1. New Jersey
2. Millville
3. 506 N HIGH STREET

506 N HIGH STREET, Millville, NJ 08332

• 1,189 sqft

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!

Listing Status:

Pending

Listing Office:

DePalma Realty : 8568255500

Listing Agent:

Michael DePalma : 6095014162

MLS ID:

NJCB2023964

Interior

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This listing courtesy of Michael DePalma, DePalma Realty