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$ 675,000
Est. payment | /mo
2,405 SqFt
$ 675,000
Est. payment | /mo
2,405 SqFt
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 2,405 sqft
Price per Sqft $280
MLS Listing ID NJAC2016856
Originating Board BRIGHT
Year Built 1950
Annual Tax Amount $4,746
Tax Year 2024
Lot Dimensions 35.25X64.35IR
Property Sub-Type Mixed Use
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 $2,000/month on a 5-year lease (exp. April 2029), with a guaranteed 5% rent increase per year! With a **TOTAL GROSS INCOME OF $72,600** and a **NET OPERATING INCOME (NOI) OF $61,138**, this property presents a solid **9% 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!
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
Area Atlantic City (20102)
Zoning NEIR
Interior
Hot Water Natural Gas
Heating Forced Air
Cooling Window Unit(s)
Heat Source Natural Gas
Exterior
Water Access N
Roof Type Asphalt
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Atlantic City Schools
Others
Tax ID 02-00124-00062
Ownership Fee Simple
SqFt Source Estimated
Special Listing Condition Standard
Listed by Hader Rivas Sr. • EXP Realty, LLC
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Rachel Romano
REALTOR® | License ID: 1111154