2,788 Sqft Lot
2,788 Sqft Lot
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID NJME2062206
Year Built 1900
Annual Tax Amount $20,347
Tax Year 2024
Lot Size 2,788 Sqft
Acres 0.06
Lot Dimensions 45.00 x 0.00
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
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.
Location
State NJ
County Mercer
Area Princeton (21114)
Zoning R4
Interior
Hot Water Natural Gas
Heating Forced Air
Cooling Window Unit(s)
Flooring Hardwood, Ceramic Tile
Heat Source Natural Gas
Exterior
Water Access N
Roof Type Shingle
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Princeton Regional Schools
Others
Tax ID 14-00019 01-00006
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
Special Listing Condition Standard
Virtual Tour https://youtu.be/RlPxO8PqAYM
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