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$ 675,000
Est. payment /mo
New
325 Atlantic Ave Atlantic City, NJ 08401
3 Baths
2,178 Sqft Lot
UPDATED:
01/29/2025 05:43 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 592584
Style Comm. w/Apartments
Year Built 1950
Annual Tax Amount $4,747
Tax Year 2024
Lot Size 2,178 Sqft
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
Community Atlantic City
Area Atlantic City
Location Details Beach Block
Rooms
Basement 6 Ft. or More Head Room, Unfinished
Interior
Interior Features Living Space Available, Restroom, Smoke/Fire Alarm
Heating Gas-Natural
Exterior
Roof Type Asphalt
Building
Story 3
Sewer Public Sewer
Water Public
Listed by eXp Realty-Northfield