Partially Rented Duplex Income
For Sale
$220,000
Pending
715 North Michigan Avenue, Atlantic City, NJ 08401
Duplex with one unit rented through Section 8 and the other unit vacant, updated, and ready for a new tenant.
Property Size1,550 SF
Days on Market270
Property Features for 715 North Michigan Avenue
General Information
Standard status
Pending
Size
1,550 SF
Property subtype
MULTI-FAMILY / Duplex
Occupancy
50%
Additional Details
Cap Rate
13%
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,894
Amenities
Baseboard, Electric
Slab
Electric Stove, Refrigerator, Self Cleaning Oven
Window Units
Brick, Vinyl
Curbs, Sidewalks
Building Details
Units
2
Listing Agency:
WEICHERT REALTORS ASBURY GROUP-AC
Listed By:
GERARD (Jerry) BARKER · License #0566410
(609) 481-7745
Source:
Compass
Added: Dec 12, 2025
Changed: Aug 7
Last Checked: Jul 24 at 2:08PM
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
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
$17,652
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
8.02%
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%
$353,040
$353.0K
Cap Rate 7%
$252,171
$252.2K
Cap Rate 9%
$196,133
$196.1K
Market Conditions
NOI Build-Up for 1,550 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
$27.0K $17.40/SF
− Vacancy
−$1.8K −$1.13/SF
EGI
$25.2K $16.27/SF
− OpEx
−$7.6K −$4.88/SF
NOI
$17.7K $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%
$353,040
Cap Rate 7%
$252,171
Cap Rate 9%
$196,133
Alternative Uses
Best Use
Multifamily LT 5
$252.2K
$220.7K – $294.2K
NOI $17,652 @ 7.0% cap · market cap 8.02%
Second Best
Apartment 5plus
$221.6K
$193.9K – $258.6K
NOI $15,515 @ 7.0% cap · market cap 7.05%
Theoretical Best
Warehouse
$577.2K
$505.1K – $673.4K
NOI $40,405 @ 7.0% cap · market cap 18.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
931
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 - 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 $220,000.
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
