3 S Raleigh Ave
Atlantic City, NJ 08401
- – beds
- – baths
- – sqft
- 3,150 sqft lot
CASH FLOWING 5-UNIT APARTMENT BUILDING only a couple of blocks from the Beach on the Ventnor side of Atlantic City! Instant cash flow in a great area of the City where your occupancy rate will be incredibly high with the proximity to the water and other amenities. All CCOs & 5 year state inspection are in hand. Owner recently made major updates to the property and increased rents to market rent, making this a turnkey opportunity for your portfolio. The 2 units in the photos were empty at the time photos were taken, but will be filled prior to settlement. The other 3 units are currently filled and are of similar condition. The pro forma rent roll is $103,200.00 annually in gross rent revenue, $8,600.00 per month. Tenants pay their own electric. Owner pays Insurance, Taxes, Water/Sewer, and Gas. Pro Forma NOI comes to $76,333.00, making the pro forma Cap Rate 8.98% at the listing price, phenomenal for a property this close to the ocean! This property's appreciation value proposition is immense due to its proximity to Ventnor Beach, Stockton University, and Richmond Avenue School in AC. Enjoy the prospect of cash flow on day 1, high occupancy rates, and appreciation potential that this property offers.
Last checked:
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Last updated Nov 16, 2024
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MLS# 587872 —
The Building
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New Construction:No
Location
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Latitude:39.348279
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Longitude:-74.460878
The Property
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Block #:203
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Lot #:22
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Lot Dimensions:42x75
Listing Agent
- Contact info:
- Office phone:
- (856) 825-5500
Heating & Cooling
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Heating:Radiator
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Air Conditioning:Wall Units
Utilities
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Water:Public
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Water Heater:Gas
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Sewer:Public Sewer
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Separate Meters:Electric
The Community
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Adult Community/55+:No
Parking
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Parking:Two Car
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Garage:Detached Garage
Extra Units
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# of Units:5
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1 Bedroom Units:1
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2 Bedroom Units:3
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3 Bedroom Units:1
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
10/18/24
Oct 18, 2024
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Price Changed | SJSRMLS | $799,000 | -6.0% |
|
8/8/24
Aug 8, 2024
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Listed / Active | SJSRMLS | $850,000 | 124.9% (64.4% / YR) |
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8/31/22
Aug 31, 2022
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SJSRMLS | $378,000 | -5.3% |
