3 Raleigh Ave Atlantic City, NJ 08401
- Apartment buildings
- 3,459 SF
- 0.07 lot acres
Current Use by Public Records
- - BLANK TITLE / Consultant
Property Details for 3 Raleigh Ave
- Year built
- 1930
- Lot size
- 0.07 lot acres
- Property size
- 3,459 SF
- Property type
- Apartment buildings
Description
This three-story, 3,459 square foot apartment building in Atlantic City, NJ, presents a compelling investment opportunity. Located just blocks from Ventnor Beach, this stabilized, 5-unit property boasts 100% occupancy and a strong net operating income (NOI) of $76,333, yielding an 8.98% cap rate at the asking price of $850,000. Built in 1930, the property sits on a 0.07-acre lot and features recent major updates and market-rate rents, ensuring immediate cash flow. The annual gross rent revenue is projected at $103,200. The property includes a five-year state inspection and all necessary certificates of occupancy. Tenants are responsible for their own electricity, while the owner covers insurance, taxes, water/sewer, and gas. Its prime location near Ventnor Beach, Stockton University, and Richmond Avenue School positions this property for significant appreciation potential. This turnkey investment offers immediate cash flow, high occupancy, and a strong value proposition in a desirable Atlantic City location. The property's proximity to the beach and other amenities contributes to its high occupancy rate and strong rental income. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a rapidly appreciating area.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Atlantic City
- County
- Atlantic
- State
- New Jersey
- Longitude
- -74.461
- Latitude
- 39.3481
