Three-Unit Triplex with Ocean
For Sale
$1,549,900
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$287.82
Days on Market243
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 · License #SP-9807299
(816) 591-8161
Source:
Actionplusrealty
Added: Feb 17
Changed: Oct 16
Last Checked: Oct 16 at 8:58AM
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
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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 / Yr
$61,326
Cap Rate
3.96%
Suggested Prices Based on Cap Rates
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
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 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 3.96%
Second Best
Apartment 5plus
$770.0K
$673.8K – $898.4K
NOI $53,902 @ 7.0% cap · market cap 3.48%
Theoretical Best
Warehouse
$2.01M
$1.75M – $2.34M
NOI $140,374 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
674
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
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 $1,549,900.
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
