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400 N MASSACHUSETTS AVE Atlantic City, NJ 08401
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Key Details
Sold Price $160,000
Property Type Multi-Family
Sub Type Duplex
Listing Status Sold
Purchase Type For Sale
Square Footage 2,697 sqft
Price per Sqft $59
MLS Listing ID NJAC2001024
Sold Date 04/07/22
Style Traditional
Abv Grd Liv Area 2,697
Originating Board BRIGHT
Year Built 1930
Annual Tax Amount $5,991
Tax Year 2021
Lot Size 1,250 Sqft
Acres 0.03
Lot Dimensions 25.00 x 50.00
Property Description
Great mixed-use investment located in Bungalow Park and across from the bay!! This corner property consists of two units: One commercial store rents $1,775 per month ( tenant pays half of the water) and is currently on time. The lease is "month/month" (ends December 2023), and has current tenant has occupied the unit since 2016. Upstairs needs updating and is a large two-story 3 Br 1BA with lots of space and can rent for $1,600-$1,700 per month depending on finishes. The main roof is rubber and approx. 10 yrs, rear and front porch roof one year. Property is being sold strictly "AS IS," and the price reflects the condition. Contents of the commercial store belong to the tenant and are not included in the sale. $1,751 Cash flow, 20.26% COC ROI (based on 5% vac, 5.5% int, and $50,000 repairs upstairs unit), 17.48 cap rate.
Location
State NJ
County Atlantic
Area Atlantic City (20102)
Zoning R-1
Interior
Hot Water Natural Gas
Heating Radiator
Cooling None
Heat Source Natural Gas
Exterior
Waterfront N
Water Access N
Accessibility None
Parking Type None
Garage N
Building
Sewer Public Sewer
Water Public
Architectural Style Traditional
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District Atlantic City Schools
Others
Tax ID 02-00550-00008
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
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Bought with Georgeanna Tracey Newmones • Executive Realtors
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