Description
CAME BACK ON THE MARKET. Prime investment property. 2.0 ac with 12,800 sf strip center retail building and 15.7 ac wooded property in Browns Mill, NJ. There are 16 units with 65 parking spaces. Now 70% of occupancy but still the cap rate is 7.6%. When you make more tenants, your cap rate will be 9%. The tenants are a Pizza restaurant, a Chinese restaurant, a Laundromat, a Dry Cleaner, a Doctor's office, a Barbershop, an SPA, and churches. This property has 4 lots (20, 25, 26, 27); 2 lots (25, 26) are part of the Plaza, and the remaining 2 lots consist of 15 acres of undeveloped land and an access road. The 2023 appraisal value was $1,400,000. The property's soil contamination is currently undergoing treatment. If the issue persists after the sale, the seller plans to contribute a certain amount to the escrow. If the buyer commits to resolving this issue, negotiations on the price are possible.
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0BEDS
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17.8ACRES
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0BATHS
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01/2 BATHS
Description
CAME BACK ON THE MARKET. Prime investment property. 2.0 ac with 12,800 sf strip center retail building and 15.7 ac wooded property in Browns Mill, NJ. There are 16 units with 65 parking spaces. Now 70% of occupancy but still the cap rate is 7.6%. When you make more tenants, your cap rate will be 9%. The tenants are a Pizza restaurant, a Chinese restaurant, a Laundromat, a Dry Cleaner, a Doctor's office, a Barbershop, an SPA, and churches. This property has 4 lots (20, 25, 26, 27); 2 lots (25, 26) are part of the Plaza, and the remaining 2 lots consist of 15 acres of undeveloped land and an access road. The 2023 appraisal value was $1,400,000. The property's soil contamination is currently undergoing treatment. If the issue persists after the sale, the seller plans to contribute a certain amount to the escrow. If the buyer commits to resolving this issue, negotiations on the price are possible.
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