Description
Great investment opportunity to own (or lease to buy) a property located in Chelsea Development Area in Atlantic City. It is a mix-use, fully occupied multiple units building with three residential units on the second floor and one storefront on the first floor currently occupied by good, long term tenants. The current rental income is $4000 per month. Since it's being managed by an absentee landlord so the rents haven't been increased since 2017, which is way below market value. With a little TLC, the new owner can easily collect $7000 monthly income. The property is located in the intersection of Texas Ave and Pacific Ave. It is within 5 minutes walking distance to Tropicana casino, convenient store, beach, and jitney bus line that could take you throughout the Atlantic City. Meanwhile, it is also convenient to banks, highway, train station, and the Tanger outlet shopping area.
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School Ratings & Info
Description
Great investment opportunity to own (or lease to buy) a property located in Chelsea Development Area in Atlantic City. It is a mix-use, fully occupied multiple units building with three residential units on the second floor and one storefront on the first floor currently occupied by good, long term tenants. The current rental income is $4000 per month. Since it's being managed by an absentee landlord so the rents haven't been increased since 2017, which is way below market value. With a little TLC, the new owner can easily collect $7000 monthly income. The property is located in the intersection of Texas Ave and Pacific Ave. It is within 5 minutes walking distance to Tropicana casino, convenient store, beach, and jitney bus line that could take you throughout the Atlantic City. Meanwhile, it is also convenient to banks, highway, train station, and the Tanger outlet shopping area.
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Listing information © 2024 South Jersey Shore Regional MLS.