Renovated Three-Unit
For Sale
$1,599,900
114 S Raleigh Ave, Atlantic City, NJ 08401
MULTI-FAMILY, Atlantic City, NJ
Property Size4,650 SF
Price / SF$344.06
Days on Market161
Property Features for 114 S Raleigh Ave
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 8, Bathroom 2, Bedroom 1, Bedroom 11, Bathroom 6, Bedroom 4, Bedroom 9, Bedroom 12, Bedroom 3, Bathroom 4, Bathroom 5, Bedroom 5, Bathroom 3, Bedroom 6, Bedroom 2, Living Room, Bedroom 7, Bedroom 10, Bathroom 1
Exterior features
Curbs, Ocean View, Sidewalks
Appliances
Dishwasher, Gas Stove, Microwave, Refrigerator, Self Cleaning Oven
Lot features
Beach Block, Water View
Directions
Located off of Atlantic Ave
Subdivision
Atlantic City
Standard status
Active
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
28473
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Water front
1
Amenities
in-unit laundry
central HVAC
private utilities
Building Details
Number of units
3
Listing Agency:
BHHS FOX and ROACH-Margate
(609) 822-4200
Listed By:
PAULA HARTMAN · License #SP-9807299
(609) 487-7234
Added: Mar 23
Changed: Aug 20
Last Checked: Aug 30 at 5:06PM
MLS# 605912
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 renovated triplex contains three 4-bedroom, 2-bathroom apartments, each measuring 1,550 square feet, for approximately 4,650 square feet in total. The residences feature open-concept interiors with quartz countertops, stainless steel appliances, center islands, modern bathrooms, in-unit laundry, central HVAC, and private utilities. Ocean views, sidewalks, and curbs add to the property's residential setting, while public water and public sewer serve the building.
Situated at 114 S Raleigh Ave in Atlantic City, the property is steps from the Atlantic City Boardwalk and minutes from casinos, dining, and entertainment. Each apartment includes a living area, kitchen, bedrooms, and bathrooms, with appliances including a dishwasher, gas stove, microwave, refrigerator, and self-cleaning oven.
Situated at 114 S Raleigh Ave in Atlantic City, the property is steps from the Atlantic City Boardwalk and minutes from casinos, dining, and entertainment. Each apartment includes a living area, kitchen, bedrooms, and bathrooms, with appliances including a dishwasher, gas stove, microwave, refrigerator, and self-cleaning oven.
Key Highlights
- Three 4‑bedroom, 2‑bathroom apartments
- Approximately 4,650 square feet total; each unit is 1,550 SF
- Fully renovated interiors with quartz countertops and stainless steel appliances
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
$52,956
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
3.31%
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%
$1,059,120
$1.1M
Cap Rate 7%
$756,514
$756.5K
Cap Rate 9%
$588,400
$588.4K
Market Conditions
NOI Build-Up for 4,650 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
$80.9K $17.40/SF
− Vacancy
−$5.3K −$1.13/SF
EGI
$75.7K $16.27/SF
− OpEx
−$22.7K −$4.88/SF
NOI
$53.0K $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%
$1,059,120
Cap Rate 7%
$756,514
Cap Rate 9%
$588,400
Alternative Uses
Best Use
Multifamily LT 5
$756.5K
$662.0K – $882.6K
NOI $52,956 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$664.9K
$581.8K – $775.8K
NOI $46,545 @ 7.0% cap · market cap 2.91%
Theoretical Best
Warehouse
$1.73M
$1.52M – $2.02M
NOI $121,214 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
763
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 - Three fully renovated residences offer ocean views, private utilities, central HVAC, and in-unit laundry near the Atlantic City Boardwalk.
Where is this triplex located?
The property is located at 114 S Raleigh Ave 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: Three 4‑bedroom, 2‑bathroom apartments; Approximately 4,650 square feet total; each unit is 1,550 SF; Fully renovated interiors with quartz countertops and stainless steel appliances
