24-26 BANK ST Princeton, NJ 08542
3,516 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Detached
Listing Status Active
Purchase Type For Sale
Square Footage 3,516 sqft
Price per Sqft $567
MLS Listing ID NJME2062222
Style Colonial
HOA Y/N N
Abv Grd Liv Area 3,516
Year Built 1900
Annual Tax Amount $20,347
Tax Year 2024
Lot Size 2,788 Sqft
Acres 0.06
Lot Dimensions 45.00 x 0.00
Property Sub-Type Detached
Source BRIGHT
Property Description
Studios on Nassau St & Palmer Square (which are roughly 200 sq ft) are selling for $400,000+, with 1-bedrooms in the same area selling for $650,000+. But in this building? Six full-sized apartments are just $332,500 per unit—well below local condo pricing. Financial Overview:
Gross Income: $150,000, Expenses: $37,847, NOI: $112,153. Post-Renovation Scenario: Gross Income: $244,800, Expenses: $31,847, NOI: $213,953, Annual Taxes: $20,347, Annual Insurance: $6,000, Other Expenses (Sewer, Gas/Heat): $5,500, Total Annual Expenses: $31,847. Now let's look at the Value-Add Potential: Renovate units to achieve full market rents and unlock substantial upside. Comparable sales highlight the premium for renovated, centrally located apartments in Princeton. With current rents far below market, this property is a compelling value-add investment. And the location & Amenities? Prime Princeton Address: Walk to Princeton University, Nassau St shops, and Palmer Square dining, Parking: Convenient monthly options at nearby garages, Strong Rental Demand: Surrounded by top-tier shopping, dining, and cultural amenities. In Conclusion: This is a unique opportunity to acquire a well-located, high-upside multifamily asset in Princeton at a price per unit far below local condo sales. Benefit from strong in-place income, robust post-renovation returns, and Princeton's historically strong appreciation.
Contact us today for a full financial package and to schedule your tour.
Location
State NJ
County Mercer
Area Princeton (21114)
Zoning R4
Rooms
Basement Full
Interior
Hot Water Natural Gas
Heating Forced Air
Cooling Window Unit(s)
Flooring Ceramic Tile, Hardwood
Fireplace N
Heat Source Natural Gas
Exterior
View Y/N N
Water Access N
Roof Type Shingle
Accessibility None
Garage N
Private Pool N
Building
Foundation Block
Sewer Public Sewer
Water Public
Architectural Style Colonial
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District Princeton Regional Schools
Others
Pets Allowed N
Senior Community No
Tax ID 14-00019 01-00006
Ownership Fee Simple
SqFt Source Estimated
Acceptable Financing Cash, Conventional
Horse Property N
Listing Terms Cash, Conventional
Financing Cash,Conventional
Special Listing Condition Standard
Virtual Tour https://studio.youtube.com/video/RlPxO8PqAYM/edit
