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3 S Raleigh Ave Ave

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Address: 3 S Raleigh Ave, Atlantic City, NJ 08401, USA

New York & Tri-State + Apartment Buildings

Created date: August 16, 2024

Date last updated: January 17, 2025

Property Description

CASH FLOWING 5-UNIT APARTMENT BUILDING only a couple of blocks from the Beach on the Ventnor side of Atlantic City! Instant cash flow in a great area of the City where your occupancy rate will be incredibly high with the proximity to the water and other amenities. All CCOs & 5 year state inspection are in hand. Owner recently made major updates to the property and increased rents to market rent, making this a turnkey opportunity for your portfolio. The 2 units in the photos were empty at the time photos were taken, but will be filled prior to settlement. The other 3 units are currently filled and are of similar condition. The pro forma rent roll is $103,200.00 annually in gross rent revenue, $8,600.00 per month. Tenants pay their own electric. Owner pays Insurance, Taxes, Water/Sewer, and Gas. Pro Forma NOI comes to $76,333.00, making the pro forma Cap Rate 8.98% at the listing price, phenomenal for a property this close to the ocean! This property's appreciation value proposition is immense due to its proximity to Ventnor Beach, Stockton University, and Richmond Avenue School in AC. Enjoy the prospect of cash flow on day 1, high occupancy rates, and appreciation potential that this property offers.

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Broker Details

MICHAEL DEPALMA

DePalma Realty LLC (856) 364-6697 MLS ID: 10511 State License Number: 1328898

Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$799,000
No. of Units:	5
Lot Size:	3,459.00 Sq ft
Opportunity Zone:	No
Price per unit:	$159,800
Property Website	Click Here
Number of Bedrooms:	10
Number of Bathrooms:	0

Address: 3 S Raleigh Ave, Atlantic City, NJ 08401, USA

Provided by:

Standard Status: Active

MLS Listing Number: 587872
ID: 3yd-SJSRMLSNJ-587872

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