Freestanding Drug Store with
For Sale
$2,300,000
1101 Atlantic Avenue, Atlantic City, NJ 08401
COMMERCIAL/INDUSTRIAL, Atlantic City, NJ
Property Size11,274 SF
Lot Size1.02 Acres
Price / SF$204.01
Days on Market222
Property Features for 1101 Atlantic Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CBD
Parking features
Off Street
Security features
Security Lighting, Security System
Interior features
Fire Sprinkler System, Handicap Features, Security System, Smoke/Fire Alarm, Storage
Exterior features
Security Light/System, Sign
Accessibility
Accessible Approach with Ramp
Lot features
Corner
Directions
Corner of Atlantic & Pennsylvania Avenues
Subdivision
Atlantic City
Standard status
Active
Lot size
1.02 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
106696
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas, Zoned
Cooling system
Central Air, Zoned
Water source
Public
Amenities
overhead door
conveyor system
Building Details
Year built
1990
Flooring type
Slab
Roof type
Flat
Additional Structures
Storage
Listing Agency:
LEVIN COMMERCIAL REAL ESTATE, LLC
(609) 344-5200
Listed By:
LEE JEROME · License #1004962
(609) 289-6887
Added: Feb 1
Changed: Sep 6
Last Checked: Sep 11 at 4:06AM
MLS# 604561
Copyright © 2026 South Jersey Shore Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding drug store property includes an 11,274 SF building, with approximately 11,000 SF on the ground level. The former Walgreens facility has two drive-thru lanes, an overhead door serving rear storage or warehouse space, and a conveyor connecting to additional second-floor storage. Interior features include a slab floor, fire sprinkler system, security and smoke/fire alarms, and accessible ramp entry. Heating and cooling are provided by zoned forced-air and central air systems.
Set on a 1.02-acre corner site, the property offers three access points, off-street parking, prominent signage, and strong street frontage. The site is zoned CBD and is served by public water and public sewer. Built in 1990, the building also includes a flat roof and natural gas service.
Set on a 1.02-acre corner site, the property offers three access points, off-street parking, prominent signage, and strong street frontage. The site is zoned CBD and is served by public water and public sewer. Built in 1990, the building also includes a flat roof and natural gas service.
Key Highlights
- 11,274 SF building on a 1.02‑acre site
- Two drive‑thru lanes and three points of access
- Approximately 11,000 SF on the ground level
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$174,420
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.58%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,488,400
$3.5M
Cap Rate 7%
$2,491,714
$2.5M
Cap Rate 9%
$1,938,000
$1.9M
Market Conditions
NOI Build-Up for 11,274 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$243.5K $21.60/SF
− Vacancy
−$11.0K −$0.97/SF
EGI
$232.6K $20.63/SF
− OpEx
−$58.1K −$5.16/SF
NOI
$174.4K $15.47/SF
Area
Atlantic County, NJ
Vacancy
4.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,488,400
Cap Rate 7%
$2,491,714
Cap Rate 9%
$1,938,000
Alternative Uses
Best Use
Specialty Retail
$2.49M
$2.18M – $2.91M
NOI $174,420 @ 7.0% cap · market cap 7.58%
Second Best
Retail
$1.55M
$1.35M – $1.81M
NOI $108,315 @ 7.0% cap · market cap 4.71%
Theoretical Best
Warehouse
$4.20M
$3.67M – $4.90M
NOI $293,885 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,525
Businesses Nearby
81k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Dining 25%
Groceries 12%
Hotels & Casinos 10%
Save-A-Lot
Groceries
10,112 visits/mo
0.3 miles
Popeyes Louisiana Kitchen
Dining
9,549 visits/mo
0.3 miles
TD Bank
Shops & Services
9,513 visits/mo
0.1 miles
Dollar General
Shops & Services
7,902 visits/mo
0.4 miles
Wells Fargo
Shops & Services
7,177 visits/mo
0.1 miles
Demographics for 08401, NJ
38,536
Population
20,116
Households
1.9
Avg Household Size
38
Median Age
21%
College-Educated
76%
High-School Grad
10.7 sq mi
ZIP Area
3,601
Density / Sq Mi
$36,375
Median Household Income
$28,915
Median Earnings
$1,086
Median Rent
$189,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Drug store - Former Walgreens facility with a large parking field, multiple access points, and flexible retail-storage configuration.
Where is this drug store located?
The property is located at 1101 Atlantic Avenue Atlantic City, NJ.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 11,274 SF building on a 1.02‑acre site; Two drive‑thru lanes and three points of access; Approximately 11,000 SF on the ground level
