506 N HIGH ST Active Save Request In-Person Tour Request Virtual Tour
Millville,NJ 08332
Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 1,189 sqft
Price per Sqft $168
MLS Listing ID NJCB2023964
Style Other
Year Built 1920
Annual Tax Amount $1,903
Tax Year 2024
Lot Size 1,189 Sqft
Property Sub-Type Other
Property Description
3-unit mixed use building in Millville's growing downtown, for less than $200,000.00! Taxes under $2,000 per year! The property offers a 10%+ cap rate at current rents with plenty of room to grow. This property is 3 units, with two store fronts and a 3 bedroom 1 bathroom apartment upstairs already renovated and rented. The two storefronts were recently leased to great tenants on 3 year leases with rent increases for each year. Each storefront will also be renovated by the future tenants. Upstairs brings in a gross annual rent of $18,900.00 per year. In total, gross annual rents for the next twelve months will be $26,100.00. The Cap Rate and Cash on Cash returns are both very attractive on current and on a pro forma basis. Situated next to the phenomenal DC Gallery & Studio and across from the Village on High, this property is ready to take on new life with new ownership. The upstairs 3 bedroom apartment was recently completely rehabbed and a new gas boiler was installed for the building just a few days ago. Take advantage of this deal and be part of High Street before all the other development takes place and the barrier to entry becomes too high! With instant cash flow and potential to generate much more into the future, this building is a fantastic investment for both the new and experienced investor. Schedule a showing today!
Location
State NJ
County Cumberland
Area Millville City (20610)
Zoning DOWNTOWN COMMERCIAL
Interior
Hot Water Natural Gas
Heating Radiant,Baseboard - Hot Water
Cooling None
Inclusions Appliances and utility systems in as is condition.
Exterior
Water Access N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Millville Area
Others
Acceptable Financing Cash,Conventional,Other
Listing Terms Cash,Conventional,Other
Special Listing Condition Standard