125 Dr Martin Luther King BlvdAtlantic City, NJ 08401

Property Details for 125 Dr Martin Luther King Blvd

Year built

1900

Construction

BRICK

Lot size

0.36 AC

Property size (Sq ft)

10,028 SF

Zone code

RS-C

Property type

Other commercial real estate

APN

02 00048-0000-00009

APU

200048000000009

Description

This 13-story, 121,000 square foot Georgian Revival hotel, located on Atlantic City's beach block at 125 S Dr Martin Luther King Blvd, presents a unique investment opportunity. Built in 1929 and extensively renovated in 2004 (a $7 million investment by Sands Casino, per public records), the property boasts a prime location in the heart of Atlantic City. The hotel currently features 99 suites across nine floors, arranged in an 11-suite-per-floor layout. The first floor includes a large bar, dining room with commercial kitchen, and a grand staircase. The second floor offers meeting rooms, executive offices, and rentable suites. The 2004 renovation involved combining original rooms to create larger suites, some with two full baths. While currently closed and requiring renovations and updates, this property sits within a Federal Opportunity Zone, potentially opening doors to State and Federal Historic Tax Credits. The asking price is $3,500,000 ($27,777.77 per suite). Note that the adjacent parking garage is under separate ownership and information regarding it is unavailable at this time. The property is zoned RS-C and sits on a 0.36-acre lot. This is a substantial project with significant potential for return.

• Alternative Use

  Use

  Valuation

  Residential

  $3,697,689

  Hospitality

  $3,387,063

  Educational

  $2,817,997

  Medical

  $2,914,912

  Retail

  $4,383,551

Location Insight

City

Atlantic City

County

Atlantic

State

New Jersey

Latitude

39.3584

Longitude

-74.43

CBSA code

12100

CBSA name

ATLANTIC CITY, NJ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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