2722 Atlantic Avenue, Atlantic City, NJ 08405
2722 Atlantic Avenue, Atlantic City, NJ 08405
2722 Atlantic Avenue, Atlantic City, NJ 08405
3
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$4,100,000
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37,673 SqFt
New

2722 Atlantic Avenue Atlantic City, NJ 08405

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Key Details

Property Type Multi-Family

Sub Type 7+ Family

Listing Status Active

Purchase Type For Sale

Square Footage 37,673 sqft

Price per Sqft $108

Municipality Atlantic City (ATC)

MLS Listing ID 22612953

Year Built 1930

Annual Tax Amount $57,572

Tax Year 2025

Lot Size 10,890 Sqft

Acres 0.25

Lot Dimensions 100 x 107.5

Property Sub-Type 7+ Family

Source MOREMLS (Monmouth Ocean Regional REALTORS®)

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.

Location

State NJ

County Atlantic

Area None

Building/Complex Name None

Direction Take the Garden State Parkway South to Exit 38 for the Atlantic City Expressway East. Follow the Expressway to its end into Atlantic City, then turn right onto Atlantic Avenue. Proceed down Atlantic Avenue to the corner of South Iowa Avenue. The property (Lenox Apartments) is located at 2722-2732 Atlantic Avenue, sitting directly across the street from the Tropicana Atlantic City.

Rooms

Basement Partially Finished, Other, Shared Storage

Interior

Cooling Other

Exterior

View Waterview

Private Pool No

Building

Sewer Public Sewer

New Construction No

Others

Senior Community No

Tax ID 02-00174-0000-00001


Monmouth Ocean MLS (MOMLS)
Listed by Imperial Real Estate Agency
Nearby Locations

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Joseph Resciniti

Joseph Resciniti

Broker Associate | NJ Lic#NJ-Lic#2183769*PA-Lic#AB069463

+1(732) 547-1572

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2722 Atlantic Avenue