Remarks

Prime High-Visibility Mixed-Use Corner Property – 90% Occupied – 12 Units Total This exceptional investment opportunity is located in the heart of Atlantic City at the highly visible corner of Atlantic Avenue and N Montpelier Avenue—just two blocks from the boardwalk and within the University District near Stockton University. The fully occupied building features 12 total units, consisting of 10 residential apartments and 2 commercial spaces. The ground floor includes two commercial units. The front unit is approx 1835 sqft offers a spacious layout with seven rooms, including a large conference room, an open waiting area, a kitchen/break area, three private offices, and a half bathroom and occupied by a long standing tenant. The second commercial unit is approx 1000 sqft currently leased to a medical practice and includes a welcoming reception area, four examination rooms, and a generous half bathroom. The second and third floors are home to the residential apartments, which include two two-bedroom units, six one-bedroom units, and two studios. Each apartment has one full bathroom, separate electric meters, and its own air conditioning unit. The units are all electric and tenants are responsible for the cost. The building is also equipped with an elevator and a coin operated shared laundry room on the ground level. A brand-new roof was installed in 2023, and the property has been well maintained throughout. Included in the sale is Lot 14 (2 N Montpelier Ave), which is directly behind the building and serves as a private parking lot for commercial tenants. The main building is located within the CRDA District, while the rear lot is governed by Atlantic City zoning. This is a turn-key, income-producing property in a rapidly developing area, making it a strong addition to any real estate portfolio. The property is sold in as is where is condition and the buyer is responsible for all municipal certificates. Accompanied showings with appointment only.

Details

MLS#: 596918
Price: $1,799,000

Style: Commercial

County: Atlantic
Lot Size: 42'x113' and 33'x92'
Tax Fee: 2024