1637 Atlantic Ave Atlantic City, NJ 08401-6914

Property Details for 1637 Atlantic Ave

Year built

1930

Construction

FRAME

Lot size

0.05 lot acres

Property size

4,602 SF

Zone code

CBD

Property type

Commercial real estate

APN

02 00290-0000-00007

APU

200290000000007

Description

This exceptional mixed-use property in Atlantic City, NJ, presents a compelling investment opportunity. Located at 1637 Atlantic Ave, this three-story, 4,602 square foot building boasts a prime location near the Atlantic City Hospital, casinos, beach, and boardwalk, making it highly attractive to both residents and businesses. The property, built in 1930 and extensively renovated in 2023 and 2024, sits on a 2,200 square foot lot and is zoned CBD. The building comprises a 2,200 square foot commercial storefront with two private bathrooms, and two residential apartments. The first apartment features three bedrooms, a large private deck, newly painted walls, and new carpeting. The second apartment is a fully renovated two-bedroom unit with a den/extra sleeping area and a large private deck, boasting a new kitchen, flooring, lighting, paint, doors, and trim. All units have separate gas and electric meters. The property generates substantial income: the storefront commands $2,500 monthly rent ($30,000 annually), while each apartment rents for $1,650 monthly ($19,800 annually). Annual expenses include water and sewer ($1,100), insurance ($4,500), property taxes ($8,750), and miscellaneous expenses ($5,000), resulting in a net operating income (NOI) of $50,250 and a 10.6% capitalization rate. This turnkey investment offers immediate cash flow and significant potential for future appreciation, situated advantageously near a new 125,000 square foot agricultural museum development. The property is offered at $475,000.