Updated Two-Family
New
For Sale
$323,888
174 W HANOVER Street, Trenton, NJ 08618
Multi-Family, TRENTON, NJ
Property Size1,628 SF
Lot Size0.04 Acres
Price / SF$198.95
Days on Market4
Property Features for 174 W HANOVER Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway
Elementary school district
TRENTON PUBLIC SCHOOLS
Middle school district
TRENTON PUBLIC SCHOOLS
High school district
TRENTON PUBLIC SCHOOLS
Standard status
Active
Size
1,628 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
4924
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1897
Number of units
1
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Realty Mark Central, LLC
(609) 716-8400
Listed By:
Arkadiy Isakov · License #1969794
(917) 400-9700
Added: Aug 26
Last Checked: Aug 29 at 2:06AM
MLS# NJME2082820
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family duplex is a brick Colonial constructed in 1897 and contains 1,628 square feet. Each unit has a full kitchen equipped with a gas range and stainless steel appliances. Interior improvements include refinished hardwood flooring, new paint, and replacement windows, while forced-air heating and central air conditioning serve the property. A driveway provides off-street parking, and the units are positioned for occupancy without upfront renovation work.
The property sits on a 0.0364-acre lot in Trenton, New Jersey. The sale is strictly as-is; the seller will not complete repairs or provide municipal certifications. The buyer is responsible for inspections, certificate of occupancy requirements, smoke certification, and any required municipal repairs.
The property sits on a 0.0364-acre lot in Trenton, New Jersey. The sale is strictly as-is; the seller will not complete repairs or provide municipal certifications. The buyer is responsible for inspections, certificate of occupancy requirements, smoke certification, and any required municipal repairs.
Key Highlights
- Two‑family duplex with 1,628 square feet
- 0.0364‑acre lot with driveway parking
- Brick Colonial construction dating to 1897
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 - Brick Colonial duplex with refreshed interiors, separate kitchens, central air, and driveway parking.
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; 0.0364‑acre lot with driveway parking; Brick Colonial construction dating to 1897
