Triplex with Water
For Sale
$1,150,000
123 S Berkley Square, Atlantic City, NJ 08401
Three residences include one occupied unit and two renovated vacancies ready for leasing.
Property Size3,590 SF
Price / SF$320.33
Days on Market94
Property Features for 123 S Berkley Square
General Information
Standard status
Active
Size
3,590 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/2BA, 1 x 4BR/2.5BA
Multifamily Units
3
Amenities
porches
decks
balconies
rear patio
Building Details
Year Built
1910
Listing Agency:
Keller Williams Realty Jersey Shore - Ocean City
Listed By:
Ben Kruse
(609) 204-7891
Source:
Choosekruse
Added: Jul 13
Changed: Oct 13
Last Checked: Oct 12 at 7:42PM
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 Keller Williams Realty Jersey Shore - Ocean City
Investment Insights
Based on property information with market context.
This legal triplex contains 3,584 SF across three residential units. The first floor provides a 2-bedroom, 1-bath layout with an established annual tenant. A 2-bedroom, 2-bath residence occupies the second floor, while the top level offers 4 bedrooms and 2.5 baths. The two upper units have been renovated with new kitchens and baths, hardwood flooring, and recessed lighting.
Water views extend across nearly every level, complemented by porches, decks, balconies, and a rear patio suited to three-season use. The property is positioned steps from the beach and boardwalk in Atlantic City’s Lower Chelsea neighborhood, near the Ventnor neighborhood. The upper units are vacant, while the first-floor residence is rented, providing a three-unit configuration with varied occupancy options.
Water views extend across nearly every level, complemented by porches, decks, balconies, and a rear patio suited to three-season use. The property is positioned steps from the beach and boardwalk in Atlantic City’s Lower Chelsea neighborhood, near the Ventnor neighborhood. The upper units are vacant, while the first-floor residence is rented, providing a three-unit configuration with varied occupancy options.
Key Highlights
- 3,584 SF legal triplex with three residential units
- First‑floor 2‑bedroom, 1‑bath unit has an established annual tenant
- Second‑floor 2‑bedroom, 2‑bath unit is vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,884
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$817,680
$817.7K
Cap Rate 7%
$584,057
$584.1K
Cap Rate 9%
$454,267
$454.3K
Market Conditions
NOI Build-Up for 3,590 SF
Gross rent
$62.5K $17.40/SF
− Vacancy
−$4.1K −$1.13/SF
EGI
$58.4K $16.27/SF
− OpEx
−$17.5K −$4.88/SF
NOI
$40.9K $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%
$817,680
Cap Rate 7%
$584,057
Cap Rate 9%
$454,267
Alternative Uses
Best Use
Multifamily LT 5
$584.1K
$511.1K – $681.4K
NOI $40,884 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$513.4K
$449.2K – $598.9K
NOI $35,935 @ 7.0% cap · market cap 3.12%
Theoretical Best
Warehouse
$1.34M
$1.17M – $1.56M
NOI $93,582 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residences include one occupied unit and two renovated vacancies ready for leasing.
Where is this triplex located?
The property is located at 123 S Berkley Square Atlantic City, NJ.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 3,584 SF legal triplex with three residential units; First‑floor 2‑bedroom, 1‑bath unit has an established annual tenant; Second‑floor 2‑bedroom, 2‑bath unit is vacant
