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Mercer County, New Jersey
Asking Price
$199,000
Revenue
Call/Email
Down
$19,990
Cash Flow
Call/Email
Name: Chris Driscoll
Name
Chris Driscoll
Year Established:
1967
FE&E:
$55,000
Reason for sale:
Other Business Interests
Lease Expiration:
01/30/2028
Lease Options:
$2,184
Listing Number:
60405-330612
Sales:
$535,579
Seller's Discretionary Earnings:
$86,697
Inventory:
$5,000
Posting ID:
ID tw:90114 / Listing Number 60405-330612
Business Category:
Restaurants
Keywords:
Transworld
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Mercer County, New Jersey
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Mercer County, New Jersey
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Mercer County, New Jersey
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Mercer County, New Jersey
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Purchased over 40 years ago by the current owner this Boarding Home is located at 324 Whitehead Road in Trenton was built in 1880. This 6,276 sf 3-story property on .25 acres currently has 18 rooms for rent with no vacancy. Tenants rent on a short-term basis, typically weekly or monthly. Minimum rent is $215/mo and some larger rooms are $875/month. Each room is equipped with window air conditioning unit and cable. The first floor has a wide and open floor plan ripe for expansion as the home has a Certificate of Occupancy for 31 tenants. Owner receives numerous calls each week with potential tenants so full occupancy is the norm. 6 additional rooms can be built on this floor which would add approximately $5K/mo in revenue. Occupied rooms are located on both the 2nd and 3rd floors. There are some larger rooms but most are similar in size with shared/common areas, bathrooms and washer/dryer. The property is fully licensed and up to code including: Owner/Operator License for Boarding, Fire/Safety Compliance, Housing/Building Compliance, and Boiler Permit. All licenses/certifcates are on site. The building is being sold as is, however, currently one bathroom is being updated along with the flooring on the 2nd floor. There is a new electric panel, the roof was replaced only two years ago, and both the boiler and hot water heater are three years old. An local former resident helps owner with small tasks around property and collection of rent. Owner lives about 2 hours away and picks up rent every other week. This is a largely absentee business. Rental income is $200K per year and nets $140K. Expenses are $58K and details will be provided to serious buyers. With a potential to add 13 more tenants there is significant upside to this investment property. Adding only six more rooms would equate to about $60K uptick in rental income and increasing Cap Rate significantly. https://tworld.com/locations/New-Jersey/princeton/listings/Absentee-Cash-Flowing-18-Room-Boarding-House-For-Sale

Mercer County, New Jersey
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