A vacant, wooded residential lot owned by the Borough of Madison will be sold to the highest bidder at a public auction next month, with the minimum bid set at $250,000.
The borough is selling the property because officials determined it's not needed for public use. Selling the lot would bring in the revenue from the sale, plus additional tax revenue in subsequent years.
A July appraisal of the property, 27 Belleau Ave., found the market value to be $475,000. The appraisal said it appeared a single- or two-family home could be built on the 0.334-acre site.
"Belleau Avenue is a quiet residential street in in an established residential neighborhood," the appraisal, prepared by Value Research Group, says. "Residential uses dominate the area in three directions. To the north of the subject site is an office complex and the Jets Football Training Facility."
The 15,000-square-foot property is rectangular, level, and shown on tax maps as Block 404, Lot 50. It is off Chateau Thierry Avenue.
The auction is scheduled for 10 a.m. Thursday, Oct. 3, in the court room at borough hall, 50 Kings Road.
The borough determined the property is not needed for public use and the Borough Council approved selling it at auction at its Aug. 12 meeting.
For more information visit https://www.rosenet.org/gov/administration/pages/27-belleau-avenue