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$ 625,000
Est. payment | /mo
3 Baths
2,178 Sqft Lot
$ 625,000
Est. payment | /mo
3 Baths
2,178 Sqft Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 592584
Style Comm. w/Apartments
Year Built 1950
Annual Tax Amount $4,747
Tax Year 2024
Lot Size 2,178 Sqft
Property Description
**ATTENTION INVESTORS** Located at the Jersey Shore, in a prime area of Atlantic City we have a **FULLY RENOVATED** **FULLY OCCUPIED** mixed-use commercial property offering an excellent **TURNKEY** investment opportunity. The building features (4) well-maintained units, including (3) residential apartments and (1) leased commercial space on the first floor. Recent updates include a **BRAND NEW ROOF** and extensive renovations to **ALL MAJOR SYSTEMS** within the past two years, minimizing future maintenance costs. **APARTMENT 1** consists of 1-bedroom (plus a den) and 1-bath on the first floor, rented for $1,200/month on a month-to-month lease. **APARTMENT 2** is a 2-bedroom, 1-bath on the second floor, rented for $1,450/month on a yearly lease due for renewal October 2025. **APARTMENT 3** is a 2-bedroom, 1-bath on the third floor, rented for $1,400/month on a yearly lease that was just renewed February 2025. The **COMMERCIAL SPACE** is leased to a 24/7 take-out restaurant for $2,100/month on a 5-year lease (exp. April 2029), with a guaranteed 5% rent increase per year! With a **TOTAL GROSS INCOME OF $73,800** and a **NET OPERATING INCOME (NOI) OF $62,338**, this property presents a solid **9.97% CAP RATE** at the current asking price. The building's operating expenses include taxes of $4,902/year, insurance at approximately $5,000/year, and sewer/water costs shared equally with the commercial tenant, totaling around $1,200/year for the owner. Additionally, electric and gas are separately metered for each unit, with tenants also responsible for heat and hot water. The property is strategically located in a high-traffic area of Atlantic City, just minutes from the iconic Atlantic City Boardwalk, world-class casinos, and entertainment venues. It's an optimal location for long-term growth, with proximity to major highways and public transportation, making it a highly desirable area for both residential tenants and commercial ventures. With a thriving tourism industry and a growing demand for housing and retail in Atlantic City, this property represents a unique opportunity to own a fully-renovated, fully occupied, income-generating asset in one of New Jersey's most dynamic markets. Contact us today to schedule a private showing or for more information!
Location
State NJ
County Atlantic
Community Atlantic City
Area Atlantic City
Location Details Beach Block
Rooms
Basement 6 Ft. or More Head Room, Unfinished
Interior
Interior Features Living Space Available, Restroom, Smoke/Fire Alarm
Heating Gas-Natural
Exterior
Roof Type Asphalt
Building
Story 3
Sewer Public Sewer
Water Public
Listed by eXp Realty-Northfield
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
1244 West Chester Pike, Suite 409, West Chester, Pennsylvania, 19382, USA