Home For Rent
$529,000
113 S Warren St
Trenton, New Jersey, United States
2bd 1.5ba
Listed By: Realtyww Info
Listed On: 08/24/2024
Listing ID: GL11502282 View More Details
Description
COMING SOON! Expected on Market Date August 23, 2024. Mixed Use property in the heart of downtown Trentons central business district! Lots of pedestrian traffic from nearby office buildings and residential neighborhoods. Restaurant tenant on the first floor. Leased through mid-2025. 1 bedroom apartments on each of the 2nd and 3rd floors are move-in ready. Property in excellent condition. First floor tenant has profitable business (not included in sale). Stabilized property pro forma shows a cap rate of 9%. New owners can occupy the apartments or choose their own qualified tenants. First floor interior restaurant space is approx. 1400 SF of commercial space, plus basement. 1 bedroom apartments are approx. 700SF each. All units are separately metered for cooking gas and electric. Restaurant has central AC and cooking hood. Apartments have ductless mini splits being installed for cooling and additional heat. Owners utility bill is less than $300 per month and will go down after the mini splits are installed. Redevelopment area! The Property is part of the downtown business improvement district that includes programming for extra cleaning and safety, plus marketing and tourism. Local government is in the process of creating a restaurant row district and making capital improvements, including sidewalk upgrades, on the block. For new business owners, City of Trenton has grants available for exterior upgrades and improvements and Trenton Downtown Association can help with marketing. Several new development projects in the immediate neighborhood including Van Sciver building (138 new apartments +parking), 200 block of E State St (+/- 600 apartments approved; 50 completed and occupied already), Taxation building redevelopment (see Capital City Redevelopment Corporation site) and the Trenton Parking Authoritys Front Street Garage, which is receiving expressions of interest. Easy access to property from Routes 29, 129, 195, 295, 206, and 31. One mile from Trenton Transit Center One block from Mill Hill Park. 3 blocks from NJ Statehouse and legislature.For more details:
Listed by: Roland S. Pott
