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400 N Massachusetts

Atlantic City, NJ 08401
  • $160,000
  • STATUS: Closed
  • ON SITE: 342 Days
  • MLS #: 555251
Sold - 04/07/2022
$160,000
SOLD - 04/07/2022
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1930
County:

School Ratings & Info

Description

Great mixed-use investment located in Bungalow Park and across from the bay!! This corner property consists of two units: One commercial store rents $1,775 per month ( tenant pays half of the water) and is currently on time. The lease is "month/month" (ends December 2023), and has current tenant has occupied the unit since 2016. Upstairs needs updating and is a large two-story 3 Br 1BA with lots of space and can rent for $1,600-$1,700 per month depending on finishes. The main roof is rubber and approx. 10 yrs, rear and front porch roof one year. Property is being sold strictly "AS IS," and the price reflects the condition. Contents of the commercial store belong to the tenant and are not included in the sale. $1,751 Cash flow, 20.26% COC ROI (based on 5% vac, 5.5% int, and $50,000 repairs upstairs unit), 17.48 cap rate.

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© 2022 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 2022-08-17T23:49:57.297.
www.theoceansiderealtyteam.com/homes/121276490
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400 N Massachusetts Atlantic City, NJ 08401

  • Price: $169,900
  • Status: Closed
  • On Site: 342 Days
  • MLS #: 555251
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1930
Built
Neighborhood:
Atlantic City
County:
Atlantic
Area:
Atlantic City
Property Description
Great mixed-use investment located in Bungalow Park and across from the bay!! This corner property consists of two units: One commercial store rents $1,775 per month ( tenant pays half of the water) and is currently on time. The lease is "month/month" (ends December 2023), and has current tenant has occupied the unit since 2016. Upstairs needs updating and is a large two-story 3 Br 1BA with lots of space and can rent for $1,600-$1,700 per month depending on finishes. The main roof is rubber and approx. 10 yrs, rear and front porch roof one year. Property is being sold strictly "AS IS," and the price reflects the condition. Contents of the commercial store belong to the tenant and are not included in the sale. $1,751 Cash flow, 20.26% COC ROI (based on 5% vac, 5.5% int, and $50,000 repairs upstairs unit), 17.48 cap rate.
Exterior Features

Commercial Style Comm. W/Apartments Location Bay FrontCorner Lot Dimensions 25X50 Parking Off Street Siding Exterior BrickVinyl Stories 3

Interior Features

Basement Slab Heating Gas-Natural

Property Features

Approved Short Sale N/A Auction YN No Bank Owned Foreclosure No Buildings 1 May Be Subject To Third Party Approval Short Sale No Sewer Public Sewer Tax Year 2020 Taxes 6043 Water Public

South Jersey Shore Regional MLS logo Listing information © 2022 South Jersey Shore Regional MLS.
Listing provided courtesy of Exp, Realty-Atlantic City.


© 2022 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 2022-08-17T23:49:57.297.
 
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