3 S Raleigh Avenue Atlantic City, NJ 08401 Municipality: Atlantic City

Multi-Family Residence

Beds

Baths

3,459 Sq. Ft.

0.07 Acre Lot

Property Activity

Time on Site

days

Days on Market

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Saves

Last updated on 9/24/2024 2:05 PM

Listing Details

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. Continue reading

MLS#

NJAC2013676

Property Type

Multi-Family

Year Built

1930

Square Feet

3,459 sq. ft

Price per Sq. Ft.

$245.74

Lot Size

0.07