15 Main StMilltown, NJ 08850

Property Details for 15 Main St

Year built

1957

Construction

BRICK

Lot size

0.87 AC

Property size (Sq ft)

3,770 SF

Zone code

B-2

Property type

Banks

APN

11 00032-0000-00018- 05

APU

110003200000001805

Description

This exceptional commercial property, located at 15 N Main St in Milltown, New Jersey (zip code 08850), presents a unique investment opportunity. The freestanding building, formerly a bank, offers approximately 3,354 square feet of space on the main level, plus an additional approximately 3,426 square feet in the basement, totaling approximately 6,780 square feet. Situated on a 0.87-acre lot, the property boasts ample parking with approximately 40 spaces, ensuring convenient access for customers and employees. The building features prominent signage on all four sides, along with a freestanding monument sign, providing excellent visibility and brand exposure. The property is being sold "As Is" and is vacant, free and clear of any existing tenancies. Note that the deed will include a two-year restriction against use by any financial institution. However, a variety of uses are permitted, including medical businesses, personal service establishments, professional offices, restaurants (excluding drive-thru, carry-out, or fast food), retail businesses, and single-family detached homes. The property offers full ingress and egress from Main Street, providing easy access for both customers and staff. The asking price for this prime commercial property is $750,000.

• CAP approach

  CAP return

  Valuation

  6%

  $916,242

  6.5%

  $845,762

  7%

  $785,350

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,241,322

  Geo Method

  $1,241,322

• Alternative Use

  Use

  Valuation

  Residential

  $713,431

  Hospitality

  $653,499

  Educational

  $543,704

  Medical

  $562,403

  Retail

  $845,762

Location Insight

City

Milltown

County

Middlesex

State

New Jersey

Latitude

40.4517

Longitude

-74.4375

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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