3 S RALEIGH AVE, ATLANTIC CITY, NJ 08401
3 S RALEIGH AVE, ATLANTIC CITY, NJ 08401
Sold Price: $720,000
List Price: $799,000
Sold Date: Mar 21, 2025
Sq. Ft.: N/A
Type: Commercial
Listing #NJAC2013676
Buyer's Agent: NON MEMBER
Listing Agent: Michael DePalma
Listing Agent: Michael DePalma
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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.
Buyer's Agent: NON MEMBER
Listing Agent: Michael DePalma
Listing Agent: Michael DePalma
Property Features
County: ATLANTIC-NJ
Municipality: ATLANTIC CITY
MLS Area: Atlantic City (20102)
Heating: Radiator
Heating Fuel: Natural Gas
Cooling: Window Unit(s), Electric
Total Number of Units: 5
Accessibility: None
Is New Construction: No
Construction: Frame
Septic or Sewer: Public Sewer
Has Garage: No
Parking Spaces: 0
Lot Size in Acres: 0.07
Lot Size in Sq. Ft.: 3,149
Dimensions: 42.00 x 75.00
Building Total Area (Sq. Ft.): 3,459
Water Body Type: Ocean
Has Waterfront: No
Has Water Access: No
School District: ATLANTIC CITY SCHOOLS
ListDate: 2024-08-08 00:00:00.0
Property Type: COM
Property SubType: Commercial Sale
Year Built: 1930
Ownership Interest: Fee Simple
Inclusions: All fixed items, appliances, and utility systems owned by the landlord.
Exclusions: Tenant personal property.
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© 2026 BRIGHT. All rights reserved.
The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Rivera Realty participates, and is provided by BRIGHT through a licensing agreement. Real estate listings held by brokerage firms other than Rivera Realty are marked with the IDX icon, and detailed information about each listing includes the name of the listing broker. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. Home sale information is not to be construed as an appraisal and may not be used as such for any purpose. BRIGHT MLS is a provider of this home sale information and has compiled content from various sources. Some properties represented may not have actually sold due to reporting errors. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Information Deemed Reliable But Not Guaranteed.
The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Rivera Realty participates, and is provided by BRIGHT through a licensing agreement. Real estate listings held by brokerage firms other than Rivera Realty are marked with the IDX icon, and detailed information about each listing includes the name of the listing broker. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. Home sale information is not to be construed as an appraisal and may not be used as such for any purpose. BRIGHT MLS is a provider of this home sale information and has compiled content from various sources. Some properties represented may not have actually sold due to reporting errors. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Information Deemed Reliable But Not Guaranteed.
BRIGHT(MRIS/Trend) data last updated at January 10, 2026, 10:38 PM ET
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