James Monteleone 609-399-4211
109 E 55th St., Ocean City
James Monteleone 609-399-4211
109 E 55th St., Ocean City
$675,000
Office
609-399-42110
0
**ATTENTION INVESTORS** Located in a prime area of Atlantic City, 325 Atlantic Ave is a fully renovated mixed-use commercial property offering an excellent investment opportunity. The building features three well-maintained residential apartments and a fully-leased commercial space on the first floor. Recent updates include a brand new roof and extensive renovations to all major systems within the past two years, minimizing future maintenance costs. The residential units consist of a 1-bedroom plus den, 1-bath apartment on the first floor, rented for $1,200/month; a 2-bedroom, 1-bath apartment on the second floor, rented for $1,450/month; and a 2-bedroom, 1-bath apartment on the third floor, rented for $1,400/month. All apartments are tenant-occupied, with each lease being month-to-month. The commercial space is leased to a 24/7 take-out restaurant for $2,000/month on a 5-year lease, with a 5% rent increase per year! With a total gross income of $72,600 and a net operating income (NOI) of $61,138, this property presents a solid 9% cap rate. The building’s operating expenses include taxes of $4,902/year, insurance at approximately $5,000/year, and shared sewer/water costs totaling around $1,200/year. Additionally, electric and gas are separately metered for each unit, with tenants responsible for heat and hot water. The property is strategically located in a high-traffic area of Atlantic City, just minutes from the iconic Atlantic City Boardwalk, world-class casinos, and entertainment venues. It’s an optimal location for long-term growth, with proximity to major highways and public transportation, making it a highly desirable area for both residential tenants and commercial ventures. With a thriving tourism industry and a growing demand for housing and retail in Atlantic City, this property represents a unique opportunity to own a fully-renovated, income-generating asset in one of New Jersey’s most dynamic markets. Contact us today to schedule a private showing or for more information!
| Total Rooms | |
| Full Bath | 0 |
| # of Stories | |
| Year Build | 1950 |
| Lot Size | |
| Tax | 4747.00 |
| SQFT |
| Exterior | Block, Masonry, Stucco |
| Basement | 6 Ft. or More Head Room, Unfinished |
| Cooling | Window Units |
| Water | Public |
| Bedrooms | 0 |
| Half Bath | 0 |
| # of Stories | |
| Lot Dimensions | |
| # Units | |
| Tax Year | 2024 |
| Area | Atlantic City |
| InteriorFeatures | Living Space Available, Restroom, Smoke/Fire Alarm |
| Heating | Gas-Natural |
| HotWater | Gas |
| Sewer | Public Sewer |
