17-19 W Delaware Avenue, Pennington, NJ 08534

17-19 W Delaware Avenue in Pennington Borough presents a well-maintained 5-unit multifamily building with a balanced unit mix of two 2-bedroom apartments and three 1-bedroom apartments. The property includes targeted capital improvements by the current owner, including a new roof, upgraded electrical systems, solar panels, and renovated kitchens, helping reduce near-term capital expenditure needs. The building is currently generating trailing 12-month gross revenue of $106,486 and net operating income of $69,402, reflecting a 34.8% expense ratio based on in-place performance.

The property is located in the heart of downtown Pennington Borough. Municipal parking directly behind the building and plentiful street parking are available to support tenant convenience and day-to-day access. The area also provides convenient access to Route 31, I-95, and I-295, which can support long-term tenancy.

This offering should appeal to a self-managing investor, a 1031 exchange buyer, or a value-add operator looking to purchase a stabilized asset with additional opportunity. The current rent structure indicates room for organic growth of approximately $900/month based on rents already being achieved within the building. In addition, an existing third-floor storage space presents a conversion opportunity to create a 6th income-producing unit at an estimated $1,500/month. The listing is priced at $1,175,000 based on the stated in-place performance.