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$ 475,000
Est. payment | /mo
4 Baths
$ 475,000
Est. payment | /mo
4 Baths
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 579122
Style Comm. w/Apartments
Annual Tax Amount $8,782
Tax Year 2022
Property Description
10.6% CAP RATE!! INVESTOR ALERT - Turnkey Cash Flowing Commercial Mixed Use property! Located next to the new development site of a 125,000 Square foot agricultural museum. This Mix-use property consists of approximately 4,602 sq.ft. with a store front and 2 apartments. All units have separate gas and electric. First Floor is a Commercial storefront with 2 private bathrooms. The commercial space is approximately 2,200 square feet. Apartment 1 has Two bedrooms with newly painted walls and carpet with a large private back deck. Apartment 2 is a two-level fully renovated/remodeled Two bedroom with Den/extra sleeping area. Also comes with a very large private deck off the kitchen. New Kitchen, Flooring, lighting, paint, doors, and all new trim. Located in the heart of it all!!! Close to the Atlantic City Hospital, Casinos, beach and boardwalk. Convenient location for Casino or Hospital workers!!! Annual NOI of $50,250 putting this listing at a 10.6% cap rate!! Rental Income: Storefront $2,500 or $30,000 per year with annual rent increase on a 10-year lease; Apartment One $1,650 or $19,800 per year; Apartment two $1,650 or $19,800 per year. Total annual income of $69,600. Annual Expenses: Water & Sewer $1,100.00 per year; Insurance $4,500 per year; Property Tax $8,750; Misc $5,000 per year.
Location
State NJ
County Atlantic
Community Atlantic City
Area Atlantic City
Location Details Business District
Interior
Interior Features Display Windows, Restroom, Smoke/Fire Alarm, Storage
Heating Gas-Natural
Exterior
Parking Features None
Roof Type Flat
Building
Story 3
Sewer Public Sewer
Water Public
Listed by BALSLEY/LOSCO-VENTNOR
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