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!
Presented By: DePalma Realty
Interior Features for 506 N High Street
Bedrooms
Three Bedroom Units Count1
Other Interior Features
LivingAreaSourceEstimated
BasementInterior Access
Basement (Y/N)Yes
Central Air Y/NNo
Fireplace Y/NNo
Heating FuelNatural Gas
Heating Y/NYes
Hot WaterNatural Gas
Total Stories2
General for 506 N High Street
Acceptable FinancingCash, Conventional, Other
AccessibilityNone
Architectural StyleOther
CityMILLVILLE
Construction MaterialsFrame
Cool FuelElectric
CoolingNone
CountyCUMBERLAND
DirectionsGPS.
ExclusionsTenant personal property.
Garage Y/NNo
HeatingRadiant, Baseboard - Hot Water
Lot Size Square Feet1189.00
Lot Size UnitsSquare Feet
MLS AreaMillville City (20610)
ModificationTimestamp2025-06-12T13:52:08
MunicipalityMILLVILLE CITY
New ConstructionNo
Number Of Units Total3
Number of Units Leased3
NumberOfUnitsVacant
One Bedroom Units Count
Other StructuresAbove Grade
OwnershipFee Simple
PossessionImmediate
Price Per Sq Ft Total AG168.12
Property SubtypeOther
Property TypeMulti-Family
School DistrictMILLVILLE AREA
SewerPublic Sewer
Single Room Units Count0
Standard StatusPending
StatusPENDING
Structure TypeOther
Tax Annual Amount1903.0
Tax Assessed Value48500.0
Tax Lot00011
Tax Year2024
Total Actual Rent26100.00
Total SQFT1189
Two Bedroom0
Vacation Rental Y/NNo
Water Access Y/NNo
Year Built1920
Year Built SourceAssessor
ZoningDOWNTOWN COMMERCIAL
Exterior for 506 N High Street
InclusionsAppliances and utility systems in as is condition.
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