For Sale 16 Delancy, Atlantic City, NJ, 08401

Introducing a prime CRE opportunity in Atlantic City\'s Chelsea Heights: a lucrative 6-unit apartment building that\'s a true money maker! This property features an ultra-luxurious 2-bedroom unit currently rented out via Airbnb, generating an impressive $30,000 in less than a year of operation. With its stellar 5-star reviews, the potential for revenue growth is sky-high. Plus, imagine indulging in this swanky pad as your very own owner\'s unit or vacation getaway! Of the remaining units, three have been recently renovated to modern standards, while the two others are clean and solid, offering the perfect canvas for renovation to further increase rents. All units are currently leased below market rates, making this an exceptional value-add investment opportunity. Nestled in the desirable Chelsea Heights, the building is conveniently located under two blocks from the beach at Bartram\'s Garden, featuring a beautiful grass area and restrooms. Just a short stroll away, you\'ll find the bay, Stockton College, and the renowned Knife and Fork Inn and Restaurant. And with easy access to all that Atlantic City, Ventnor, Margate, and Longport have to offer, this property is in the heart of it all. Don\'t miss out on this incredible investment opportunity – seize it before someone else does! Agent has financial interest. Owner is RE Licensee

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.

Just two blocks from the beach and boardwalk, this property offers spacious apartments featuring a living area, kitchen, generously sized bedrooms, and carpeting throughout. With the landlord covering heat and tenants responsible for all other utilities, these apartments are conveniently located close to everything. The rent roll includes a commercial space at $1,575/month (plus a share of utilities and water/sewer), and four apartments individually metered for gas and electric: Apt. 1 at $1,350, Apt. 2 at $1,200, Apt. 3 at $1,500, and Apt. 4 at $1,250. Heat and hot water are covered by the landlord, making this an excellent investment opportunity in a prime location.