME2062340, Susan A Norman, Listing office: Coldwell Banker Residential Brokerage - Princeton
Property details
About 24 Bank St
Presenting a Rare Investment Opportunity: 24-26 Bank St, Princeton, NJ Discover a prime multifamily asset just steps from Nassau Street and Palmer Square. This classic six-unit property offers immediate income, significant value-add potential, and a location at the heart of Princeton’s vibrant community. Property Highlights: 1. Unit Mix: Six spacious apartments in Downtown Princeton. 2. Current Income: $150,000 annual gross 3. Net Operating Income (NOI): $118,153 annually 4. Post-Renovation Upside: projected rents: $3,400 per unit/month after renovation ($244,800 annual gross)5. Pro Forma NOI: $212,953 annually 6. Asking Price: $1,995,000 ($332,500 per unit) 7. Parking: Monthly parking available at nearby garages. Compare this listing with other apartments in Downtown Princeton: Studios on Nassau St & Palmer Square (which are roughly 200 sq ft) are selling for $400,000+, with 1-bedrooms in the same area selling for $650,000+. But in this building? Six full-sized apartments are just $332,500 per unit—well below local condo pricing. Financial Overview: Gross Income: $150,000, Expenses: $37,847, NOI: $112,153. Post-Renovation Scenario: Gross Income: $244,800, Expenses: $31,847, NOI: $213,953, Annual Taxes: $20,347, Annual Insurance: $6,000, Other Expenses (Sewer, Gas/Heat): $5,500, Total Annual Expenses: $31,847. Now let’s look at the Value-Add Potential: Renovate units to achieve full market rents and unlock substantial upside. Comparable sales highlight the premium for renovated, centrally located apartments in Princeton. With current rents far below market, this property is a compelling value-add investment. And the location & Amenities? Prime Princeton Address: Walk to Princeton University, Nassau St shops, and Palmer Square dining, Parking: Convenient monthly options at nearby garages, Strong Rental Demand: Surrounded by top-tier shopping, dining, and cultural amenities. In Conclusion: This is a unique opportunity to acquire a well-located, high-upside multifamily asset in Princeton at a price per unit far below local condo sales. Benefit from strong in-place income, robust post-renovation returns, and Princeton’s historically strong appreciation. Contact us today for a full financial package and to schedule your tour.
Highlights
Home typeOther
HeatingForced Air
StatusActive
(ACTIVE)
(ACTIVE)
CoolingWindow Unit(s)
Size3,516 sqft
BasementYes
Lot size0.06 Acres
Year built1900
ParkingOn Street
MLS #NJME2062222
Summary
- Basement: Yes
- Flooring Type: Ceramic Tile, Hardwood
- Private Pool: No
- Parking: On Street
- Architectural Style: Colonial
- Heating: Forced Air
- Cooling: Window Unit(s)
- List Price: $1,995,000
- Price/SqFt: $567
- Directions: Use GPS.
- Year Built: 1900
- Living Area: 3,516 SqFt
- Municipality: Princeton
- Lot Size: 0.06 Acres
- MLS Number: NJME2062222
- MLS Name: BRIGHT
- Office Name: BHHS Fox & Roach - Princeton
- Office Phone: (609) 924-1600
- Office Email: wendy.merkovitz@foxroach.com
- Listing Agent: Timothy Christopher Crew
- Agent Phone: (609) 647-6838
- Agent Email: tim@sellingnj.com
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.
The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. This home sale information is not to be construed as an appraisal and may not be used as such for any purpose.
BRIGHT MLS is the (or a) provider of this home sale information and has compiled content from various sources. Some properties represented may not have actually sold due to reporting errors. ©2025 BrightMLS. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 7/30/2025, 5:45:28 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Price information
Property sales
We're sorry, we currently don't have property sales data for this listing.
Tax history
We're sorry, we currently don't have tax history data for this listing.
Nearby schools
6
Community Park Elementary School
Public District PK-5
0.6 mi
•372 Witherspoon St
6
Johnson Park Elementary School
Public District PK-5
1.1 mi
•285 Rosedale Rd
9
Riverside Elementary School
Public District PK-5
1.5 mi
•58 Riverside Dr
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 $74,557. The most common annual income of people living in Princeton, NJ is between $35k-100k. Most families are single, no kids. Residents of this area typically have post secondary degree education.
