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    Atlantic City Legal Quadplex Title is generated by Realmo AI

    203 N S Carolina Ave, Atlantic City, NJ 08401

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    Claim this Listing
    For Sale
    $359,995

    MULTI_FAMILY - Atlantic City, NJ

    Added:
    Mar 26, 2026
    Days on Market:
    68
    Last Refresh:
    Jun 1 at 7:06 am

    Property Features for 203 N S Carolina Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Exterior features
    Curbs, Sidewalks
    Appliances
    Gas Stove, Refrigerator, Self Cleaning Oven
    Standard status
    Active

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    5658

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Baseboard, Hot Water(Heating)
    Water source
    Public

    Building Details

    Number of units
    4

    We can help!

    Listing Contact
    GERARD (Jerry) BARKER

    Listing agent GERARD (Jerry) BARKER

    Listing office WEICHERT REALTORS ASBURY GROUP-AC 524 PACIFIC AVENUE, ATLANTIC CITY, NJ

    Listing date Mar 26, 2026

    MLS# 606047 Listing URL

    Copyright © 2026 South Jersey Shore Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Legal quadplex with potential for high (12%) capitalization rate, offering a strong investment opportunity.
    • Ground floor commercial space is currently leased, providing immediate income.
    • One‑bedroom apartment is leased via Section 8, ensuring consistent rental income.
    • Vacant 3‑bedroom apartment offers immediate opportunity to generate additional rental income.
    • Residential units feature open floor plans, abundant natural light, and panoramic city views.
    • Prime location near City Hall, Tanger Outlets, casinos, dining, nightlife, beaches, and various attractions.

    Overview

    This property is a legal quadplex featuring a ground floor commercial space that was recently leased to new tenants on November 1st 2025. The second floor houses a one-bedroom apartment leased via Section 8, with a city-imposed maximum occupancy of three people. The top two floors comprise a vacant three-bedroom apartment suitable for up to seven people, according to the city's certificate of occupancy. The residential units feature open floor plans, abundant natural sunlight, and panoramic city views. Amenities include gas cooking, vinyl plank flooring, and natural gas hot water baseboard heating. The property is located near City Hall, Tanger Outlets, casinos such as Tropicana and Caesars Wild Wild West, dining establishments, nightlife venues, Jersey Shore beaches, the Boardwalk, and the Atlantic Ocean. Nearby attractions include Absecon Lighthouse, Gardners Basin, Back Bay Ale House, Gilchrest, AC Aquarium, fishing jetties and piers, Showboat & Waterpark, Borgata, Harrahs, Ocean Casino, Hardrock & Steel Pier, Resorts & Margaritaville, Golden Nugget & Farley Marina, the Little Water Distillery, Axe Throwing, and Seed Brewery. Street parking is available. There is potential to convert the property back to a four-unit configuration.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Map

    City
    Atlantic City
    County
    Atlantic
    State
    New Jersey
    Longitude
    -74.428764
    Latitude
    39.365792

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    FAQs

    What type of property is this?
    Quadplex - Legal quadplex with commercial space and residential units.
    Where is this quadplex located?
    The property is located at 203 N S Carolina Ave Atlantic City, NJ.
    What is the asking price?
    The asking price for this property is $359,995.
    What are key features of this property?
    This property features: Legal quadplex with potential for high (12%) capitalization rate, offering a strong investment opportunity.; Ground floor commercial space is currently leased, providing immediate income.; One‑bedroom apartment is leased via Section 8, ensuring consistent rental income.
    (609) 481-7745
    We can help!
    Listing Contact
    GERARD (Jerry) BARKER
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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