Millville, NJProperty Type: Apartments/Redevelopment
Size: 50 Units/27,630 SF
Price: See Broker for Details
CAP: See Broker for Details
- 27,360 SF Vacant Office Building with Full Zoning Approval to Redevelop the Building into 50 Multifamily Units
- Great Central Location Along Main Retail Corridor in Southern New Jersey - 45 Minutes from Philadelphia and Atlantic City
- Solid Rental Market with Limited Studio and One-Bedroom Units
- Fully Approved - Only Needs to Have Final Plans Submitted for Permits
- Project Can be Purchased and Redeveloped for a Cost Basis Under $90,000 per Unit - Well Below Market for Similar Product in New Jersey
Glasstown Village is an existing 27,360 square foot vacant office building located in the heart of Millville, New Jersey. Currently, the property has full zoning approval to redevelop the building into 50 multifamily units (34 one-bedroom units and 16 studio units). Studios will range from 415-431 SF, and one-bedroom units will range from 541-557 SF.
Glasstown Village is centrally located in Cumberland County, Southern New Jersey - Approximately 45-50 minutes from both Philadelphia and Atlantic City. The project is located along the main retail corridor in Millville. Target, Walmart, Lowes, Planet Fitness, Shop Rite, Kohls, and CVS are all walking distance from the subject property. There are numerous medical offices and urgent care facilities, as well as dining options within walking distance.
There are a number of older garden-style apartment properties in Millville. All of those properties are fully occupied and experiencing solid rent growth. There are a limited number of one-bedroom and studio units in town.
The Glasstown Village site has been fully approved, and only needs to have final plans submitted for permits. Additionally, the project can be purchased and redeveloped for a cost basis under $90,000 per unit, which is well below market for similar product in New Jersey. It will provide 50 units of brand new, much-needed workforce housing units in a solid rental market.