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    112 Park Pl Atlantic City, NJ 08401
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    Property profile & analytics

    112 Park Pl, Atlantic City, NJ 08401

    View on Map
    • Office buildings
    • 0.67 lot acres
    Off-Market
    Property ID
    US59-0444645
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Crystal Industrial Chemicals / Pharmacy
    • Design 710 Dispensary / (Bike/Boat/Book/etc) Store

    Property Details for 112 Park Pl

    Year built
    1996
    Lot size
    0.67 lot acres
    Zone code
    RS-C
    Property type
    Office buildings
    APN
    02 00044-0000-00001
    APU
    200044000000001

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 8, 2020 — Tjm Atlantic City LLC — Deed · related $9.5M · Valley Nat'l Bk
    Sep 26, 2018 — Tjm Atlantic City Mgmt LLC — Loan Modification · related $10.3M · Valley Nat'l Bk
    Oct 9, 2014 — Tjm Atlantic City LLC — Grant Deed · related $14.3M · Usameribank
    Mar 4, 2014 $2,989,800 Tjm Atlantic City LLC Ballys Park Place INC Grant Deed —
    Jun 24, 2009 — Ballys Park Place INC — Deed Of Trust · related —
    Dec 31, 2008 — Ballys Park Place INC — Deed Of Trust · related $2,100M · Us Bank NA
    Jun 1, 2001 $38,672,000 Ballys Skycraper INC Atlantic City Boardwalk Assoc Quit Claim Deed · related —
    — — Tjm Atlantic City LLC — Loan Modification · related $9.5M · Valley Nat'l Bk

    Description

    This exceptional Atlantic City property, located at 112 Park Place (cross street: Pacific Ave), offers multiple office spaces within a historic building. The building, a three-story structure with elevators, features a total of 18,330 square feet of vacant space, divisible into units ranging from 3,130 to 11,900 contiguous square feet. The zoning is RS-C. The available space is suitable for executive and traditional office uses, as well as storefront retail. Amenities include a backup generator, parking garage, and proximity to a beach. The building boasts a connection to Bally's Casino via an enclosed gateway on the second floor. Additional amenities include a conference/convention center, four restaurants, optional sledge cards, and a workout facility. This is a rare opportunity to lease space in a landmark building with a rich history, having hosted numerous notable figures. The lease rate is $20 per square foot, plus utilities. The property is located in Atlantic County, New Jersey, zip code 08401. This is one of the last remaining architectural masterpieces from the Boardwalk Empire era.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Atlantic City
    County
    Atlantic
    State
    New Jersey
    Longitude
    -74.4328
    Latitude
    39.3579
    CBSA code
    12100
    CBSA name
    ATLANTIC CITY, NJ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $119,595
    $590,000
    $2,576,400
    $3,166,400
    -
    $590,000
    $2,576,400
    $3,166,400

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    112 Park Pl
    Atlantic City, NJ 08401
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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