2722 Atlantic Avenue, Atlantic City, NJ 08405

$3,800,000

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List Price: $3,800,000
Status: ACTIVE
Type: Single Family Residential
MLS#: 22612953
Price Change: ▼ $300,000 1779046917
Region: Atlantic City (ATC)
Year Built: 1930

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Property Description

Prime investment opportunity in the heart of Atlantic City! Located at the corner of Atlantic and South Iowa Avenues , this 38-unit mixed-use elevator building sits immediately adjacent to the Tropicana Atlantic City, capturing incredible foot traffic. The 37,673 SF property features 32 residential units and 6 ground-floor retail storefronts. It currently generates a strong 8.60% cap rate on as-is NOI, with a clear path to a 9.55% pro forma cap rate. There is excellent value-add potential through the immediate lease-up of three vacant residential units, rent-control leniency on tenant turnover, and a gas-to-electric heat conversion opportunity. Asking price is $4,100,000.

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