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1637 Atlantic

Atlantic City, NJ 08401
  • $475,000
  • STATUS: Active
  • ON SITE: 323 Days
  • MLS #: 580707
UPDATED: 56 min ago
$475,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

10.6% CAP RATE!! INVESTOR ALERT - Turnkey Cash Flowing Commercial Mixed Use property! Located next to the new development site of a 125,000 Square foot agricultural museum. This Mix-use property consists of approximately 4,602 sq.ft. with a store front and 2 apartments. All units have separate gas and electric. First Floor is a Commercial storefront with 2 private bathrooms. The commercial space is approximately 2,200 square feet. Apartment 1 has Three bedrooms with newly painted walls and carpet with a large private back deck. Apartment 2 is a two-level fully renovated/remodeled Two bedroom with Den/extra sleeping area. Also comes with a very large private deck off the kitchen. New Kitchen, Flooring, lighting, paint, doors, and all new trim. Located in the heart of it all!!! Close to the Atlantic City Hospital, Casinos, beach and boardwalk. Convenient location for Casino or Hospital workers!!! Annual NOI of $50,250 putting this listing at a 10.6% cap rate!! Rental Income: Storefront $2,500 or $30,000 per year with annual rent increase on a 10-year lease; Apartment One $1,650 or $19,800 per year; Apartment two $1,650 or $19,800 per year. Total annual income of $69,600. Annual Expenses: Water & Sewer $1,100.00 per year; Insurance $4,500 per year; Property Tax $8,750; Misc $5,000 per year.

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© 2024 South Jersey Shore Regional MLS. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Oceanside Realty Team | Keller Williams Jersey Shore. Properties marked with the Broker Reciprocity icon or thumbnail icon (a small house) are provided courtesy of the South Jersey Shore Regional MLS Broker Reciprocity Database. Data last updated 2024-11-11T18:50:26.303.
www.theoceansiderealtyteam.com/homes/146214938
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1637 Atlantic Atlantic City, NJ 08401

  • Price: $475,000
  • Status: Active
  • On Site: 323 Days
  • Updated: 56 min ago
  • MLS #: 580707
0
Beds
0
Baths
0
½ Baths
N/A
Acres
Neighborhood:
Atlantic City
County:
Atlantic
Area:
Atlantic City
Property Description
10.6% CAP RATE!! INVESTOR ALERT - Turnkey Cash Flowing Commercial Mixed Use property! Located next to the new development site of a 125,000 Square foot agricultural museum. This Mix-use property consists of approximately 4,602 sq.ft. with a store front and 2 apartments. All units have separate gas and electric. First Floor is a Commercial storefront with 2 private bathrooms. The commercial space is approximately 2,200 square feet. Apartment 1 has Three bedrooms with newly painted walls and carpet with a large private back deck. Apartment 2 is a two-level fully renovated/remodeled Two bedroom with Den/extra sleeping area. Also comes with a very large private deck off the kitchen. New Kitchen, Flooring, lighting, paint, doors, and all new trim. Located in the heart of it all!!! Close to the Atlantic City Hospital, Casinos, beach and boardwalk. Convenient location for Casino or Hospital workers!!! Annual NOI of $50,250 putting this listing at a 10.6% cap rate!! Rental Income: Storefront $2,500 or $30,000 per year with annual rent increase on a 10-year lease; Apartment One $1,650 or $19,800 per year; Apartment two $1,650 or $19,800 per year. Total annual income of $69,600. Annual Expenses: Water & Sewer $1,100.00 per year; Insurance $4,500 per year; Property Tax $8,750; Misc $5,000 per year.
Exterior Features

Garage None Location See Remarks Lot Dimensions 22.13 x 100 Outside Features DeckSidewalks Parking None Waterfront YN No

Interior Features

Appliances Gas StoveRefrigerator Heating Gas-NaturalSee Remarks Other Rooms Den/TV RoomKitchen

Property Features

Adult Community /55+ No Approved Short Sale N/A Auction YN No Bank Owned Foreclosure No Lot Number 7 May Be Subject To Third Party Approval Short Sale No Multifamily Type Duplex New Construction No Number Of2 Bedroom Units 1 Number Of3 Bedroom Units 1 Rental Information See Remarks Sale Or Rent For Sale Separate Meters ElectricHeatHot Water Sewer Public Sewer Suitable For Other (See Remarks) Tax Year 2022 Taxes 8782 Water Public

South Jersey Shore Regional MLS logo Listing information © 2024 South Jersey Shore Regional MLS.
Listing provided courtesy of BALSLEY/LOSCO-VENTNOR: .


© 2024 South Jersey Shore Regional MLS. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Oceanside Realty Team | Keller Williams Jersey Shore. Properties marked with the Broker Reciprocity icon or thumbnail icon (a small house) are provided courtesy of the South Jersey Shore Regional MLS Broker Reciprocity Database. Data last updated 2024-11-11T18:50:26.303.
 
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The Oceanside Realty Team | Keller Williams Jersey Shore
5501 New Jersey Avenue
Wildwood Crest NJ, 08260