22B — October 16 - 29, 2015 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
S outhern N ew J ersey
Warner Real Estate & Auction to manage the auction and sale Online Only auction to include former Millville Iron Works and eight-unit mixed use building P ENNS GROVE, NJ — Warner Real Estate & Auction Company ,
a leading real estate firm in New Jersey will be selling the former Millville Iron Works and an eight-unit mixed use building in Penns Grove at auction. The online only auc- tions begin at 8:00 am (EDT) on October 29th, 2015 and ends at 10:15 am (EDT) on November 12th, 2015. The property inspections will be Monday, November 9th, 2015 from 12:00-2:00 pm. All bidding will be online only at www. warnerrealtors.com and broker
Eight-unit mixed use building in Penns Grove
Millville Iron Works
participation is encouraged. The former Millville Iron Works property includes four buildings; office, machine, fabrication and warehouse totaling 14,000 +/- s/f situated on 2.25 +/- acres in the I-1 zoning district. The property has access to the Winchester and Western rail lines, offers multiple drive-in doors, heavy power, public water/sewer and is close to Route 47, 49 and 55. The nominal opening bid is $5000. The bank owned two-story eight-unit building in Penns Grove is 4,830 +/- s/f of mixed use space with two first floor commercial units and six walk up one bedroom apartments. The gross potential income is approximately $54,000 and three of the apartments are currently rented. A new roof has been installed (2015) as well as a hot water heater and chimney lining. The building is a mixed brick, concrete block, has on-site parking and separately metered electric service panels. The bank has ordered the property to be sold at absolute auction and will sell regardless of price. The property appraised for $145,000 in 2015 and the nominal opening bid is $1000. According to Rich War- ner , president and founder of Warner Real Estate & Auc- tion Company, “The Penns Grove eight-unit is an incred- ible opportunity for bidders to purchase an investment property and create significant value with renovations and increasing the net operating income. The former Millville Iron Works property in Mill- ville is perfect for any type of contractor, small manufactur- ing business or investor look- ing for commercial property to add to his portfolio.” n
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