855.375.4001
Listing Courtesy of: MICHAEL DEPALMA - DEPALMA REALTY 856-825-5500

3 S Raleigh Ave Atlantic City, NJ 08401

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Multi-Family Residence
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... Bed/Bath
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Last updated on 12/4/2024 7:38 PM
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. Continue reading
MLS#
587872
Property Type
Multi-Family
Sewer
Public Sewer

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Listing Courtesy of: MICHAEL DEPALMA - DEPALMA REALTY 856-825-5500
Andrea D. Conner, License  1758875, Xome Inc., License 2326449, [email protected], 844-400-XOME (9663), 750 Highway 121 Bypass, Suite 100, Lewisville, Texas 75067


The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the South Jersey Shore Regional Multiple Listing Service. Real Estate listings held by brokerage firms other than Xome are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Copyright 2024 South Jersey Shore Regional Multiple Listing Service. All rights reserved.
This content last refreshed on 12/4/2024 7:38 PM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
Information is deemed reliable but is not guaranteed.
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