Online Only auction to include former Millville Iron Works and eight-unit mixed use building
PENNS 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 auctions 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 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 Warner, president and founder of Warner Real Estate & Auction Company, “The Penns Grove eight-unit is an incredible 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 Millville is perfect for any type of contractor, small manufacturing business or investor looking for commercial property to add to his portfolio.”