Newly Renovated, Boutique 5-Unit Multifamily – NJ

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Address: 228 E Hanover St, Trenton, NJ 08608, USA

New York & Tri-State + Apartment Buildings

Created date: January 6, 2025

Date last updated: January 6, 2025

RI Marketplace Online Auction Feb 10-12, 2025

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Investment Highlights:

Newly renovated in 2023
5 one-bedroom units
All units feature hardwood floors, granite countertops, porcelain bath tile, custom blinds and energy efficient HVAC systems
28 years remaining on 30-year GSGZ Tax Exemption
No rent control
Located in coveted Arts District steps from the Capital
Access to public transportation and major highways

Property Description

Colliers is pleased to present the sale of 228 E Hanover Street, Trenton, Mercer County, New Jersey (the “Property” or “228 E Hanover Street”). The gut renovated apartment building comprised of five 1-bedroom units is an ideal turn-key, multifamily investment opportunity with an attractive 30-year tax abatement. 228 E Hanover Street was completely remodeled in 2023 to the highest quality standards. All the units have been renovated featuring hardwood floors, granite countertops, porcelain bath tile, custom blinds, energy efficient HVAC systems, individually metered units for power & HVAC, and fully sprinklered with fire alarm systems. The Property is located within the Arts District which is central to the Downtown Business District and offers an array of retail, restaurant, and cultural amenities. 228 E Hanover Street provides immediate access to Route 1 (0.2 miles) and is walking distance from the Trenton Transit Center (0.5 miles) which provides rail access to both New York City and Philadelphia. The submarket features strong fundamentals with historically increasing rents and a market vacancy of 4.1%.

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Key Property Information

Listing Status:	Available
Listing Type:	Auction
Property Types:	Apartment Buildings
No. of Units:	5
Average Occupancy:	80
Year Renovated:	2023
Building Size:	3,870 Sq ft
Lot Size:	0.10 Acres
No. of Stories:	3
Opportunity Zone:	No
Property Website	Click Here