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**ATTENTION INVESTORS** Located at the Jersey Shore, in a prime area of Atlantic City we have a **FULLY RENOVATED** **FULLY OCCUPIED** mixed-use commercial property offering an excellent **TURNKEY** investment opportunity. The building features (4) well-maintained units, including (3) residential apartments and (1) leased commercial space on the first floor. Recent updates include a **BRAND NEW ROOF** and extensive renovations to **ALL MAJOR SYSTEMS** within the past two years, minimizing future maintenance costs. **APARTMENT 1** consists of 1-bedroom (plus a den) and 1-bath on the first floor, rented for $1,200/month on a month-to-month lease. **APARTMENT 2** is a 2-bedroom, 1-bath on the second floor, rented for $1,450/month on a yearly lease due for renewal October 2025. **APARTMENT 3** is a 2-bedroom, 1-bath on the third floor, rented for $1,400/month on a yearly lease that was just renewed February 2025. The **COMMERCIAL SPACE** is leased to a 24/7 take-out restaurant for $2,100/month on a 5-year lease (exp. April 2029), with a guaranteed 5% rent increase per year! With a **TOTAL GROSS INCOME OF $73,800** and a **NET OPERATING INCOME (NOI) OF $62,338**, this property presents a solid **9.97% CAP RATE** at the current asking price. The building's operating expenses include taxes of $4,902/year, insurance at approximately $5,000/year, and sewer/water costs shared equally with the commercial tenant, totaling around $1,200/year for the owner. Additionally, electric and gas are separately metered for each unit, with tenants also responsible for heat and hot water. The property is strategically located in a high-traffic area of Atlantic City, just minutes from the iconic Atlantic City Boardwalk, world-class casinos, and entertainment venues. It's an optimal location for long-term growth, with proximity to major highways and public transportation, making it a highly desirable area for both residential tenants and commercial ventures. With a thriving tourism industry and a growing demand for housing and retail in Atlantic City, this property represents a unique opportunity to own a fully-renovated, fully occupied, income-generating asset in one of New Jersey's most dynamic markets. Contact us today to schedule a private showing or for more information!
| DAYS ON MARKET | 72 | LAST UPDATED | 3/18/2025 |
|---|---|---|---|
| YEAR BUILT | 1950 | COMMUNITY | Atlantic City (20102) |
| COUNTY | ATLANTIC | STATUS | Active |
| PROPERTY TYPE(S) | Commercial |
| School District | ATLANTIC CITY SCHOOLS |
|---|
| PRICE HISTORY | |
| Prior to Mar 18, '25 | $675,000 |
|---|---|
| Mar 18, '25 - Today | $625,000 |
| ADDITIONAL DETAILS | |
| AIR | Electric, Window Unit(s) |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Gas Water Heater |
| AREA | Atlantic City (20102) |
| CONSTRUCTION | Block |
| HEAT | Forced Air, Natural Gas |
| LOT DIMENSIONS | 35.25X64.35IR |
| PARKING | On Street |
| SEWER | Public Sewer |
| TAXES | 4746 |
| WATER | Public |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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