6-Unit Apartment
For Sale
$1,050,000
303 Hanover, Trenton, NJ 08618
Six apartment units with on-street parking create a compact residential property configuration.
Property Size4,240 SF
Price / SF$247.64
Days on Market231
Property Features for 303 Hanover
General Information
Standard status
Active
Size
4,240 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$13,052
Amenities
RES
Parking.
On Street.
55.00 x 40.00
Building Details
Year Built
1900
Listing Agency:
Gild Realty LLC
(973) 333-2959
Listed By:
DEMOND EDWARDS
(908) 251-4772
Source:
Xome
Added: Jan 15
Changed: Aug 30
Last Checked: Aug 31 at 2:31PM
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 Gild Realty LLC
Investment Insights
Based on property information with market context.
This apartment building contains six units within 4,240 square feet of space. Constructed in 1900, the property presents a six-unit residential configuration with on-street parking listed among its exterior features. The site dimensions are identified as 55.00 x 40.00.
The property is located at 303 Hanover in Trenton, New Jersey 08618. Its apartment-building classification and unit count define the asset’s primary use, while the documented parking arrangement supports day-to-day residential occupancy.
The property is located at 303 Hanover in Trenton, New Jersey 08618. Its apartment-building classification and unit count define the asset’s primary use, while the documented parking arrangement supports day-to-day residential occupancy.
Key Highlights
- Six‑unit apartment building
- 4,240‑square‑foot property
- Constructed in 1900
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
$64,713
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
6.16%
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%
$1,294,260
$1.3M
Cap Rate 7%
$924,471
$924.5K
Cap Rate 9%
$719,033
$719.0K
Market Conditions
NOI Build-Up for 4,240 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
$127.2K $30.00/SF
− Vacancy
−$9.5K −$2.25/SF
EGI
$117.7K $27.75/SF
− OpEx
−$52.9K −$12.49/SF
NOI
$64.7K $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 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%
$1,294,260
Cap Rate 7%
$924,471
Cap Rate 9%
$719,033
Alternative Uses
Best Use
Apartment 5plus
$924.5K
$808.9K – $1.08M
NOI $64,713 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.36M
$1.19M – $1.59M
NOI $95,492 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,040
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?
Apartment building - Six apartment units with on-street parking create a compact residential property configuration.
Where is this apartment building located?
The property is located at 303 Hanover Trenton, NJ.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Six‑unit apartment building; 4,240‑square‑foot property; Constructed in 1900
