Rebuilt 5-Unit Apartment
228 E Hanover Street Trenton, NJ 08608
228 E Hanover Street, Trenton, NJ, 08608
$750,000
For Sale
$750,000
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 Market137
Property Features for 228 E Hanover Street
General Information
- Standard status
- Active
- Size
- 3,394 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1900
Listing agency
Pott Real Estate, LLC
(609) 793-9639
Listed by
Roland Pott · License #0342277
(609) 793-9639
Source
Xome
Added: Mar 6 Updated: Jul 21 at 12:46AM Checked: Jul 21 at 2:57AM
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
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $101.8k | $30.00 |
| − Vacancy | −$7.6k | −$2.25 |
| EGI | $94.2k | $27.75 |
| − OpEx | −$42.4k | −$12.49 |
| NOI | $51.8k | $15.26 |
3,394 SF · lease $30.00/SF/yr · vacancy 7.50% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
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 Street 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
