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2925 Atlantic AVE Atlantic City, NJ 08401
8,942 SqFt
UPDATED:
Key Details
Property Type Other Rentals
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 8,942 sqft
Price per Sqft $111
MLS Listing ID 488542
Annual Tax Amount $21,385
Lot Dimensions 38x113
Property Sub-Type Mixed Use
Property Description
It is an honor to announce a mixed used building in Atlantic City, New Jersey just post to market, which is located in a busy shopping center, adjacent to casinos and commercial buildings. The land area is 4238 sq ft, and the building's area is 8942 sq ft. It contains a total of 7 units, two retail stores on the ground floor, the leases will end in 2029 and 2031, 3% rent increase per year, tenants pay 1/7 of the water bill each; 5 residential units sign lease annually, Apt#1,Apt#2 on the 2nd floor, Apt#3, Apt#4 on 3Rd floor, all of them are 3 beds and 2 bath on each, Apt#5 is 1bed and1 bath on the rear of 1st floor. hot water and heating have been separated, tenants pay for their own utilities. the gross income is $129,660, expenses is about $32,000. The building is well maintenance, easy handling with stable growth income, 8.5% cap rate. it is a great opportunity for investors, the motivated seller is ready to hear all offers.
Location
State NJ
Area Other
Zoning NC-2
Rooms
Basement None
Interior
Interior Features Kitchen
Hot Water Gas
Heating Gas
Flooring Other
Heat Source Gas
Exterior
Exterior Feature Stucco
Roof Type Flat
Handicap Access No
Building
Foundation Other
Others
Energy Description Gas
Financing 1031 Exchange,Bank Mortgage,Cash
Listed by Century 21 Realty First