517 N Clinton Avenue, Trenton, New Jersey 08638
Investment opportunity with excellent capital appreciation potential in a great location.
Large two story commercial building. Property is ideal for professional use, day care, medical, office space with also with potential for conversion into apartments (subject to zoning)
Excellent income potential once rehabbed with strong demand expected being located in a convenient and accessible location, just 1 mile from Downtown Trenton, 17 miles from Downtown Philadelphia and 67 miles from Downtown New York.
Description:
Large two story brick commercial property of about 4,826 SF on a 3,125 sq ft lot with back yard.
Lot dimensions : 25 ft x 125 ft
Built: 1950
FIRST FLOOR
The first floor entry consists of a lobby, hallway, and two doors. The hallway connects both front and rear areas. The left front door leads to a 4-room space with bathroom access (toilet only). There are several walls with windows that separate rooms. The left rear consists of 3 rooms - one large room with wood paneling and one second rear room which appears to be an addition, that leads into a rear yard area. There is a large chain link fence and an alleyway that runs the length of the block at the rear of the property. The right front door leads to a flight of stairs up to the 2nd floor.
Basement access is located up the stairs and to the left and lead to a large basement area.
SECOND FLOOR
The second floor consists of at six interconnected rooms; one bath and a closet. There is a small hallway which leads to some of the rooms.
Condition:
The property has been vacant for a while and now needs a full rehab, but once completed the property has tremendous potential.
Good location:
The property is located on a busy street with a mix of residential and small businesses, within a short walking distance from town and local amenities. There is a lot of activity in the area and a new construction across the street currently under way, a bar and a Caribbean restaurant that also recently opened close to the property. There are a few storefront grocers nearby.
The property is accessible and very conveniently located being just 1.0 miles from Downtown Trenton and within just over an hour’s drive from Downtown New York and Philadelphia :
Downtown Trenton 1.1 miles
Downtown New York 12.9 miles
Downtown Philadelphia 17.5 miles
Public Transportation: Commuter Rail
Trenton Transit Center (NJT)- 4 min away from the property: Commuter Rail (Northeast Corridor Line, River LINE, Northeast Corridor Line, River LINE)
Hamilton Commuter Rail - 9 min away from the property: (Northeast Corridor Line)
The property is close to local facilities and amenities:
Restaurants
Rozmaryn Restaurant (.4mi), Angelo's Pizza & Restaurant (.4mi), Jojo's Express (.5mi), Georgia Fried Chicken (.5mi), Brunswick Deli (.5mi), Anchor Bar & Grill (.5mi), Best Choice Restaurant (.5mi), Yu King Chinese Restaurant (.6mi), Pizza Express (.6mi), Galicja Lounge (.6mi), Taqueria El Mariachi (.6mi), Cleveland Deli & Hoagie Shop (.6mi), Anchor Restaurant & Lounge (.5mi), Best Food In Town (.6mi), Amber Bakery And Market (.6mi), Pizza Express (.6mi), Jo Jo's Steak House (.6mi), Galicja Lounge (.6mi), Taqueria El Mariachi (.6mi), Caprince Variety Market (.6mi), King Wok (.7mi), KFC (.7mi), Brandy Deli (.7mi), Sing Lee Restaurant (.7mi), Davinci Pizza (.7mi), SUPER DELIKATESY POLISH STORE (.8mi), Totopos (.8mi), Crab Shack (.8mi), King Foods (.8mi), Supermercado Latino (.8mi), DC Caribbean and American Restaurant (.8mi), Islands Best take-out (.8mi), The Hambone Opera (.9mi), Lickedy Split (.9mi), A Happy Family Chinese Restaurant (.9mi), Pie'd Piper Bakery & Gourmet Shop (.9mi), Trenton Firehouse (.9mi), Caribe & Mar & Fried Chicken (.9mi), Trenton House of Hope (1mi), Red Lion Diner (1mi), Tremont Restaurant (1mi), Pineapple's Dining Room (1mi), NJWeedman's Joint (1mi), Pizza Grill (1mi), Emanuel & Estelle Restaurant (1mi), Sub Marias Deli (1mi), Pollo Campero (1mi), Prince Fried Chicken (1mi),
