Well-Maintained Multifamily in Pennington
17 --19 W Delaware Ave, Pennington, NJ 08534
Five-unit multifamily property with upside potential in desirable Pennington Borough.
Type:Commercial
- Added:
- May 12, 2026
- Days on Market:
- 19
- Last Refresh:
- May 13 at 8:46 pm
Property Features for 17 --19 W Delaware Ave
General Information
- Standard status
- Active
- Property subtype
- Commercial
Building Details
- Year Built
- 1860
Listing agent DARREN GRIFFITH
Listing office ESTATELY INC (206) 624-1372
Listing date May 12, 2026
Source Corcoran
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of ESTATELY INC
HighLights
- Prime location in desirable Pennington Borough with walkable downtown, top‑rated schools, and easy access to major routes.
- Significant income upside potential through organic rent growth and conversion of storage space into a 6th unit.
- Solid financial performance: $106,486 gross revenue and $69,402 net operating income with a lean 34.8% expense ratio.
- Recent capital improvements including a new roof, upgraded electrical systems, solar panels, and renovated kitchens, reducing future capital expenditure risk.
- Well‑maintained 5‑unit multifamily building with a balanced unit mix (two 2‑bedroom and three 1‑bedroom apartments).
- Ample parking with municipal parking behind the building and plentiful street parking.
Overview
This well-maintained five-unit multifamily property is located in downtown Pennington Borough, a desirable community in Mercer County. The building features a mix of two 2-bedroom and three 1-bedroom apartments, offering an older construction style. Targeted capital investments have been made, including a new roof, upgraded electrical systems, solar panels, and renovated kitchens. The trailing 12-month gross revenue is $106,486, with a net operating income of $69,402, reflecting a 34.8% expense ratio. There is potential for organic rent growth of approximately $900 per month based on achieved rents within the building. An existing third-floor storage space presents a conversion opportunity to create a sixth income-producing unit at an estimated $1,500 per month. Municipal parking is available directly behind the building, and plentiful street parking supports tenant demand and retention. Pennington Borough offers top-rated schools, walkable downtown amenities, and convenient access to Route 31, I-95, and I-295, attracting quality, long-term tenants. This property is suited for a self-managing investor, 1031 exchange buyer, or value-add operator looking for a cash-flowing asset with upside in Central New Jersey.
Location Intelligence
Current Use by Public Records
1031 exchange properties
Location Insight
- Map
- Local Demand
- City
- Pennington
- County
- Mercer
- State
- New Jersey
- Longitude
- -74.7920811
- Latitude
- 40.3280548
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Five-unit multifamily property with upside potential in desirable Pennington Borough.
Where is this apartment building located?
The property is located at 17 --19 W Delaware Ave Pennington, NJ.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Prime location in desirable Pennington Borough with walkable downtown, top‑rated schools, and easy access to major routes.; Significant income upside potential through organic rent growth and conversion of storage space into a 6th unit.; Solid financial performance: $106,486 gross revenue and $69,402 net operating income with a lean 34.8% expense ratio.