How much money do the neighbors make?
11%
<35k
51%
35k-100k
29%
100k-200k
9%
200k+
What level of education do the neighbors have?
High School Diploma
Post Secondary Degree
Masters Degree
Doctorate
What types of families live nearby?
63%
Single, No Kids
11%
Single, with Kids
13%
Married, No Kids
13%
Married, with Kids
Are the neighbors home owners or renters?
Home Owners
Renters
How old are people in this area?
13%
<11 yrs old
6%
12-17 yrs old
32%
18-34 yrs old
37%
35-64 yrs old
12%
65+ yrs old
What do the neighbors do for fun?
Yoga/pilates
Symphony or Opera
Major League Soccer (MLS)
Where do the neighbors shop?
H&M
Chico's
Banana Republic
Where do the neighbors go to eat?
Dominos Pizza
Boston Market
Sonic
What do the neighbors drive?
Audi
Volvo
Infiniti
What do the neighbors listen to?
Alternative
Talk/Personality
Urban Contemporary
All data provided by Home Junction and Claritas
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Frequently asked questions
Living in Princeton, NJ
Princeton's transportation infrastructure supports both private and public transit options, with a network of local and regional buses facilitating connectivity. The town is bike-friendly, with dedicated lanes and trails. Major roads and highways are easily accessible, making commuting to nearby cities convenient. Public transportation schedules are designed to accommodate the needs of residents and students alike.
The town is served by a robust educational system, including several public and private schools that cater to various educational needs, from elementary to high school levels. Princeton is home to top-rated healthcare facilities, with a focus on research and specialized care. The public library system is extensive, supporting lifelong learning. Retail and dining establishments reflect the town's cosmopolitan yet quaint character.
Princeton is celebrated for its rich academic and cultural heritage, largely influenced by the prestigious Princeton University. The community prides itself on a vibrant arts scene, with numerous galleries, theaters, and public lectures. Annual events like the Princeton Festival showcase the town's commitment to cultural enrichment and community engagement.
Princeton's housing market is characterized by a blend of historic charm and modern luxury, with a significant presence of colonial and Victorian-style homes. The area also offers contemporary condominiums and townhouses, providing options for a range of preferences and lifestyles. Single-family homes are prevalent, reflecting the town's suburban appeal.
About 24 Bank St
The listing price of 24 Bank St property is $1,995,000.
The property 24 Bank St is a house located in Princeton, New Jersey, 08542.
Active Listing: 24 Bank St is For Sale (Active/New) which means the seller is accepting offers.
The nearby schools for 24 Bank St are: Community Park Elementary School (GreatSchools Rating 6/10), Johnson Park Elementary School (GreatSchools Rating 6/10), Riverside Elementary School (GreatSchools Rating 9/10), Princeton Middle School (GreatSchools Rating 7/10), Princeton Charter School (GreatSchools Rating 10/10), Community Middle School (GreatSchools Rating 7/10), Princeton High School (GreatSchools Rating 6/10), West Windsor-Plainsboro High School South (GreatSchools Rating 7/10), West Windsor-Plainsboro High School North (GreatSchools Rating 6/10).
The property at 24 Bank St has 0 bathroom.
The property 24 Bank St is 3,516 SqFt (source: MLS/tax record).
The year of construction for 24 Bank St is 1900.
This home is located at 24 Bank St in Princeton, NJ and zip code 08542. This 3,516 square foot home, which was built in 1900, sits on a 0.06 acre lot. Features: 0 bathroom. It has been listed on Rocket Homes since July 8, 2025 and is currently priced at $1,995,000.
While more than 6 listings in Princeton, NJ in June 2025 were sold above asking price, there were more than 0 listings sold at asking price, and more than 4 were sold below. Between May and June 2025, Princeton, NJ real estate market has seen increase in the number of listings by 38.7%. The median list price of listings available in June 2025 was $705,000, while the average time on the real estate market was 48 days.
From Rocket Homes Real Estate and based on county public records data.