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Multifamily

Colonial Gardens, Trenton

455 W State St, Trenton, NJ 08618

Listing Price: $11,250,000

Cap Rate
5.50%
Number of Units
97
Price/Unit
$115,979
Price/Gross SF
$134.63
Gross SF
83,565

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale the Colonial Gardens, a 97-unit multifamily building in Trenton, New Jersey. The building consists of a unit mix of 32 one bedrooms, 64 two bedrooms, and one three bedroom apartments. The deal represents a unique opportunity to acquire a sizable collection of assets with substantial upside. The property is located approximately 1 mile from Trenton Transit Center which offers a direct 27 min ride to Philadelphia on the Northeast Regional Line. Additionally, the property is approximately 1 mile from the Cass Street Light Rail Station which provides access to regional destinations. Colonial Gardens in located in Downtown Trenton and 60 miles to New York City. Downtown Trenton is home to some of the largest employers include Capital Health Systems, Cenlar Capital Corporate, New Jersey Education Association and Congoleum Corporation. Along with being New Jersey’s capital, Trenton is a major state employer. Trenton has landlord friendly rent control with CPI annual increases (2.75% in 2020) and 20% vacancy bonus. The property has easy access Route 1, I-295, Route 206 and are conveniently located near many national retailers including, Rite Aid, CVS, McDonald’s, Taco Bell, 7-Eleven, Dunkin Donuts and more.

Investment Highlights

  • 5.50% Current Cap, 7.98% Proforma Cap and 25% upside in rents
  • The property has recently received $800,000 in capital improvements
  • 89 Surfaces parking spaces
  • 34 Garage parking spaces

Exclusively Listed By

Multifamily

Colonial Gardens, Trenton

Listing Price: $11,250,000

Cap Rate
5.50%
Number of Units
97
Price/Unit
$115,979
Price/Gross SF
$134.63
Gross SF
83,565

Investment Highlights

  • 5.50% Current Cap, 7.98% Proforma Cap and 25% upside in rents
  • The property has recently received $800,000 in capital improvements
  • 89 Surfaces parking spaces
  • 34 Garage parking spaces

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale the Colonial Gardens, a 97-unit multifamily building in Trenton, New Jersey. The building consists of a unit mix of 32 one bedrooms, 64 two bedrooms, and one three bedroom apartments. The deal represents a unique opportunity to acquire a sizable collection of assets with substantial upside. The property is located approximately 1 mile from Trenton Transit Center which offers a direct 27 min ride to Philadelphia on the Northeast Regional Line. Additionally, the property is approximately 1 mile from the Cass Street Light Rail Station which provides access to regional destinations. Colonial Gardens in located in Downtown Trenton and 60 miles to New York City. Downtown Trenton is home to some of the largest employers include Capital Health Systems, Cenlar Capital Corporate, New Jersey Education Association and Congoleum Corporation. Along with being New Jersey’s capital, Trenton is a major state employer. Trenton has landlord friendly rent control with CPI annual increases (2.75% in 2020) and 20% vacancy bonus. The property has easy access Route 1, I-295, Route 206 and are conveniently located near many national retailers including, Rite Aid, CVS, McDonald’s, Taco Bell, 7-Eleven, Dunkin Donuts and more.

Exclusively Listed By

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