1637 Atlantic AveAtlantic City, NJ 08401
- Commercial real estate
- 4,602 SF
Property Details for 1637 Atlantic Ave
- Year built
- 1930
- Construction
- FRAME
- Lot size
- 0.05 AC
- Property size (Sq ft)
- 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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
Alternative Use
- Use
- Valuation
- Residential
- $1,696,925
- Hospitality
- $1,554,374
- Educational
- $1,293,221
- Medical
- $1,337,697
- Retail
- $2,011,677
Location Insight
- City
- Atlantic City
- County
- Atlantic
- State
- New Jersey
- Latitude
- 39.361
- Longitude
- -74.4317
- CBSA code
- 12100
- CBSA name
- ATLANTIC CITY, NJ METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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