Coffee
Dunkin' Donuts (1mi), lexi lu's Trenton (1.3mi), The Peacock Cafe At Grounds For Sculpture (1.5mi), Dunkin' Donuts (1.6mi), Eet Gud Bakery (2mi), Dunkin' Donuts (2mi), Cafe Antonio (2mi), Kwik Kafe (2.1mi), Bagels & Beyond, South Broad Street (2.2mi), Dunkin' Donuts (2.2mi),
Bars
La Guriara (.1mi), Empire Furniture Design (.2mi), Choppy's Gallera (.2mi), Cadillac Lounge (.5mi), Larry's Corner Tavern Inc (.6mi), The Galicja Lounge (.6mi), Tir Na Nog (1.2mi), Neon Bar (1.2mi), Manor Hotel (1.3mi), Mcguinn's Place (1.3mi), Checkers Drive-In Restaurant (1.3mi), John Don Inc (1.3mi), Villa Park Liquors (1.3mi), Joe's Mill Hill Saloon (1.3mi), Candle Light Events (1.4mi), Tony D's Pub (1.4mi), Buddy's Shamrock Tavern (1.4mi), Platinum Lounge (1.6mi), Flamingo (1.7mi), M M Bar and Liquor Store (1.7mi), First & Ten Sports Pub (1.8mi), Peters Place (1.8mi), Romance Bar (1.9mi), Thabto Inc (2mi),
Groceries
La Nueva Grocery (.03mi), J & C Deli (.1mi), West Indease Market (.3mi), Brunswick Deli & Grocery (.4mi), Mc Kithen Produce (.5mi), R & C Deli (.5mi), Jo Jo's Market (.5mi), Monchy Deli Grocery (.5mi), Bazar Market LLC (.6mi), Raymond Deli Grocery (.6mi), Caprince Variety Market (.6mi), All-Star Liquors Store (.6mi),
Parks
Assunpink Park (.3mi), North Trenton Park (.7mi), Bromley Park (.9mi), Wetzel Field (1.5mi), Stacy Park (1.6mi), Moody Park (1.8mi), Colonial Lake Park (2mi), Stacy Park (2.2mi), Lamberton Park (2.4mi), Cadwalader Park (2.4mi), Veterans Park (2.6mi), Crestmont Park (2.7mi), Ackerman Park (2.9mi), Turtleback Park (2.9mi), Roebling Memorial Park (2.9mi), Lions Park (3mi), Lions Stadium (3mi), Central Park (3.2mi), Van Horn Park (3.2mi), Temple Park (3.6mi), Colonial Memorial Park (3.6mi), John S Watson Park (3.9mi), Armstrong Park (4mi), Veterans Park (4.1mi),
Schools
Wilson Elementary School (.3mi), P.J. Hill School (.4mi), Paul Robeson Charter School for the Humanities (.5mi), Afrikan People's Action School (.6mi), Grant School (.6mi), Martin Luther King Junior Elementary School (.6mi), Islamic School Of Trenton/al-bayaan Academy (.7mi), Columbus School (.7mi), Trenton Central High School (.8mi), Hedgepeth-Williams School (.8mi), Youthbuild Newark (.9mi),
Shopping
Name Brand Children's Clothing (.2mi), Clark Group Inc (.3mi), Buy 4 Less Tuxedo.com, Incorporated (.5mi), Caribbean Variety Store (.5mi), Sayah African Fashion Gallery (.6mi), Essence of a Woman (.6mi), Rose's Tops In Fashion (.6mi), Blue Ink Studio L.L.C (.7mi), MLM Family Enterprise Llc (.7mi), The Burning Bush Christian Brookstore (.8mi), Dots Fashions (.8mi), Kids R First (.8mi),
Entertainment
New Jersey Historic Sites (.9mi), Windows of Soul (1mi), Any Tickets (1.4mi), Old Barracks Museum (1.4mi), New Jersey State House Museum (1.4mi), 1719 William Trent House Museum (1.5mi), Grounds For Sculpture (1.5mi), New Jersey State Museum (1.6mi), Historical Commission (1.6mi), Trenton Museum Society (2.3mi), The Trenton City Museum (2.3mi), National Guard Militia Museum (2.9mi), New Jersey State Museum (1.6mi), Historical Commission (1.6mi), 1719 William Trent House Museum (1.6mi), Gray Stones Monument (2.3mi), Trenton Museum Society (2.3mi), Trenton City Museum/ Ellarslie Museum (2.3mi), Ellarslie Mansion (2.3mi), STALEY® Corn Syrup (2.4mi), World's Largest Tooth (2.8mi), National Guard Militia Museum (2.8mi), AMC Hamilton 24 (3mi), Hamilton Township PAL Safety Town (3mi),
