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About This Home
This 0-bedroom, 0-bathroom residential multi family at 2722 Atlantic Avenue in Atlantic City, NJ is listed for $3,800,000 ($101 per sqft). Built in 1930, the home offers 37,673 sqft of living space on a 0.25 acres lot.
Prime investment opportunity in the heart of Atlantic City! Located at the corner of Atlantic and South Iowa Avenues , this 38-unit mixed-use elevator building sits immediately adjacent to the Tropicana Atlantic City, capturing incredible foot traffic.
The 37,673 SF property features 32 residential units and 6 ground-floor retail storefronts. It currently generates a strong 8.60% cap rate on as-is NOI, with a clear path to a 9.55% pro forma cap rate. There is excellent value-add potential through the immediate lease-up of three vacant residential units, rent-control leniency on tenant turnover, and a gas-to-electric heat conversion opportunity. Asking price is $4,100,000.
Key Features
- Built in 1930
- 0.25 acre lot
- 5 stories
Property Details
Amenities
Monthly Cost Estimate
$20,323/mo
20% down · 6.5% · 30 years
Estimates only. Actual payments may vary.
Location
2722 Atlantic Avenue
Atlantic City, NJ 08405
Property Details
Views
Questions & Answers
This 0-bedroom, 0-bathroom residential multi family at 2722 Atlantic Avenue is listed at $3,800,000 ($101/sqft). The estimated monthly payment is $16,467 based on 20% down at 6.5% interest.
Key features include: Built in 1930, 0.25 acre lot, 5 stories.
This property is listed by Michael Brooke and can be reached at 7329055511 or mbrooke@imperialnj.com.
