SOLD
$500,000
Date 03/15/2021

120 High St N
Millville, NJ 08332

General Commercial
Residence
N/A
Acre Lot
1of
Photos
Map
Courtesy: DePalma Realty
brightmlshomes.com> New Jersey> Millville> 08332
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.
NJCB125808
General Commercial
CUMBERLAND
1924
Electric Water Heater, Public Water Service
Public Sewer
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The scores below measure the walkability of the address, access to public transit of the area and the convenience of using a bike on a scale of 1-100

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