3,396 SqFt
3,396 SqFt
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Under Contract
Purchase Type For Sale
Square Footage 3,396 sqft
Price per Sqft $155
MLS Listing ID NJME2047026
Originating Board BRIGHT
Year Built 1950
Annual Tax Amount $9,892
Tax Year 2023
Lot Size 1,622 Sqft
Acres 0.04
Property Description
Mixed Use property in the heart of downtown Trenton’s central business district! Lots of pedestrian traffic from nearby office buildings and residential neighborhoods. Restaurant tenant on the first floor. Leased through mid-2025. 1 bedroom apartments on each of the 2nd and 3rd floors are move-in ready. Property in excellent condition. First floor tenant has profitable business (not included in sale). Stabilized property pro forma shows a cap rate of 9%.
New owners can occupy the apartments or choose their own qualified tenants.
First floor interior restaurant space is approx. 1400 SF of commercial space, plus basement.
1 bedroom apartments are approx. 700SF each.
All units are separately metered for cooking gas and electric. Restaurant has central AC and an 11’ cooking hood. Apartments have ductless mini splits newly installed for cooling and additional heat. Owner’s utility bill is less than $300 per month and will go down now that the new mini splits are installed. Apartments feature their own washer/dryers for the convenience of the tenants.
Redevelopment area! The Property is part of the downtown business improvement district that includes programming for extra cleaning and safety, plus marketing and tourism. Local government is in the process of creating a “restaurant row” district and making capital improvements, including sidewalk upgrades, on the block.
For new business owners, City of Trenton has grants available for exterior upgrades and improvements and Trenton Downtown Association can help with marketing.
Several new development projects in the immediate neighborhood including Van Sciver building (138 new apartments +parking), 200 block of E State St (+/- 600 apartments approved; 50 completed and occupied already), Taxation building redevelopment (see Capital City Redevelopment Corporation site) and the Trenton Parking Authority’s Front Street Garage, which is receiving expressions of interest.
Easy access to property from Routes 29, 129, 195, 295, 206, and 31. One mile from Trenton Transit Center One block from Mill Hill Park. 3 blocks from NJ Statehouse and legislature.
Location
State NJ
County Mercer
Area Trenton City (21111)
Zoning HIST
Interior
Hot Water Natural Gas
Heating Radiator
Cooling Ductless/Mini-Split, Central A/C
Heat Source Natural Gas Available
Exterior
Utilities Available Natural Gas Available, Sewer Available, Water Available
Waterfront N
Water Access N
Accessibility 2+ Access Exits
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Trenton Public Schools
Others
Tax ID 11-00107-00011 01
Ownership Fee Simple
SqFt Source Estimated
Special Listing Condition Standard
