231-233 High St N - Apartments FOR SALE


Millville, NJ 08332
$475,000 USD
856-357-1436
231-233 High St N, Millville, NJ for Sale
$475,000 USD
Apartments - FOR SALE
1/1
null | 13.33% Cap Rate

231-233 High St N
Millville, NJ 08332


HIGHLIGHTS

  • 231-233 High Street N presents a three-story mixed-use building with retail on the ground floor and four apartment units on the upper floors.
  • In the Downe Township neighborhood of Millville, a scenic community with vast stretches of wetlands and sandy bay shores.
  • The retail portion is leased to BJ Roasters, a staple chicken wing restaurant with a commercial kitchen.
  • The unit-mix of the four apartments consists of three 2-bedroom/ one-bathroom units and one three-bedroom/ one-bathroom unit.

OVERVIEW

Society Real Estate is an exceptional investment opportunity in Millville, NJ. This spacious 6,300-square-foot three-story mixed-use property offers versatility with existing tenants, so you can start earning profits immediately. The first floor features B J Roasters (1,500 square feet), a staple chicken wing restaurant in downtown Millville for the past decades. The restaurant includes a commercial kitchen, ample storage, an industrial walk-in freezer, and a seating area for twenty people. The second and third upper floors (3,000 square feet) include four spacious residential apartments. Unit 2B offers two bedrooms, one bathroom, high ceilings, and an open living area. Unit 2A is similar, featuring two bedrooms and one bathroom. Units 2B and 2A are both newly renovated, with the space to add a third bedroom. Unit 3B features two bedrooms and one bathroom. At the same time, Unit 3A has three bedrooms and one bathroom with a generous living room area, allowing prospective purchasers to add their personal touch and complete this renovation. The rental income is as follows: BJ Roasters $1,300, Unit 2B $1,525, Unit 2A $1,350, Unit 3B $1,100, Unit 3A vacant, for a total of $5,275. 2025 FMR in Cumberland County for a two-bedroom is $1,591 and $2,163 for a three-bedroom. Tenants could use the basement area (1,800 square feet) for storage, another income-generating source for savvy investors. Tenants pay for their electricity and gas separately, while the owner pays for water and sewer, adding to the convenience of efficient billing for all units. This property has undergone several recent upgrades, enhancing its value and appeal. Notable improvements include a tankless water heater, a new roof installed less than a year ago, and window replacements completed in phases between 2019 and 2022, totaling 27-28 windows. Additionally, the commercial unit features upgraded heating and air conditioning systems, including central AC, for year-round comfort. The exterior has three parking spots for BJ Roasters employees, and behind the building, a 28-car public parking lot is available, featuring two handicapped accessible parking spots. Situated in the heart of Millville’s bustling downtown, this mixed-use property offers a unique opportunity for investors that won't last. With established tenants providing income and an additional vacant unit ready for transformation, there’s great potential to enhance its value. Well-maintained and ideally positioned, this property seamlessly blends commercial viability with residential charm, all within a thriving cultural and economic hub. This property is being sold as-is. Don’t miss out on this prime investment. Contact us today for more details.

FOR SALE DETAILS

PRICE

$475,000 USD

PRICE/SF

$75 USD /SF

# OF UNITS

4

PRICE/UNIT

$118,750

CAP RATE

13.33%

% LEASED

80%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1924

PARKING SPACES

31

LAND DETAILS

LAND ACRES

0.08 AC

LAND SF

3,340 SF

ZONING

B-3

APN/PARCEL ID

10-00412-0000-00012

ASK ABOUT THIS PROPERTY

Joe PolidoroSociety Real EstateMore Info
856-357-1436

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Joe PolidoroSociety Real EstateMore Info
856-357-1436

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.