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About the Listing DEPALM - 3242226
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!
Listing Highlights for 506 N High St
Status
Pending
Days on Site
142
Property Type
Multi-Family
MLS ®
NJCB2023964
Year Built
1920
Total Square Footage
1,189
Lot/Acreage
0.03
Interior Details
- Bedrooms: 3
- Bathrooms: Full
- Appliances:
- Air Cond:
- Heating: Radiant,Baseboard - Hot Water
- Fireplaces:
- Floor:
- Above Ground Sq Ft: 1189
- Below Ground Sq Ft: n/a
- Basement: Interior Access
- Other:
- Water: Public
Exterior Details
- Lot Description: Not New Construction,Horse Property: No
- Garage Capacity: N/A
- Lot Dimensions: 22.00 x 54.00
- Zoning: Downtown Commercial Zoning. See documents for allowable uses.
- Roof:
- Others:
- Sewer: Public Sewer
- Parking Features: On Street
Financial Details
- Tax Amount: $1,903
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: 2024
Payment Calculator
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Listing Location
Questions About..
506 N High St Millville, NJ 08332
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