179 Brunswick Ave Trenton, NJ 08618

Property Details for 179 Brunswick Ave

Year built

1880

Property size

228,554 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents Cityside I&II Apartments, a 231-unit multifamily property located at 179 Brunswick Ave, Trenton, NJ 08618. The property comprises 108 buildings, totaling 228,554 square feet, and features a mix of 28 one-bedroom, 86 two-bedroom, 75 three-bedroom, and 42 four-bedroom apartments. Originally constructed in 1880 and renovated in 1930, the two-story buildings offer residents convenient amenities including on-site laundry facilities, parking, and an elevator in the main building. Crucially, this property benefits from two Project-Based Section 8 HAP contracts covering 100% of the units. Current contract rents are below the 2024 Fair Market Rents (FMRs) and significantly below the 2024 HUD 150% Safe Affordable Fair Market Rent (SAFMR), offering substantial value and stability. The property's strategic location in Trenton, NJ, within 60 miles of both New York City and Philadelphia, provides excellent access to major metropolitan areas. Further enhancing its investment appeal, 20 of the 90 buildings are situated in a Qualified Census Tract (QCT), qualifying for a 30% eligible basis boost for Federal Low-Income Housing Tax Credits (LIHTC). The property boasts a remarkable 98.2% occupancy rate, reflecting Trenton's robust rental market, driven by record-low unemployment (3%) and steady population growth (5.6% since 2010). Projected population growth in Trenton is expected to continue, with estimates of at least 3,000 new residents quarterly through early 2025. A 20-year extension under Option 3b was secured in 2012 (FMR Mod Rehab Project). This presents a rare opportunity to acquire a well-positioned, high-occupancy affordable housing complex with significant long-term growth potential.

Location Insight

City

Trenton

County

Mercer

State

New Jersey

Longitude

-74.7627

Latitude

40.2274