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Atlantic City,NJ 08401
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 2,405 sqft
Price per Sqft $280
MLS Listing ID NJAC2016856
Year Built 1950
Annual Tax Amount $4,746
Tax Year 2024
Property Description
**ATTENTION INVESTORS** Located in a prime area of Atlantic City, 325 Atlantic Ave is a fully renovated mixed-use commercial property offering an excellent investment opportunity. The building features three well-maintained residential apartments and a fully-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. The residential units consist of a 1-bedroom plus den, 1-bath apartment on the first floor, rented for $1,200/month; a 2-bedroom, 1-bath apartment on the second floor, rented for $1,450/month; and a 2-bedroom, 1-bath apartment on the third floor, rented for $1,400/month. All apartments are tenant-occupied, with each lease being month-to-month. The commercial space is leased to a 24/7 take-out restaurant for $2,000/month on a 5-year lease, with a 5% rent increase per year!
With a total gross income of $72,600 and a net operating income (NOI) of $61,138, this property presents a solid 9% cap rate. The building's operating expenses include taxes of $4,902/year, insurance at approximately $5,000/year, and shared sewer/water costs totaling around $1,200/year. Additionally, electric and gas are separately metered for each unit, with tenants 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, income-generating asset in one of New Jersey's most dynamic markets. Contact us today to schedule a private showing or for more information!
Location
State NJ
County Atlantic
Area Atlantic City (20102)
Zoning NEIR
Interior
Hot Water Natural Gas
Heating Forced Air
Cooling Window Unit(s)
Exterior
Water Access N
Roof Type Asphalt
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Atlantic City Schools
Others
Special Listing Condition Standard