Mixed-Use Corner Development
511-521 Pacific Ave Atlantic City, NJ 08401
511-521 Pacific Ave, Atlantic City, NJ, 08401
$940,000
Pending
For Sale
$940,000
Pending
Three contiguous lots with a two-story corner building shell and a fully leased parking facility at Pacific Avenue frontage.
Property Size3,900 SF
Lot Size0.39 Acres
Days on Market618
Property Features for 511-521 Pacific Ave
General Information
- Standard status
- Pending
- Size
- 3,900 SF
- Lot size
- 0.39 Acres
- Property subtype
- Lots/Land
Listing agency
FARLEY and FERRY REALTY, INC
(609) 289-1139
Listed by
MARY LOU FERRY WIMMER · License #RB-8530847
(609) 289-1139
Source
Exitrealty
Added: Nov 11, 2024 Updated: Jul 22 at 4:46AM Checked: Jul 22 at 4:46AM
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 FARLEY and FERRY REALTY, INC
Investment Insights
Based on property information with market context.
This site combines three contiguous lots totaling 17,129 square feet and includes a two-story, 3,900-square-foot building positioned on the corner lot, along with a fenced-in corner setup. The middle lot operates as a fully leased parking facility, providing ongoing revenue, while the right-side building shell is presented for redevelopment consideration. The configuration supports future multi-family, commercial, or mixed-use development plans, subject to consolidation and parking requirements described for the site.
The property spans the entire frontage of Pacific Avenue between South Connecticut and Congress Avenues at a key intersection. It is described as being directly across from the new luxury apartment complex 600 NoBe and the Bella Luxury Condo Tower, with convenient proximity to the Ocean Resort Casino and Showboat water park. The site is located within the CRDA Tourism District and is described as newly zoned LH-1.
Per the development parameters provided, buildable lots must be a minimum of 7,500 square feet per lot, with the ability to consolidate lots into a single project. The combined site is described as supporting up to 10 multi-family units with 20 required parking spaces, or ground-level commercial use.
The property spans the entire frontage of Pacific Avenue between South Connecticut and Congress Avenues at a key intersection. It is described as being directly across from the new luxury apartment complex 600 NoBe and the Bella Luxury Condo Tower, with convenient proximity to the Ocean Resort Casino and Showboat water park. The site is located within the CRDA Tourism District and is described as newly zoned LH-1.
Per the development parameters provided, buildable lots must be a minimum of 7,500 square feet per lot, with the ability to consolidate lots into a single project. The combined site is described as supporting up to 10 multi-family units with 20 required parking spaces, or ground-level commercial use.
Key Highlights
- Three contiguous lots totaling 17,129 SF cover the full Pacific Ave frontage between S Connecticut Ave and Congress Ave.
- Two‑story corner building shell with 3,900 SF located at Pacific Ave and S Connecticut Ave.
- Middle lot is a fully leased parking facility generating steady parking revenue.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $75.3k | $19.32 |
| − Vacancy | −$4.4k | −$1.12 |
| EGI | $71.0k | $18.20 |
| − OpEx | −$31.9k | −$8.19 |
| NOI | $39.0k | $10.01 |
3,900 SF · lease $19.32/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$557.7K
$488.0K – $650.6K
NOI $39,038 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.45M
$1.27M – $1.69M
NOI $101,663 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Parking lots & garages
Similar For Sale Nearby
FAQs
What type of property is this?
Parking lot & garage - Three contiguous lots with a two-story corner building shell and a fully leased parking facility at Pacific Avenue frontage.
Where is this parking lot & garage located?
The property is located at 511-521 Pacific Ave Atlantic City, NJ.
What is the asking price?
The asking price for this property is $940,000.
What are key features of this property?
This property features: Three contiguous lots totaling 17,129 SF cover the full Pacific Ave frontage between S Connecticut Ave and Congress Ave.; Two‑story corner building shell with 3,900 SF located at Pacific Ave and S Connecticut Ave.; Middle lot is a fully leased parking facility generating steady parking revenue.
