3 S RALEIGH AVENUE, ATLANTIC CITY, NJ 08401

$799,000

Sq. Ft.: 3,459

Type: Commercial

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Listing #NJAC2013676

Listing Courtesy of: DePalma Realty (856) 825-5500

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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.

Listing Courtesy of: DePalma Realty (856) 825-5500

Property Features

Location Information

County: ATLANTIC

Municipality: ATLANTIC CITY

Latitude: 39.34825516

Longitude: -74.46085358

MLS Area: Atlantic City (20102)

Interior Features

Heating: Radiator

Heating Fuel: Natural Gas

Cooling: Window Unit(s)

Exterior Features

Is New Construction: No

Septic or Sewer: Public Sewer

Water: Public

Lot Size in Acres: 0.07

Commercial/Industrial Type: Apartment Building

Approximate Net Sq. Ft.: 3,459

Additional Information

ListDate: 2024-08-08 00:00:00.0

Property SubType: Commercial Sale

Year Built: 1930

Status: Active

Tax Year: 2023

Tax Amount: $9,803

$ per month
Year Fixed. % Interest Rate.

Principal + Interest:	$
Monthly Tax:	$
Monthly Insurance:	$

Based on a fully amortized fixed rate loan. Ask your agent for the tax rates in your area. Insurance estimate is based on an average cost, your final premium cost will be determined by the type of coverage you select. This program only provides an estimate.

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BRIGHT(MRIS/Trend) data last updated at November 23, 2024 9:30 AM ET