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    179 Brunswick Ave Trenton, NJ 08618

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    179 Brunswick Ave Trenton, NJ 08618

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    • Commercial real estate
    • 228,554 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Cityside Apartments / Apartment Building

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Trenton
    County
    Mercer
    State
    New Jersey
    Longitude
    -74.7627
    Latitude
    40.2274

    Comparable in this City

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      108,780 SF

      777 State St

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    • Value Estimation
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      7,468 SF

      1 End Ave, Unit 4

      APARTMENT HOUSE (UNDER 5 UNITS) • 7,468 SF
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    • Value Estimation
      $865,000
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      41 Prospect St

      APARTMENT HOUSE (UNDER 5 UNITS) • 16,704 SF
      41 Prospect St, Trenton, NJ 08618-4661
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    • Value Estimation by Request
      3,075 SF

      510 State St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,075 SF
      510 State St, Trenton, NJ 08618-5658
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    • Value Estimation
      $3,490,000
      24,507 SF

      150 Oakland St

      APARTMENT HOUSE (UNDER 5 UNITS) • 24,507 SF
      150 Oakland St, Trenton, NJ 08618-3524
      View Details
    • Value Estimation by Request
      6,668 SF

      694 Rutherford Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 6,668 SF
      694 Rutherford Ave, Trenton, NJ 08618-4460
      View Details

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    179 Brunswick Ave
    Trenton, NJ 08618
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    179 Brunswick Ave, Trenton, NJ, 08618

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