Homes for sale - 3 S RALEIGH AVE, Atlantic City, NJ 08401

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$799,000

Est. payment - /mo

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3,459 SqFt

Price Dropped by $51K

3 S RALEIGH AVE Atlantic City, NJ 08401

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Matt Kilmer

matt@movewithmatt.net +1(540) 931-6089

UPDATED:

10/30/2024 05:41 AM

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

Waterfront N

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

Listed by Michael DePalma • DePalma Realty

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Matt Kilmer

Agent | (VA)0225238026 (WV)WVS2003010

+1(540) 931-6089