17 W DELAWARE AVENUE -19, PENNINGTON, NJ 08534
MERCER County
Key Facts
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 Information
Property Type
Commercial Sale
Year Built
1860
Living Area
5,000 sq ft
Lot Size
0.19 acres
Parking Spaces
2
Zoning
B-R
Days on Market
1
MLS® Listing#
NJME2076994
Property Features
Cooling
Heating
Parking
Construction
Roof
Water Source
Schools
- District:
- HOPEWELL VALLEY REGIONAL SCHOOLS
Financial Details
Annual Taxes
$12,310
Tax year 2025
Assessed Value
$366,600
Parcel Number
08-00205-00029
Directions
Main Street to W. Delaware Avenue
Affordability Calculator
$235,000
Estimated monthly payment
$6,254/mo
Principal $940,000 · Est. interest $1,311,384 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in PENNINGTON, NJ
- $600,000
- Median Listing Price
- 41
- Median Days on Market
- 2,129
- Median Sq Ft
- $295
- Median Price / Sq Ft
- 48
- Active Listings
- This home’s price is 96% above the area median.
- Its price per sq ft is 20% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in PENNINGTON, NJ.
Location
Points of Interest in PENNINGTON, NJ
Showing the PENNINGTON area map.
Nearby Schools
Ursery School
School · 0.1 mi away
The Pennington School
Secondary · 0.1 mi away
Cambridge School
Secondary · 0.3 mi away
St Matthews Little Leisure School
School · 0.5 mi away
Toll Gate Grammar School
Elementary · 0.5 mi away
Hopewell Valley Regional School District-Hopewell
School · 0.6 mi away
Pennington Montessori School
Elementary · 0.7 mi away
Hopewell Valley Central High School
Secondary · 0.7 mi away
Hopewell Valley Regional School District
School · 0.7 mi away
Timberlane Middle School
Secondary · 0.8 mi away
The Newgrange School
Elementary · 1.7 mi away
Stony Brook Elementary School
Elementary · 2.4 mi away
Camelot Nursery School
Elementary · 2.8 mi away
Sypek Center
Secondary · 3.1 mi away
Bear Tavern Elementary School
Elementary · 3.3 mi away
Mary's Montessori
Elementary · 3.6 mi away
Lawrenceville Elementary School
Elementary · 3.7 mi away
Goddard School
School · 3.8 mi away
Fisher Middle School
Secondary · 3.8 mi away
Antheil Elementary School
Elementary · 4.0 mi away
Commute Calculator
Nearby Homes
Similar Homes Nearby
Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 28 BALDWIN STREET, PENNINGTON, NJ | $839,000 | 4 | 3 | 2,543 |
| 16 COBURN ROAD, PENNINGTON, NJ | $850,000 | 4 | 3 | 2,028 |
| 313 HALE STREET, PENNINGTON, NJ | $985,000 | 4 | 3 | 2,804 |
| 30 POOR FARM ROAD, PENNINGTON, NJ | $995,000 | 4 | 4 | 2,540 |
| 26 BALDWIN STREET, PENNINGTON, NJ | $999,000 | 4 | 3 | 2,702 |
| 33 CHICORY LANE, PENNINGTON, NJ | $999,000 | 4 | 3 | 3,382 |
Moving Cost Estimate
EXIT Agents in PENNINGTON
Listing Courtesy: Estately Inc - 2066241372