4-Unit Multifamily
17 N Sovereign Avenue, Atlantic City, NJ 08401
For Sale
$645,000
Historic four-unit property near transit, coastal attractions, retail, dining, and major roadways.
Property Size2,798 SF
Price / SF$230.52
Days on Market62
Property Features for 17 N Sovereign Avenue
General Information
Standard status
Size
Property subtype
Additional Details
Public Transit
Multifamily Units
Building Details
Year Built
Listing Agency:
WEICHERT REALTORS ASBURY GROUP-AC
Listed By:
Silvette Rivera · License #1864018
(856) 238-2082
Source:
Actionplusrealty
Added: Sep 6
Changed: Nov 6
Last Checked: Nov 6 at 10:52AM
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
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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 / Yr
$31,864
Cap Rate
4.94%
Suggested Prices Based on Cap Rates
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
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 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 4.94%
Second Best
Apartment 5plus
$400.1K
$350.1K – $466.8K
NOI $28,007 @ 7.0% cap · market cap 4.34%
Theoretical Best
Warehouse
$1.04M
$911.7K – $1.22M
NOI $72,937 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Quadplexes in Atlantic County
Vacancy Rate% for Multifamily in Northeast region
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 $645,000.
What are key features of this property?
This property features: Four‑unit multifamily property; Built in 1900; 2,798 property size
