Rebuilt 5-Unit Apartment
For Sale
$750,000
228 E Hanover St, Trenton, NJ 08608
Five individually metered units were rebuilt in 2023 with energy-efficient HVAC and full sprinkler protection.
Property Size3,394 SF
Price / SF$220.98
Days on Market184
Property Features for 228 E Hanover St
General Information
Standard status
Active
Size
3,394 SF
Building Details
Year Built
1900
Listing Agency:
Pott Real Estate, LLC
Listed By:
Roland S. Pott · License #0342277
(609) 793-9639
Source:
Soldbypattie
Added: Apr 24
Changed: Oct 15
Last Checked: Oct 7 at 5:33PM
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 Pott Real Estate, LLC
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Investment Insights
Based on property information with market context.
This is a 5-unit apartment building that was completely rebuilt in 2023. Each unit features hardwood flooring, granite countertops, porcelain bath tile, custom blinds, and energy-efficient HVAC. The building has individually metered units for power and HVAC, and is fully sprinklered with a fire alarm.
The property is located in downtown Trenton, within walking distance of the Trenton Transit Center and with access to Route 1. Retail services in the area are described as being within a couple blocks, including a supermarket, restaurants, and bank branches.
The offering presents a renovated multifamily asset with updated unit interiors and modern mechanical and life-safety systems.
The property is located in downtown Trenton, within walking distance of the Trenton Transit Center and with access to Route 1. Retail services in the area are described as being within a couple blocks, including a supermarket, restaurants, and bank branches.
The offering presents a renovated multifamily asset with updated unit interiors and modern mechanical and life-safety systems.
Key Highlights
- 5‑unit apartment building rebuilt in 2023 with individually metered power & HVAC for each unit
- Energy‑efficient HVAC plus central air cooling
- Fully sprinklered with fire alarm
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,801
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,036,020
$1.0M
Cap Rate 7%
$740,014
$740.0K
Cap Rate 9%
$575,567
$575.6K
Market Conditions
NOI Build-Up for 3,394 SF
Gross rent
$101.8K $30.00/SF
− Vacancy
−$7.6K −$2.25/SF
EGI
$94.2K $27.75/SF
− OpEx
−$42.4K −$12.49/SF
NOI
$51.8K $15.26/SF
Area
Mercer County, NJ
Vacancy
7.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,036,020
Cap Rate 7%
$740,014
Cap Rate 9%
$575,567
Alternative Uses
Best Use
Apartment 5plus
$740.0K
$647.5K – $863.4K
NOI $51,801 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.09M
$955.5K – $1.27M
NOI $76,438 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
2,358
Businesses Nearby
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Business Placement
Demographics for 08608, NJ
1,269
Population
645
Households
2
Avg Household Size
41
Median Age
25%
College-Educated
77%
High-School Grad
0.3 sq mi
ZIP Area
4,230
Density / Sq Mi
$48,232
Median Earnings
$1,009
Median Rent
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Five individually metered units were rebuilt in 2023 with energy-efficient HVAC and full sprinkler protection.
Where is this apartment building located?
The property is located at 228 E Hanover St Trenton, NJ.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 5‑unit apartment building rebuilt in 2023 with individually metered power & HVAC for each unit; Energy‑efficient HVAC plus central air cooling; Fully sprinklered with fire alarm
