3 South Raleigh Avenue

Atlantic City, NJ 08401

$799,000
Price
—
Beds
—
Baths
3,459 Sq. Ft.
$231 / Sq. Ft.
3,459
Sq. Ft.
$231
per Sq. Ft.

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...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.
  1. Listed by MICHAEL DEPALMA • DEPALMA REALTY

Property Details for 3 South Raleigh Avenue

City/Community
Atlantic City
Class
MULTI-FAMILY
Parking - Exterior
Two Car
Waterfront (Y/N)
No
LISTING UPDATED: 10/18/2024 01:50 PM

Property Details for 3 South Raleigh Avenue

StatusActive
MLS #587872
Days on Market175
Taxes$9,493 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMULTI-FAMILY / 4 - 10 Units
Year Built-
Lot Size0.07 AC / 3,150 SF
CountyAtlantic County

Building Information for 3 South Raleigh Avenue

Stories-Residences5Year Built-Building Size-Lot Size0.07 AC / 3,150 SF

Property Information for 3 South Raleigh Avenue

Summary
Location and General Information
  • Address: 3 S Raleigh Ave Ave
  • Address Direction: S
  • Address Number: 3
  • Address Search Number: 3
  • Address Street: Raleigh Ave
  • Area: Atlantic City
  • County: Atlantic
  • Directions: Second property in from the corner of Raleigh and Ventnor Ave.
  • Fips Code: 34001
  • State: NJ
  • Street Designation: Ave
  • Zip: 08401
Parking
  • Garage: Detached Garage
Taxes and HOA Information
  • LVT Date: 08-08-2024
  • Tax Year: 2024
  • Taxes: 9493
Property
Lot Information
  • Approved Short Sale?: N/A
  • Approx SQFT: 3459
  • Block #: 203
  • Lot #: 22
  • Lot Dimensions: 42x75
Property and Assessments
  • Age: 25+ Years
  • Associated Document Count: 2
  • Doc Timestamp: 08-08-2024
  • Flood Plain (Y/N): Yes
  • Improved Value: $225,000
  • Land Value: $50,000
  • New Construction: No
  • Total Assessment: 275000
  • Water: Public
  • Adult Community/55+: No
Utilities
  • Sewer: Public Sewer
  • Water Heater: Gas
Interior and Exterior Features
Interior Features
  • Air Conditioning: Wall Units
  • Heating: Radiator
Multi Family
Multi-Family Information
  • # of 1 Bedroom Units: 1
  • # of 2 Bedroom Units: 3
  • # of 3 Bedroom Units: 1
  • Annual Gas: 3000
  • Annual Insurance: 7297
  • Annual Sewer: 4551
  • Annual Taxes: 10387
  • Annual Water: 1632
  • Available: Lease Information, State Housing Cert., Utility Information
  • Limited Service (Y/N): No
  • Number Of Units: 5
  • Owner Occupied (Y/N): No
  • Rental Information: Yearly
  • Separate Meters: Electric
  • Suitable For: Multi Family + Rooms
  • Total Expense: 26868
  • Total Income: 103200
Unit 1
  • Unit 1 Bedrooms: 3
  • Unit 1 Rent: 2500
Unit 2
  • Unit 2 Bedrooms: 2
  • Unit 2 Rent: 1800
Unit 3
  • Unit 3 Bedrooms: 2
  • Unit 3 Rent: 1600
Unit 4
  • Unit 4 Bedrooms: 1
  • Unit 4 Rent: 1250
Unit 5
  • Unit 5 Bedrooms: 2
  • Unit 5 Rent: 1450

Property History for 3 South Raleigh Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 3 South Raleigh Avenue

Taxable ValueLand$50,000Additions$225,000Total$275,000
Tax Record2023$9,804 ($817 / month)
Home Facts
Total Finished SqFt3,459 SqFtAbove Grade Finished SqFt3,459 SqFtStories2Lot Size3,149 SqFtStyleMulti-Family Res (5+ Units)Year Built1930ZoningR-2CountyATLANTICAPN02 00203-0000-00022

Schools near 3 South Raleigh Avenue

This home is within Atlantic City Public School District.
Rating
School
Type
Grades
Distance
Richmond Avenue Elementary School
Public - PK to 8
Atlantic City High School
Public - 9 to 12
Rating
School
Distance
Richmond Avenue Elementary School
PublicPK to 8

Atlantic City High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

Homes for Sale near Lower Chelsea

Neighborhoods

Cities

ZIPs

More information about 3 South Raleigh Avenue, Atlantic City, NJ 08401

3 South Raleigh Avenue is a multi-family home for sale in Atlantic City, NJ 08401. This property was listed for sale on August 8, 2024 by DEPALMA REALTY, it's currently listed at $799,000. It has been on the market for a total of 175 days and was last sold on August 31, 2022. This listing's school district is Atlantic City Public School District. Nearby schools include Richmond Avenue Elementary School and Atlantic City High School. 3 South Raleigh Avenue is a 0-bed, 0-bath, 3,459 sqft multi-family home.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of DEPALMA REALTY

Based on information from one of the following Multiple Listing Services: BRIGHT, Greator Scranton Board of REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by BRIGHT, Greator Scranton Board of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.