3201 Atlantic Ave - Apartments FOR SALE


Atlantic City, NJ 08401- Chelsea
$1,799,000 USD
609-289-1139
3201 Atlantic Ave, Atlantic City, NJ for Sale
$1,799,000 USD
Apartments - FOR SALE
1/27
null | 7.49% Cap Rate

3201 Atlantic Ave
Atlantic City, NJ 08401
Chelsea


HIGHLIGHTS

  • High-Visibility Mixed-Use Corner Property
  • 90% Occupied - 10 Residential Apartments and 2 Commercial Spaces
  • Just Two Blocks from the Boardwalk
  • Within the University District near Stockton University
  • Building is Equipped with an Elevator and a Coin-Operated Shared Laundry Room
  • Brand-New Roof Installed in 2023

OVERVIEW

Prime High-Visibility Mixed-Use Corner Property – 90% Occupied – 12 Units Total This exceptional investment opportunity is located in the heart of Atlantic City at the highly visible corner of Atlantic Avenue and N Montpelier Avenue—just two blocks from the boardwalk and within theUniversity District near Stockton University. The fully occupied building features 12 total units, consisting of 10 residential apartments and 2commercial spaces. The ground floor includes two commercial units. The front unit is approx. 1835 sqft offers a spacious layout with seven rooms, including a large conference room, an open waiting area, a kitchen/break area, three private offices, and a half bathroom and occupied by a long standing tenant. The second commercial unit is approx. 1000 sqft currently leased to a medical practice and includes a welcoming reception area, four examination rooms, and a generous half bathroom. The second and third floors are home to the residential apartments, which include two two-bedroom units, six one-bedroom units, and two studios. Each apartment has one full bathroom, separate electric meters, and its own air conditioning unit. The units are all electric and tenants are responsible for the cost. The building is also equipped with an elevator and a coin operated shared laundry room on the ground level. A brand-new roof was installed in 2023, and the property has been well maintained throughout. Included in the sale is Lot 14 (2 N Montpelier Ave), which is directly behind the building and serves as a private parking lot for commercial tenants. The main building is located within the CRDA District, while the rear lot is governed by Atlantic City zoning. This is a turn-key, income-producing property in a rapidly developing area, making it a strong addition to any real estate portfolio. The property is sold in as is where is condition and the buyer is responsible for all municipal certificates. Accompanied showings with appointment only.

FOR SALE DETAILS

PRICE

$1,799,000 USD

PRICE/SF

$184 USD /SF

# OF UNITS

12

PRICE/UNIT

$149,917

CAP RATE

7.49%

% LEASED

90%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Office/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1920

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

4,792 SF

ZONING

NC-2

APN/PARCEL ID

02-00263-0000-00015

ASK ABOUT THIS PROPERTY

Mary Lou FerryFarley & Ferry RealtyMore Info
609-289-1139

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Mary Lou FerryFarley & Ferry RealtyMore Info
609-289-1139

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.