4-Unit Multifamily
For Sale
$650,000
17 N Sovereign Avenue, Atlantic City, NJ 08401
Historic four-unit property near transit, coastal attractions, retail, dining, and major roadways.
Property Size2,798 SF
Price / SF$232.31
Days on Market8
Property Features for 17 N Sovereign Avenue
General Information
Standard status
Active
Size
2,798 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
4
Building Details
Year Built
1900
Listing Agency:
WEICHERT REALTORS ASBURY GROUP-AC
Listed By:
Silvette Rivera
(800) 299-2129
Source:
Actionplusrealty
Added: Sep 12
Changed: Sep 18
Last Checked: Sep 18 at 9:36AM
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 WEICHERT REALTORS ASBURY GROUP-AC
Investment Insights
Based on property information with market context.
Located at 17 N Sovereign Ave in Atlantic City’s Chelsea area, this multifamily property contains four units and dates to 1900. The 2,798 property-size figure is associated with the asset.
The property is near Stockton University’s Atlantic City campus, the beach and Boardwalk, casinos, shopping, dining, public transportation, and major roadways. Its Atlantic City setting places multiple established amenities and transportation options within the surrounding area.
The property is near Stockton University’s Atlantic City campus, the beach and Boardwalk, casinos, shopping, dining, public transportation, and major roadways. Its Atlantic City setting places multiple established amenities and transportation options within the surrounding area.
Key Highlights
- Four‑unit multifamily property
- Built in 1900
- 2,798 property size
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
$31,864
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
4.90%
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%
$637,280
$637.3K
Cap Rate 7%
$455,200
$455.2K
Cap Rate 9%
$354,044
$354.0K
Market Conditions
NOI Build-Up for 2,798 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
$48.7K $17.40/SF
− Vacancy
−$3.2K −$1.13/SF
EGI
$45.5K $16.27/SF
− OpEx
−$13.7K −$4.88/SF
NOI
$31.9K $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 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%
$637,280
Cap Rate 7%
$455,200
Cap Rate 9%
$354,044
Alternative Uses
Best Use
Multifamily LT 5
$455.2K
$398.3K – $531.1K
NOI $31,864 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$400.1K
$350.1K – $466.8K
NOI $28,007 @ 7.0% cap · market cap 4.31%
Theoretical Best
Warehouse
$1.04M
$911.7K – $1.22M
NOI $72,937 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,411
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Historic four-unit property near transit, coastal attractions, retail, dining, and major roadways.
Where is this quadplex located?
The property is located at 17 N Sovereign Avenue Atlantic City, NJ.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four‑unit multifamily property; Built in 1900; 2,798 property size