Errands
Medical Home Pharmacy (.4mi), Trenton Railing & Fencing (.4mi), Brunswick Pharmacy (.4mi), Natalie Yampolsky, PharmD (.5mi), F.W. Webb Company (.5mi), Trenton Police Credit Union (.5mi), Polish and Slavic Credit Union (.5mi), Santander Bank (.5mi), Woodys Pallet LLC (.6mi), Delaval Turbomachinery Corp (.6mi), Kayon Hardware (.6mi), Mack Industries Inc (.6mi)
(walkscore.com)
Traffic
|
Collection Street |
Cross Street |
Traffic Vol |
Year |
Distance |
|
N Olden Ave |
St Joes Ave SE |
19,122 |
2016 |
0.15 mi |
|
N Clinton Ave |
Sherman Ave SW |
7,866 |
2016 |
0.17 mi |
|
N Olden Ave |
Taylor St NW |
17,878 |
2016 |
0.22 mi |
|
N Clinton Ave |
Oak St SW |
8,346 |
2016 |
0.23 mi |
Demographics:*
1mile 3 miles 5 miles
Population 25,921 149,658 243,627
% Black/ African American: 60.63% 42.24% 29.79%
% White 33.54% 50.93% 62.19%
2018 Average Household income $50,061 $64,512 $82,399
*Costar
THIS IS A UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A POTENTIALLY HIGH INCOME PROPERTY AT A DISCOUNTED PRICE IN A GREAT LOCATION.
Great investment opportunity:
The property has excellent capital appreciation potential when rehabbed.
Comparables for sale (rehabbed):
1531 N Olden Ave Trenton, NJ 08638- 7900 SF- $790,000 ($100/SF)
627 N Olden Ave Trenton, NJ 08638 - 1800 SF- $275,000 ($152/ SF)
1816 N Olden Avenue Ext Trenton, NJ 08638- 6,300 SF- $395,000 ($62.69)
1245-1247 Martin Luther King Jr Blvd Trenton, NJ 08638- 5,500 SF- $349,000 ($63.45)
901 Brunswick Ave Trenton, NJ 08638 – 9,000 SF- $645,000 ($71.66)
926 N Olden Ave Trenton, NJ 08638 – 4,412 SF- $545,000 ( $123.52)
Based on the above figures the property could be worth between $350,000 and $550,000 when rehabbed
Excellent income potential once rehabbed*:
The rental income of the rehabbed property will depend on the eventual use.
Based on office space , the average gross rental income in this area is $8.00 to $12.00 / SF/year ($38,600 to $58,300 / Year). Higher income is likely to be achieved if converted into apartments or medical offices.
Taxes:
Mercer County PA - Parcel: Block: 21705 - Lot: 26 (Parcel ID: 11-21705-0000-00026)
Current assessed value $424,700.00
Current back taxes due (including water and sewage) $34k
Buyer assumes all back taxes.
Tax appeal is from Feb to April every year through the tax assessor's of the city of Trenton's office.
PROPERTY IS SOLD AS IS, WHERE IS-
Buyer assumes real estate taxes, liens, bills and encumbrances
Tax redemtion details attached as received in June 2018.
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
Buyer will also be responsible for $500 deed prep and doc fee as well as 8 % premium.
10% non-refundable deposit (minimum $1,000), auction premium (Minimum $250) and $500 deed preparation and doc fee are due within 48 hours of auction close.
Final Payment to be made within 1 week of the Auction close.
All bidders to do their due diligence. Property is sold on a Quit Claim deed. Buyer assumes real estate taxes, liens, bills and encumbrances (if any). Buyer is responsible for directly checking the up-to-date amounts of the back taxes, liens and the requirements of the building code department. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Buyers are responsible for fixing building code violations (if any). Buyers are bound by the Purchase Agreement which is attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
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