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    120-124 High St N

    MILLVILLE, NJ 08332
    • $475,000
    • STATUS: Active
    • ON SITE: 215 days
    • MLS #: NJCB125808
    UPDATED: 11 min ago
    $475,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Commercial
    Built:
    1924
    County:

    School Ratings & Info

    School District:

    Description

    PLEASE NOTE: THIS PROPERTY IS BEING SOLD AS A PACKAGE ALONG WITH 25/27 N. HIGH ST. IN MILLVILLE. THE TOTAL LISTING PRICE OF THE PACKAGE IS $675,000 BETWEEN THE TWO PROPERTIES. ONE MAY NOT BE PURCHASED WITHOUT THE OTHER.Own a piece of Millville History. 120-124 N. High St is the home of the old Fath Department Store Building and most recently an art gallery, political headquarters, and professional office space. Reinvigorated and re-imagined, the Fath building has since been brought back to life by the new ownership -- including structural reinforcement, engineering, plumbing, electrical, framing and more. The building is BACK and ready to be finished and turned into the gem it is meant to be, shining bright in the lights of the Levoy Theater! As a practical investment, the building would be a dream cash flow situation, boasting 9-10 residential apartments upstairs, 10 offices downstairs, two store fronts facing downtown, and a large workshop area where you can deliver supplies. Also, the property is located in a Federal OPPORTUNITY ZONE, which according to taxpolicycenter.org, allows for these incentives: 1). Temporary deferral of taxes on previously earned capital gains. Investors can place existing assets with accumulated capital gains into Opportunity Funds. Those existing capital gains are not taxed until the end of 2026 or when the asset is disposed of. 2).Basis step-up of previously earned capital gains invested. For capital gains placed in Opportunity Funds for at least 5 years, investors~ basis on the original investment increases by 10 percent. If invested for at least 7 years, investors~ basis on the original investment increases by 15 percent. 3). Permanent exclusion of taxable income on new gains. For investments held for at least 10 years, investors pay no taxes on any capital gains produced through their investment in Opportunity Funds (the investment vehicle that invests in Opportunity Zones).Don't miss out on this can't miss opportunity to recreate history, and MAKE MONEY TOO! Current seller is willing and able to speak about his work done on the property and provide any and all requested documentation that he has available.

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    ©2020 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Premier Group NJ at RE/MAX Central. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2020-10-01T17:52:18.083.
    www.premiergroupnj.com/homes/103684493
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    120-124 High St N MILLVILLE, NJ 08332

    • Price: $475,000
    • Status: Active
    • Updated: 11 min ago
    • MLS #: NJCB125808
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    1924
    Built
    Neighborhood:
    Millville City (20610)
    County:
    Cumberland
    Area:
    Millville City (20610)
    School District:
    Millville Board Of Education
    Property Description
    PLEASE NOTE: THIS PROPERTY IS BEING SOLD AS A PACKAGE ALONG WITH 25/27 N. HIGH ST. IN MILLVILLE. THE TOTAL LISTING PRICE OF THE PACKAGE IS $675,000 BETWEEN THE TWO PROPERTIES. ONE MAY NOT BE PURCHASED WITHOUT THE OTHER.Own a piece of Millville History. 120-124 N. High St is the home of the old Fath Department Store Building and most recently an art gallery, political headquarters, and professional office space. Reinvigorated and re-imagined, the Fath building has since been brought back to life by the new ownership -- including structural reinforcement, engineering, plumbing, electrical, framing and more. The building is BACK and ready to be finished and turned into the gem it is meant to be, shining bright in the lights of the Levoy Theater! As a practical investment, the building would be a dream cash flow situation, boasting 9-10 residential apartments upstairs, 10 offices downstairs, two store fronts facing downtown, and a large workshop area where you can deliver supplies. Also, the property is located in a Federal OPPORTUNITY ZONE, which according to taxpolicycenter.org, allows for these incentives: 1). Temporary deferral of taxes on previously earned capital gains. Investors can place existing assets with accumulated capital gains into Opportunity Funds. Those existing capital gains are not taxed until the end of 2026 or when the asset is disposed of. 2).Basis step-up of previously earned capital gains invested. For capital gains placed in Opportunity Funds for at least 5 years, investors~ basis on the original investment increases by 10 percent. If invested for at least 7 years, investors~ basis on the original investment increases by 15 percent. 3). Permanent exclusion of taxable income on new gains. For investments held for at least 10 years, investors pay no taxes on any capital gains produced through their investment in Opportunity Funds (the investment vehicle that invests in Opportunity Zones).Don't miss out on this can't miss opportunity to recreate history, and MAKE MONEY TOO! Current seller is willing and able to speak about his work done on the property and provide any and all requested documentation that he has available.
    Exterior Features

    Construction Materials Brick Garage YN No Parking Types Parking Lot Property Condition Major Rehab NeededVery Good Riparian Rights YN No Water Access YN No Water Oriented YN No Waterfront YN No

    Interior Features

    Building Area Total 18000.00 Cooling Central A/C Heating Forced Air Heating YN Yes Inclusions Everything Currently Situated At The Property Would Go With The Sale. Net Square Feet 18000.00

    Property Features

    Acceptable Financing CashOtherNegotiable Accessibility Features None Assessment Year 2019 Association YN No Business Type Apartment BuildingFlexProfessionalShopping CenterWarehouseOther Central Air YN Yes Cooling Fuel Electric Heating Fuel Natural Gas Hot Water Electric Incorporated City Name Millville City Navigable Water YN N New Construction YN No Original MLSNumber 304042305889 Ownership Interest Fee Simple Possession Settlement Property Sub Type Five Or More Units Sale Type Standard Sewer Public Sewer Tax Annual Amount 10450.72 Tax Assessment Amount 303800.00 Tax Lot 00006 Vacation Rental YN No Water Source Public Zoning B-3

    Listing courtesy of Depalma Realty.


    ©2020 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Premier Group NJ at RE/MAX Central. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2020-10-01T17:52:18.083.
     
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    Premier Group NJ at RE/MAX Central
    520 Highway 9 North
    Manalapan NJ, 07726