Three-Unit Triplex with Ocean
For Sale
$1,599,900
114 S Raleigh Avenue, Atlantic City, NJ 08401
Fully renovated three-unit triplex with in-unit laundry and central HVAC, steps from the Atlantic City Boardwalk.
Property Size5,385 SF
Price / SF$297.10
Days on Market280
Property Features for 114 S Raleigh Avenue
General Information
Standard status
Active
Size
5,385 SF
Property subtype
Multi-family
Amenities
in-unit laundry
central HVAC
private utilities
ocean views
Building Details
Buildings
1
Listing Agency:
BHHS FOX and ROACH-Margate
Listed By:
PAULA HARTMAN
(800) 299-2129
Source:
Actionplusrealty
Added: Nov 4, 2025
Changed: Aug 10
Last Checked: Aug 10 at 4:22AM
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 BHHS FOX and ROACH-Margate
Investment Insights
Based on property information with market context.
Located at 114 S Raleigh Avenue in Atlantic City’s historic Chelsea neighborhood, this fully renovated three-unit triplex offers beachfront living just steps from the Atlantic City Boardwalk.
The property features three spacious residences, each offering four bedrooms and two bathrooms. Each unit is described as having approximately 1,550 SF, with ocean views and open-concept living areas. Interior finishes include quartz countertops, stainless steel appliances, and center islands. Bathrooms feature custom vanities and oversized walk-in showers or shower/tub combinations. Practical in-unit amenities include in-unit laundry and central HVAC, along with private utilities for each unit.
With three separately configured homes in place, the property is positioned to serve both personal use and short-term rental demand, with proximity to the area’s dining, entertainment, and casinos.
The property features three spacious residences, each offering four bedrooms and two bathrooms. Each unit is described as having approximately 1,550 SF, with ocean views and open-concept living areas. Interior finishes include quartz countertops, stainless steel appliances, and center islands. Bathrooms feature custom vanities and oversized walk-in showers or shower/tub combinations. Practical in-unit amenities include in-unit laundry and central HVAC, along with private utilities for each unit.
With three separately configured homes in place, the property is positioned to serve both personal use and short-term rental demand, with proximity to the area’s dining, entertainment, and casinos.
Key Highlights
- Fully renovated three‑unit triplex in Atlantic City’s historic Chelsea neighborhood
- Ocean views and just steps from the Atlantic City Boardwalk
- Three residences, each with four bedrooms and two bathrooms
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
$61,326
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
3.83%
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%
$1,226,520
$1.2M
Cap Rate 7%
$876,086
$876.1K
Cap Rate 9%
$681,400
$681.4K
Market Conditions
NOI Build-Up for 5,385 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
$93.7K $17.40/SF
− Vacancy
−$6.1K −$1.13/SF
EGI
$87.6K $16.27/SF
− OpEx
−$26.3K −$4.88/SF
NOI
$61.3K $11.39/SF
Area
Atlantic County, NJ
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,226,520
Cap Rate 7%
$876,086
Cap Rate 9%
$681,400
Alternative Uses
Best Use
Multifamily LT 5
$876.1K
$766.6K – $1.02M
NOI $61,326 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$770.0K
$673.8K – $898.4K
NOI $53,902 @ 7.0% cap · market cap 3.37%
Theoretical Best
Warehouse
$2.01M
$1.75M – $2.34M
NOI $140,374 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
849
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully renovated three-unit triplex with in-unit laundry and central HVAC, steps from the Atlantic City Boardwalk.
Where is this triplex located?
The property is located at 114 S Raleigh Avenue Atlantic City, NJ.
What is the asking price?
The asking price for this property is $1,599,900.
What are key features of this property?
This property features: Fully renovated three‑unit triplex in Atlantic City’s historic Chelsea neighborhood; Ocean views and just steps from the Atlantic City Boardwalk; Three residences, each with four bedrooms and two bathrooms
