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228 E Hanover St 5 Unit Apartment Building $729,990 ($145,998/Unit) 8.59% Cap Rate Trenton, NJ 08608
INVESTMENT HIGHLIGHTS
- Newly renovated in 2023
- All units feature hardwood floors, granite countertops, porcelain bath tile, custom blinds and energy efficient HVAC systems
- Access to public transportation and major highways
- 5 one-bedroom units, no rent control
- 28 years remaining on 30-year GSGZ Tax Exemption
- Located in coveted Arts District steps from the Capital
EXECUTIVE SUMMARY
Colliers is pleased to present the sale of 228 E Hanover Street, Trenton, Mercer County, New Jersey (the “Property” or “228 E Hanover Street”). The gut renovated apartment building comprised of five 1-bedroom units is an ideal turn-key, multifamily investment opportunity with an attractive 30-year tax abatement.
228 E Hanover Street was completely remodeled in 2023 to the highest quality standards. All the units have been renovated featuring hardwood floors, granite countertops, porcelain bath tile, custom blinds, energy efficient HVAC systems, individually metered units for power & HVAC, and fully sprinklered with fire alarm systems.
The Property is located within the Arts District which is central to the Downtown Business District and offers an array of retail, restaurant, and cultural amenities. 228 E Hanover Street provides immediate access to Route 1 (0.2 miles) and is walking distance from the Trenton Transit Center (0.5 miles) which provides rail access to both New York City and Philadelphia. The submarket features strong fundamentals with historically increasing rents and a market vacancy of 4.1%.
228 E Hanover Street was completely remodeled in 2023 to the highest quality standards. All the units have been renovated featuring hardwood floors, granite countertops, porcelain bath tile, custom blinds, energy efficient HVAC systems, individually metered units for power & HVAC, and fully sprinklered with fire alarm systems.
The Property is located within the Arts District which is central to the Downtown Business District and offers an array of retail, restaurant, and cultural amenities. 228 E Hanover Street provides immediate access to Route 1 (0.2 miles) and is walking distance from the Trenton Transit Center (0.5 miles) which provides rail access to both New York City and Philadelphia. The submarket features strong fundamentals with historically increasing rents and a market vacancy of 4.1%.
PROPERTY FACTS
| Price | $729,990 | Building Class | C |
| Price Per Unit | $145,998 | Lot Size | 0.05 AC |
| Sale Type | Investment | Building Size | 3,394 SF |
| Cap Rate | 8.59% | Average Occupancy | 80% |
| No. Units | 5 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1950/2023 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | ||
| Zoning | HIST - Commercial | ||
| Price | $729,990 |
| Price Per Unit | $145,998 |
| Sale Type | Investment |
| Cap Rate | 8.59% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 3,394 SF |
| Average Occupancy | 80% |
| No. Stories | 3 |
| Year Built/Renovated | 1950/2023 |
| Opportunity Zone |
Yes |
| Zoning | HIST - Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Tub/Shower
- Smoke Free
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 11-00604-0000-00010 | Improvements Assessment | $65,100 |
| Land Assessment | $5,900 | Total Assessment | $71,000 |
PROPERTY TAXES
Parcel Number
11-00604-0000-00010
Land Assessment
$5,900
Improvements Assessment
$65,100
Total Assessment
$71,000
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228 E Hanover St
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