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3 S Raleigh Avenue

ATLANTIC CITY, NJ 08401
  • $799,000
  • STATUS: Active
  • ON SITE: 121 Days
  • ID#: NJAC2013676
UPDATED: 71 min ago
$799,000
  • 0
    BEDS
  • 0.07
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1930
County:

School Information

Elementary School:
School District:

Description

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.

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©2024 Bright 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. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Daunno Realty Services, LLC. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-12-08T21:50:21.563.
www.daunnorealty.com/homes/153465688
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3 S Raleigh Avenue ATLANTIC CITY, NJ 08401

  • Price: $799,000
  • Status: Active
  • On Site: 121 Days
  • Updated: 71 min ago
  • ID#: NJAC2013676
0
Beds
0
Baths
0
½ Baths
0.07
Acres
1930
Built
Neighborhood:
Atlantic City (20102)
County:
Atlantic
Area:
Atlantic City (20102)
Elementary School:
Richmond Avenue School
School District:
Atlantic City Schools
Property Description
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.
Exterior Features

Construction Materials Frame Distance To Body Of Water 1750 Garage YN No Parking Types Driveway Water Access YN No Water Body Name Atlantic Ocean Water Body Type Ocean Water View YN No Waterfront YN No

Interior Features

Building Area Total 3459.00 Cooling Window Unit(s) Exclusions Tenant personal property. Heating Radiator Heating YN Yes Inclusions All fixed itemsappliancesand utility systems owned by the landlord. Net Square Feet 3459.00

Property Features

Acceptable Financing CashPrivateOther Accessibility Features None Annual Gross Expense 26867.95 Central Air YN No Cooling Fuel Electric Gross Income 103200.00 Heating Fuel Natural Gas Hot Water Natural Gas Insurance Expense 7297.71 Lease Considered YN No Municipality ATLANTIC CITY Navigable Water YN N Net Operating Income 76333.00 New Construction YN No Number Of Units Total 5 Operating Expense 26867.95 Operating Expense Includes Repair/MaintenanceSewerWaterInsuranceHeating/Cooling Original MLSNumber 803277993532 Owner Pays GasInsuranceRepairsSewerTaxes - Real EstateWater Ownership Interest Fee Simple Property Sub Type Five Or More Units Sale Type Standard Sewer Public Sewer Tax Annual Amount 9803.00 Tax Lot 00022 Total Actual Rent 103200.00 Vacation Rental YN No Water Source Public Zoning R-2

Listing courtesy of DePalma Realty: .


©2024 Bright 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. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Daunno Realty Services, LLC. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-12-08T21:50:21.563.
 
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Daunno Realty Services, LLC
206 Westfield Avenue
Clark NJ, 07066