Updated Two-Unit
For Sale
$323,888
174 W Hanover Street, Trenton, NJ 08618
Two residential units feature refinished hardwood floors, fresh paint, replacement windows, and kitchens equipped with gas ranges and stainless steel appliances.
Property Size1,628 SF
Price / SF$198.95
Days on Market24
Property Features for 174 W Hanover Street
General Information
Standard status
Active
Size
1,628 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1897
Buildings
1
Listing Agency:
Realty Mark Central,LLC
Listed By:
Arkadiy Isakov
(800) 299-2129
Source:
Actionplusrealty
Added: Aug 15
Changed: Sep 6
Last Checked: Sep 6 at 9:32AM
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 Realty Mark Central,LLC
Investment Insights
Based on property information with market context.
This two-family duplex contains 1,628 square feet and was built in 1897. Both units have received updates that include refinished hardwood flooring, new paint, replacement windows, and full kitchens with gas ranges and stainless steel appliances. The property is offered as-is, with no seller repairs or municipal certifications provided.
The buyer is responsible for inspections, certificate of occupancy, smoke certification, and any municipal repairs required for the property. The address is 174 W Hanover Street in Trenton, New Jersey.
The buyer is responsible for inspections, certificate of occupancy, smoke certification, and any municipal repairs required for the property. The address is 174 W Hanover Street in Trenton, New Jersey.
Key Highlights
- Two‑family duplex with 1,628 square feet
- Both units feature refinished hardwood floors and fresh paint
- Replacement windows installed throughout the property
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,769
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$575,380
$575.4K
Cap Rate 7%
$410,986
$411.0K
Cap Rate 9%
$319,656
$319.7K
Market Conditions
NOI Build-Up for 1,628 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$44.0K $27.00/SF
− Vacancy
−$2.9K −$1.76/SF
EGI
$41.1K $25.25/SF
− OpEx
−$12.3K −$7.57/SF
NOI
$28.8K $17.67/SF
Area
Mercer County, NJ
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$575,380
Cap Rate 7%
$410,986
Cap Rate 9%
$319,656
Alternative Uses
Best Use
Multifamily LT 5
$411.0K
$359.6K – $479.5K
NOI $28,769 @ 7.0% cap · market cap 8.88%
Second Best
Apartment 5plus
$355.0K
$310.6K – $414.1K
NOI $24,847 @ 7.0% cap · market cap 7.67%
Theoretical Best
Warehouse
$523.8K
$458.3K – $611.1K
NOI $36,665 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,293
Businesses Nearby
Explore this area
Business Placement
Demographics for 08618, NJ
37,544
Population
15,284
Households
2.5
Avg Household Size
34
Median Age
24%
College-Educated
86%
High-School Grad
5.9 sq mi
ZIP Area
6,363
Density / Sq Mi
$48,179
Median Household Income
$33,040
Median Earnings
$1,117
Median Rent
$211,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature refinished hardwood floors, fresh paint, replacement windows, and kitchens equipped with gas ranges and stainless steel appliances.
Where is this duplex located?
The property is located at 174 W Hanover Street Trenton, NJ.
What is the asking price?
The asking price for this property is $323,888.
What are key features of this property?
This property features: Two‑family duplex with 1,628 square feet; Both units feature refinished hardwood floors and fresh paint; Replacement windows installed throughout the property
