Partially Rented Duplex Income
715 North Michigan Avenue Atlantic City, NJ 08401
For Sale
$249,000
Duplex with one unit rented through Section 8 and the other unit vacant, updated, and ready for a new tenant.
Property Size1,550 SF
Price / SF$160.65
Days on Market239
Property Features for 715 North Michigan Avenue
General Information
- Standard status
- Active
- Size
- 1,550 SF
- Property subtype
- MULTI-FAMILY / Duplex
Listing Agency:
WEICHERT REALTORS ASBURY GROUP-AC
(609) 481-7745
Listed By:
GERARD (Jerry) BARKER · License #0566410
(609) 481-7745
Source:
Compass
Added: Nov 27, 2025
Changed: Jul 23
Last Checked: Jul 23 at 4:02PM
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.
This duplex offers a two-unit setup with a partially rented configuration. The second-floor unit has been rented via Section 8 for over a year, while the first floor is currently vacant, fixed up, and ready for a new tenant. The exterior features bold red brick with white vinyl wrapping around newer thermal windows.
Utilities are separated, with gas and electric paid by the tenants. Water and sewer are billed to and paid by the landlord, which supports straightforward operating costs.
The property is described as near convenient access routes including the AC Expressway and Route 30 (White Horse Pike). It is also noted as close to the AC Convention Center, the Outlets at the Tanger Walk shopping center, and MLK School, with additional nearby attractions listed including the Borgata, Harrahs, and Golden Nugget hotel and casino area and the Jersey Shore beaches and boardwalk.
Utilities are separated, with gas and electric paid by the tenants. Water and sewer are billed to and paid by the landlord, which supports straightforward operating costs.
The property is described as near convenient access routes including the AC Expressway and Route 30 (White Horse Pike). It is also noted as close to the AC Convention Center, the Outlets at the Tanger Walk shopping center, and MLK School, with additional nearby attractions listed including the Borgata, Harrahs, and Golden Nugget hotel and casino area and the Jersey Shore beaches and boardwalk.
Key Highlights
- Duplex near the corner of Magellan and N. Michigan Aves with one unit rented via Section 8
- Second unit is vacant, fixed up, and ready for a new tenant
- Baseboard electric heating with window AC units; slab basement
Financial Insights For Multifamily LT 5
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 | $27.0k | $17.40 |
| − Vacancy | −$1.8k | −$1.13 |
| EGI | $25.2k | $16.27 |
| − OpEx | −$7.6k | −$4.88 |
| NOI | $17.7k | $11.39 |
1,550 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$252.2K
$220.7K – $294.2K
NOI $17,652 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$221.6K
$193.9K – $258.6K
NOI $15,515 @ 7.0% cap · market cap 6.23%
Theoretical Best
Warehouse
$577.2K
$505.1K – $673.4K
NOI $40,405 @ 7.0% cap · market cap 16.23%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Duplex with one unit rented through Section 8 and the other unit vacant, updated, and ready for a new tenant.
Where is this duplex located?
The property is located at 715 North Michigan Avenue Atlantic City, NJ.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Duplex near the corner of Magellan and N. Michigan Aves with one unit rented via Section 8; Second unit is vacant, fixed up, and ready for a new tenant; Baseboard electric heating with window AC units; slab basement
