Two-Family Home with Detached
For Sale
$260,000
Pending
426 Connecticut Avenue, Atlantic City, NJ 08401
Two-family residence with a large detached two-car garage, sold as-is and needing updates.
Property Size2,080 SF
Lot Size0.07 Acres
Days on Market203
Property Features for 426 Connecticut Avenue
General Information
Standard status
Pending
Size
2,080 SF
Total Parking Spaces
2
Lot size
0.07 Acres
Property subtype
MULTI-FAMILY / Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,262
Amenities
Gas-Natural, Radiant, Radiator
Dining Room, Kitchen, Living Room
Combination
Vinyl
Curbs, Fenced Yard, Needs Work, Porch, Porch-Enclosed, Sidewalks
Building Details
Year Built
1900
Units
2
Tenancy
Multi
Listing Agency:
Vylla Home - Northfield
Listed By:
CHARLES MILTENBERGER · License #0451730
(609) 338-9992
Source:
Compass
Added: Feb 17
Changed: Aug 7
Last Checked: Jul 24 at 2:47PM
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 Vylla Home - Northfield
Investment Insights
Based on property information with market context.
This two-family duplex offers a total interior area of 2,080 square feet and a 3,100 square-foot lot. The property features a layout with two bedrooms and two bathrooms, and it includes a large detached two-car garage that provides parking and additional storage. The home is dated and requires updates.
The property is located in the Historic Bungalow Park area of Atlantic City, near local amenities. The Atlantic City Boardwalk is approximately 0.5 miles away, and New York Avenue School is approximately 0.7 miles away. Gardner’s Basin is also nearby.
The property is being sold in as-is condition.
The property is located in the Historic Bungalow Park area of Atlantic City, near local amenities. The Atlantic City Boardwalk is approximately 0.5 miles away, and New York Avenue School is approximately 0.7 miles away. Gardner’s Basin is also nearby.
The property is being sold in as-is condition.
Key Highlights
- Two‑family (duplex) home with 2,080 SF of interior space on a 3,100 SF lot
- Large detached two‑car garage provides parking and extra storage
- Historic Bungalow Park area within Atlantic City; near the Boardwalk (0.5 miles)
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
$23,688
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
9.11%
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%
$473,760
$473.8K
Cap Rate 7%
$338,400
$338.4K
Cap Rate 9%
$263,200
$263.2K
Market Conditions
NOI Build-Up for 2,080 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
$36.2K $17.40/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$33.8K $16.27/SF
− OpEx
−$10.2K −$4.88/SF
NOI
$23.7K $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%
$473,760
Cap Rate 7%
$338,400
Cap Rate 9%
$263,200
Alternative Uses
Best Use
Multifamily LT 5
$338.4K
$296.1K – $394.8K
NOI $23,688 @ 7.0% cap · market cap 9.11%
Second Best
Apartment 5plus
$297.4K
$260.3K – $347.0K
NOI $20,820 @ 7.0% cap · market cap 8.01%
Theoretical Best
Warehouse
$774.6K
$677.8K – $903.7K
NOI $54,220 @ 7.0% cap · market cap 20.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
727
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?
Duplex - Two-family residence with a large detached two-car garage, sold as-is and needing updates.
Where is this duplex located?
The property is located at 426 Connecticut Avenue Atlantic City, NJ.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Two‑family (duplex) home with 2,080 SF of interior space on a 3,100 SF lot; Large detached two‑car garage provides parking and extra storage; Historic Bungalow Park area within Atlantic City; near the Boardwalk (0.5 miles)
