Gutted Multifamily Building for Six
For Sale
$799,000
111 Oriental Ave, Atlantic City, NJ 08401
A gutted building is fit out for six units, with new windows installed and a full basement adding flexibility.
Property Size4,620 SF
Price / SF$172.94
Days on Market98
Property Features for 111 Oriental Ave
General Information
Standard status
Active
Size
4,620 SF
Additional Details
Multifamily Units
6
Building Details
Year Built
1950
Listing Agency:
EXP Realty, LLC
Listed By:
Hader Rivas Sr. · License #0345922
(609) 992-6872
Source:
Kandorre
Added: Jul 16
Changed: Oct 4
Last Checked: Oct 7 at 5:48PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty, LLC
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Investment Insights
Based on property information with market context.
This property has been gutted and already fit out for six units, including five two-bedroom units and one one-bedroom unit. Each unit is configured with one bathroom. The groundwork is in place with brand-new windows installed and plywood flooring installed. A full basement is also available, which may offer additional flexibility pending required approvals.
Located just steps from the Atlantic City Boardwalk and the oceanfront, the building provides direct ocean views and immediate access to the beach. It is also positioned near Ocean Casino Resort and within a corridor described as undergoing redevelopment.
The City’s current six-unit limit is referenced as the basis for the existing configuration. Any expansion beyond six units, including reactivating the basement level as previously utilized for living space, would require a variance.
Located just steps from the Atlantic City Boardwalk and the oceanfront, the building provides direct ocean views and immediate access to the beach. It is also positioned near Ocean Casino Resort and within a corridor described as undergoing redevelopment.
The City’s current six-unit limit is referenced as the basis for the existing configuration. Any expansion beyond six units, including reactivating the basement level as previously utilized for living space, would require a variance.
Key Highlights
- 1950‑built property gutted and fit out for six units: five 2‑bedroom units and one 1‑bedroom unit
- Each unit is listed as having one bath, consistent with the City’s current six‑unit limit
- Brand‑new windows installed and plywood flooring in place
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,245
Cap Rate
5.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$924,900
$924.9K
Cap Rate 7%
$660,643
$660.6K
Cap Rate 9%
$513,833
$513.8K
Market Conditions
NOI Build-Up for 4,620 SF
Gross rent
$89.3K $19.32/SF
− Vacancy
−$5.2K −$1.12/SF
EGI
$84.1K $18.20/SF
− OpEx
−$37.8K −$8.19/SF
NOI
$46.2K $10.01/SF
Area
Atlantic County, NJ
Vacancy
5.80%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$924,900
Cap Rate 7%
$660,643
Cap Rate 9%
$513,833
Alternative Uses
Best Use
Apartment 5plus
$660.6K
$578.1K – $770.8K
NOI $46,245 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.72M
$1.51M – $2.01M
NOI $120,432 @ 7.0% cap · market cap 15.07%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - A gutted building is fit out for six units, with new windows installed and a full basement adding flexibility.
Where is this apartment building located?
The property is located at 111 Oriental Ave Atlantic City, NJ.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 1950‑built property gutted and fit out for six units: five 2‑bedroom units and one 1‑bedroom unit; Each unit is listed as having one bath, consistent with the City’s current six‑unit limit; Brand‑new windows installed and plywood flooring in place
