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Property profile & analytics
OFF-MARKET
Estimated value
$2,545,000
Residential income homes
1108 City Ave Atlantic City, NJ 08401-4708
Entity Owned
3-yr Hold
Property ID
US59-1770692
Property profile
Verified
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Year built
1987
Construction
FRAME
Total area
15,888 SF
Lot
1.31 ac (57,064 SF)
Zoning code
RM-2
APN
02 00408-0000-00001
UPID
US59-1770692
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Charles Drew Apartments Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.79M
Comparable Approach
Comparable
$2.95M
Blend (final)
Blend
$2.55M
Owner & transaction history
Charles Drew Realty LLC · 3 yrs held
Charles Drew Realty LLC
since 2022
4 recorded transactions
Zoning & alternative use
RM-2 · Atlantic City, NJ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Atlantic City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Atlantic City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$3,015,000
6.5%
$2,785,000
7%
$2,585,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$2,095,000
Current use
COMMERCIAL (GENERAL)
$1,760,000
Change: -16% · Conversion: Moderate
Blend value · Realmo final
$2.55M
Range $2.29M – $2.80M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$160 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$79,317
Tax year 2022
Assessed value
$2,100,000
Assessed 2023
Previous assessed
$2,100,000
+0.0% YoY
Effective rate
3.78%
On assessed value
Assessed land
$380,000
Assessed improvement
$1,720,000
Land market value
$380,000
Improvement market value
$1,720,000
Total market value
$2,100,000
Applied tax rate
2.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Status
Off-Market
Year built
1987
Construction
FRAME
Heating
NONE
Stories
3
Units
38
Total area
15,888 SF
Lot
1.31 ac (57,064 SF)
Zoning code
RM-2
APN
02 00408-0000-00001
UPID
US59-1770692
Jurisdiction
ATLANTIC
Zoning & alternative use
RM-2 · Atlantic City, NJ
Zoning RM-2 · permitted uses
RM-2 · Atlantic City, NJ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Atlantic City. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$2.1M
COMMERCIAL (GENERAL)
Est. value
$1.8M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1987
Construction
FRAME
Heating
NONE
Stories
3
Units
38
Lot
1.31 ac
Current owner
From public records · entity-resolved
Charles Drew Realty LLC
Entity
Mailing address
164 CAROL ST, LAKEWOOD, NJ 08701-5301
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 18, 2022
—
Charles Drew Realty LLC
Tower Charles Drew LLC
Deed
$3,150,000 · New York Community Bank
May 23, 2007
$3,435
Tower Charles Drew LLC
Charles Drew Court Assocs
Grant Deed
related
$2,450,000 · Oritani Savings Bank
—
—
Tower Charles Drew LLC
—
Deed Of Trust
related
$2,385,573 · Oritani Bank
—
—
Tower Charles Drew LLC
—
Loan Modification
related
$716,676 · Oritani Fin
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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