Triplex with Water
For Sale
$1,175,000
123 S Berkley Square, Atlantic City, NJ 08401
Three residences include one occupied unit and two renovated vacancies ready for leasing.
Property Size3,584 SF
Price / SF$327.85
Days on Market49
Property Features for 123 S Berkley Square
General Information
Standard status
Active
Size
3,584 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:
Coldwell Banker Argus Real Estate
(215) 681-6610
Listed By:
Philip R. Cavalcanto · License #RS287419
Source:
Bernadetteaugello
Added: Jul 13
Changed: Aug 29
Last Checked: Aug 25 at 4:06AM
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 Coldwell Banker Argus Real Estate
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 = 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
$40,816
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
3.47%
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%
$816,320
$816.3K
Cap Rate 7%
$583,086
$583.1K
Cap Rate 9%
$453,511
$453.5K
Market Conditions
NOI Build-Up for 3,584 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
$62.4K $17.40/SF
− Vacancy
−$4.1K −$1.13/SF
EGI
$58.3K $16.27/SF
− OpEx
−$17.5K −$4.88/SF
NOI
$40.8K $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%
$816,320
Cap Rate 7%
$583,086
Cap Rate 9%
$453,511
Alternative Uses
Best Use
Multifamily LT 5
$583.1K
$510.2K – $680.3K
NOI $40,816 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$512.5K
$448.4K – $597.9K
NOI $35,875 @ 7.0% cap · market cap 3.05%
Theoretical Best
Warehouse
$1.33M
$1.17M – $1.56M
NOI $93,426 @ 7.0% cap · market cap 7.95%
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 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 $1,175,000.
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
