Description
Presenting a Rare Investment Opportunity: 24-26 Bank St, Princeton, NJ Discover a prime multifamily asset just steps from Nassau Street and Palmer Square. This classic six-unit property offers immediate income, significant value-add potential, and a location at the heart of Princeton's vibrant community.
Property Highlights: 1. Unit Mix: Six spacious apartments in Downtown Princeton. 2. Current Income: $150,000 annual gross 3. Net Operating Income (NOI): $118,153 annually 4. Post-Renovation Upside: projected rents: $3,400 per unit/month after renovation ($244,800 annual gross)5. Pro Forma NOI: $212,953 annually 6. Asking Price: $1,995,000 ($332,500 per unit) 7. Parking: Monthly parking available at nearby garages. Compare this listing with other apartments in Downtown Princeton:
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.
