NJ
ATLANTIC CITY
08401
3 S RALEIGH AVENUE
3 S RALEIGH AVENUE, ATLANTIC CITY, NJ 08401
Listing Type
commercial/industrial
Listing Status
active
48
$799,000

Home Details for 3 S RALEIGH AVENUE

Price
$799,000
Type
Commercial Sale
Bedrooms
0
Bathrooms
0.0
Square feet
NaN
Year built
1930
Lot size acres
0.07
Garage
Days on site
89
MLS Listing#
NJAC2013676
Listing courtesy: DePalma Realty - 8568255500
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.

Property Features
  • Cooling Information
    • Window Unit(s)
  • Heating Information
    • Radiator
  • Water Features
    • Public
School Information
School Information for 3 S RALEIGH AVENUE, ATLANTIC CITY, NJ 08401
Elementary School
RICHMOND AVENUE SCHOOL
Middle School
N/A
High School
N/A
IDX listing information is from various brokers who participate in IDX and provided courtesy of Bright MLS. Property information being provided on or through the website is for the personal, non-commercial use of consumers and such information may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Information contained on this website provided by MRIS is deemed reliable but not guaranteed ©2024 Bright, All Rights Reserved.
Last Updated: 2024-11-02 04:26:33
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Median Listing Price
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Market statistics compiled from data from Bright MLS.
EXIT D'AGOSTINO AGENCY REAL ESTATE
105 N White Horse Pike, Hammonton, NJ 08037
Office
609 561 6112
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