MLS#NJME2076994
STATUSACTIVE
PROPERTY TYPECommercial -
SCHOOLHOPEWELL VALLEY REGIONAL SCHOOLS
Property Description
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.
Property Features
Property Type: Commercial -
Cooling: Window Unit(s)
Fuel Type: Electric, Natural Gas
Heating: Baseboard - Electric, Solar - Active, Baseboard - Ho
Lot Size: 0.19 Acres
Roof Type: Asphalt, Shingle
Taxes: $12,310
Year Built: 1860
Feature Descriptions
Days on Site: 6
Exterior: Vinyl Siding, Stick Built, Frame
Lot Dimensions: 0.19 Acre(S)
Municipality: PENNINGTON BORO
Sewer: No Septic System
Total Garage/Parking Spaces: 2
Units: 5
Water: Public
Local Schools
School District: HOPEWELL VALLEY REGIONAL SCHOOLS
Listed By / Shown By
Listed By
Agency Name: Estately Inc
Agency Phone: 2066241372
Shown By
Agency Title: RealtyMark
Agency Phone: 888-260-0400
17 -19 W Delaware Avenue | MLS# NJME2076994
This commercial property located at 17 -19 W Delaware Avenue , Pennington, NJ 08534 is currently listed for sale with an asking price of $1,175,000. -19 W Delaware Avenue is located within the HOPEWELL VALLEY REGIONAL SCHOOLS school district. Search Pennington real estate on www.realtymark.net today.