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Atlantic City,NJ 08401
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 3,459 sqft
Price per Sqft $230
MLS Listing ID NJAC2013676
Originating Board BRIGHT
Year Built 1930
Annual Tax Amount $9,803
Tax Year 2023
Lot Size 3,149 Sqft
Acres 0.07
Lot Dimensions 42.00 x 75.00
Property Description
CASH FLOWING 5-UNIT APARTMENT BUILDING only a couple of blocks from the Beach on the Ventnor side of Atlantic City! Instant cash flow in a great area of the City where your occupancy rate will be incredibly high with the proximity to the water and other amenities. All CCOs & 5 year state inspection are in hand. Owner recently made major updates to the property and increased rents to market rent, making this a turnkey opportunity for your portfolio. The 2 units in the photos were empty at the time photos were taken, but will be filled prior to settlement. The other 3 units are currently filled and are of similar condition. The pro forma rent roll is $103,200.00 annually in gross rent revenue, $8,600.00 per month. Tenants pay their own electric. Owner pays Insurance, Taxes, Water/Sewer, and Gas. Pro Forma NOI comes to $76,333.00, making the pro forma Cap Rate 8.98% at the listing price, phenomenal for a property this close to the ocean! This property's appreciation value proposition is immense due to its proximity to Ventnor Beach, Stockton University, and Richmond Avenue School in AC. Enjoy the prospect of cash flow on day 1, high occupancy rates, and appreciation potential that this property offers.
Location
State NJ
County Atlantic
Area Atlantic City (20102)
Zoning R-2
Interior
Hot Water Natural Gas
Heating Radiator
Cooling Window Unit(s)
Inclusions All fixed items, appliances, and utility systems owned by the landlord.
Heat Source Natural Gas
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
Elementary Schools Richmond Avenue School
School District Atlantic City Schools
Others
Tax ID 02-00203-00022
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash,Private,Other
Listing Terms Cash,Private,Other
Financing Cash,Private,Other
Special Listing Condition Standard