1637 Atlantic Avenue, Atlantic City, NJ 08401

Atlantic City, NJ 08401,1637 Atlantic Avenue

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Joseph Lam

sales@soldbyturnkey.com +1(856) 305-8329

$475,000

Est. payment - /mo

4 Baths

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UPDATED:

10/28/2024 10:05 PM

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

MLS Listing ID 579122

Style Comm. w/Apartments

Annual Tax Amount $8,782

Tax Year 2022

Property Description

10.6% CAP RATE!! INVESTOR ALERT - Turnkey Cash Flowing Commercial Mixed Use property! Located next to the new development site of a 125,000 Square foot agricultural museum. This Mix-use property consists of approximately 4,602 sq.ft. with a store front and 2 apartments. All units have separate gas and electric. First Floor is a Commercial storefront with 2 private bathrooms. The commercial space is approximately 2,200 square feet. Apartment 1 has Three bedrooms with newly painted walls and carpet with a large private back deck. Apartment 2 is a two-level fully renovated/remodeled Two bedroom with Den/extra sleeping area. Also comes with a very large private deck off the kitchen. New Kitchen, Flooring, lighting, paint, doors, and all new trim. Located in the heart of it all!!! Close to the Atlantic City Hospital, Casinos, beach and boardwalk. Convenient location for Casino or Hospital workers!!! Annual NOI of $50,250 putting this listing at a 10.6% cap rate!! Rental Income: Storefront $2,500 or $30,000 per year with annual rent increase on a 10-year lease; Apartment One $1,650 or $19,800 per year; Apartment two $1,650 or $19,800 per year. Total annual income of $69,600. Annual Expenses: Water & Sewer $1,100.00 per year; Insurance $4,500 per year; Property Tax $8,750; Misc $5,000 per year.

Location

State NJ

County Atlantic

Community Atlantic City

Area Atlantic City

Location Details Business District

Interior

Interior Features Display Windows, Restroom, Smoke/Fire Alarm, Storage

Heating Gas-Natural

Exterior

Garage None

Roof Type Flat

Building

Story 3

Sewer Public Sewer

Water Public

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South Jersey Shore Regional MLS (SJSRMLS)

Listed by BALSLEY/LOSCO-VENTNOR

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Joseph Lam

+1(856) 305-8329

Broker Associate | License ID: 0682262

Broker Associate License ID: 0682262