125 S DR MARTIN LUTHER KING BLVD, Atlantic City, NJ 08401

Atlantic City, NJ 08401,125 S DR MARTIN LUTHER KING BLVD

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Joseph Lam

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

$3,500,000

Est. payment - /mo

121,000 SqFt

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UPDATED:

11/14/2024 07:54 PM

Key Details

Property Type Commercial

Sub Type Other

Listing Status Active

Purchase Type For Sale

Square Footage 121,000 sqft

Price per Sqft $28

MLS Listing ID NJAC2015286

Originating Board BRIGHT

Year Built 1929

Annual Tax Amount $132,902

Tax Year 2024

Lot Size 0.364 Acres

Acres 0.36

Lot Dimensions 105.00 x 151.00

Property Description

Welcome to the Madison Hotel. This building has graced the Atlantic City Skyline for generations and is aggressively priced to let the next owner bring it into the future. Thirteen stories located on the Beach Block right in the Center of Town. First floor common area contains a Beautiful Large Bar area off the Lobby, Dining room serviced by a commercial kitchen and a Grand Staircase. Second floor contains meeting rooms, executive offices and rentable suites. Floors 3-4 & 6-12 contain an existing 11 suite layout proving 99 suites over nine floors. According to public record in 2004 Sands Casino invested Seven Million Dollars into the Madison creating 126 Suites to complement their neighboring hotel/casino. The 2004 renovation combined two original rooms creating larger living spaces, some with two full baths.

The building closed a few years ago and was shut down and boarded up. Renovations and updating need to take place. Asking $27,777.777 per door. This is a doable project and the triple 7's tell you all you need to know! Located in the Federal Opportunity Zone with possible State and Federal Historic Tax Credits Available.
The neighboring Parking Garage is owned by someone else. No information on the garage is available at the time this offering went to market.

Location

State NJ

County Atlantic

Area Atlantic City (20102)

Zoning RS-C

Interior

Hot Water Natural Gas

Cooling Central A/C

Heat Source Natural Gas, Electric

Exterior

Water Access N

Accessibility Elevator, Ramp - Main Level

Road Frontage City/County

Garage N

Building

Sewer Public Sewer

Water Public

New Construction N

Schools

School District Atlantic City Schools

Others

Tax ID 02-00048-00009

Ownership Fee Simple

SqFt Source Assessor

Security Features Fire Detection System,Sprinkler System - Indoor,Smoke Detector

Special Listing Condition Standard

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Listed by Joshua Levin • Levin Commercial Real Estate, LLC.

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Joseph Lam

+1(856) 305-8329

Broker Associate | License ID: 0682262

Broker Associate License ID: 0682262