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228 E Hanover St

5 Unit Block of Flats For Sale Trenton, NJ 08608

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Investment Highlights

Newly renovated in 2023
All units feature hardwood floors, granite countertops, porcelain bath tile, custom blinds and energy efficient HVAC systems
Access to public transportation and major highways

5 one-bedroom units, no rent control
28 years remaining on 30-year GSGZ Tax Exemption
Located in coveted Arts District steps from the Capital

Executive Summary

RI Marketplace Auction Feb 10-12, 2025
Register to bid on Marketplace
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%.
Peter Costanzo
c/o Fisher Auction Company, Inc.
License: BK No. 8910502
https://rimarketplace.com/auction/2337/228-e-hanover-street-trenton-nj-a-newly-renovated-boutique-5-unit-multifamily-asset?utm_source=costar

Property Facts

Sale Type	Investment	Lot Size	0.05 AC
Sale Conditions	Auction Sale	Building Size	3,394 SF
No. Units	5	Average Occupancy	80%
Property Type	Residential	Number of Floors	3
Property Subtype	Apartment	Year Built/Renovated	1950/2023
Apartment Style	Garden	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Building Class	C

Sale Type	Investment
Sale Conditions	Auction Sale
No. Units	5
Property Type	Residential
Property Subtype	Apartment
Apartment Style	Garden
Building Class	C
Lot Size	0.05 AC
Building Size	3,394 SF
Average Occupancy	80%
Number of Floors	3
Year Built/Renovated	1950/2023
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.