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    31 Virginia Ave Atlantic City, NJ 08401-4937
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    Property profile & analytics

    31 Virginia Ave, Atlantic City, NJ 08401-4937

    View on Map
    • Residential income homes
    • 24,224 SF
    • 0.20 lot acres
    Off-Market
    Property ID
    US59-3024319
    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
    $3,225,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Virginia Arms / Apartment Building
    • 31 N Virginia Realty Llc / Property Management Company

    Property Details for 31 Virginia Ave

    Year built
    1920
    Construction
    BRICK
    Lot size
    0.20 lot acres
    Zone code
    CBD
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    02 00301-0000-00077
    APU
    200301000000077

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 8, 2016 $1,444,000 Virginia Arms LP 31 N Virginia Realty LLC Deed $1.2M · Republic First Bank
    Jun 23, 2005 $1,800,000 31 N Virginia Realty LLC 31 North Virginia LLC Grant Deed $1.4M · Astoria Federal Mortgage Corp
    Aug 10, 2001 $1,040,000 31 North Virginia LLC 31 North Virginia Ave Assoc Grant Deed · related $1.1M · First Union National Bank
    — — Virginia Arms LP — Deed Of Trust · related $1.6M · Cbre Cap Markets

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,600,000
      6.5%
      $4,245,000
      7%
      $3,940,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,288,000
      Market price range: $1.96M - $4.50M
      AI Estimate
      $2,144,000
      Market price range: $1.41M - $2.89M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $3,195,000
      Current use
      COMMERCIAL (GENERAL)
      $2,680,000
      Change: -16% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Atlantic City
    County
    Atlantic
    State
    New Jersey
    Longitude
    -74.4234
    Latitude
    39.3653
    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
    $64,587
    $380,000
    $1,330,000
    $1,710,000
    -
    $380,000
    $1,330,000
    $1,710,000

    Comparable in this City

    • Value Estimation
      $1,050,000
      8,680 SF

      2327 Atlantic Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      2327 Atlantic Ave, Atlantic City, NJ 08401
      View Details
    • Value Estimation
      $1,705,000
      10,656 SF

      1922 Bch Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      1922 Bch Ave, Atlantic City, NJ 08401-1404
      View Details
    • Value Estimation
      $6,320,000
      42,918 SF

      3330 Sovereign Ct

      APARTMENT HOUSE (UNDER 5 UNITS)
      3330 Sovereign Ct, Atlantic City, NJ 08401-3613
      View Details
    • Value Estimation
      $685,000
      4,950 SF

      500 Ohio Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      500 Ohio Ave, Atlantic City, NJ 08401-3113
      View Details
    • Value Estimation
      $855,000
      8,424 SF

      3531 Pacific Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      3531 Pacific Ave, Atlantic City, NJ 08401-6154
      View Details
    • Value Estimation by Request
      2,272 SF

      18 Sovereign Ave

      APARTMENT HOUSE (UNDER 5 UNITS)
      18 Sovereign Ave, Atlantic City, NJ 08401-3641
      View Details

    Similar Nearby for Sale

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      Atlantic City Redevelopment Opportunity

      Former hotel with approved plans for apartments and penthouse.
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    • $699,900

      Atlantic City Mixed-Use Investment

      Mixed-use property near beach and boardwalk with income potential.
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      Atlantic City Duplex Investment Opportunity

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    Similar Nearby for Lease

    • $1,500 /Mo

      Atlantic City Corner Retail Unit

      Corner retail unit in Atlantic City's University District.
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    • Contact for pricing
      13,500 SF

      Atlantic City Office Space Available

      Multi-tenanted office building with high-end finishes and easy access.
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      View Details
    • Contact for pricing

      Atlantic City Restaurant & Nightclub

      Turn-key restaurant and nightclub in prime Atlantic City location.
      3019 Atlantic Ave, Atlantic City, NJ 08401
      View Details
    • $1,600 /Mo

      Atlantic City Retail Space Available

      Retail space in busy Atlantic City location for rent.
      22 South Pennsylvania Ave, Atlantic City, NJ 08401
      View Details
    • Contact for pricing

      Unique Commercial Space in Atlantic City

      Two-story commercial space with Art Deco architecture in prime location.
      1931 Atlantic Ave, Atlantic City, NJ 08401
      View Details
    • $1,200 /Mo

      Atlantic City Commercial Space

      Compact commercial space on Ventnor Avenue, Atlantic City.
      4107 Ventnor Ave, Atlantic City, NJ 08401
      View Details
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    Atlantic City, NJ 08401-4937
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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.

    More about this property
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