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$ 1,995,000
Est. payment | /mo
11 Baths
$ 1,995,000
Est. payment | /mo
11 Baths
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 602801
Year Built 1939
Annual Tax Amount $26,526
Tax Year 2025
Property Description
A fully renovated, nine-unit multifamily building in Lower Chelsea, directly across from Stockton University's Island Campus and just two blocks from the beach and boardwalk. The property features seven spacious three-bedroom units, one two-bedroom unit, and one one-bedroom unit. Five units are currently leased on annual terms, while four units are vacant and ready for immediate occupancy. The building is already condo-converted, offering buyers the flexibility to hold as a long-term rental investment or sell units individually. This dual exit strategy offers investors a powerful upside, providing both long-term appreciation and short-term disposition opportunities. The owner reports riparian rights supporting up to six boat slips and notes prior approvals for a rooftop deck. Recent improvements include a new bulkhead, new electric with permits, upgraded panels and wiring, new HVAC systems, approximately 80% new plumbing stacks, a new sewer line to the street, recent roof re-lining, eight tons of gravel added to the rear yard, removal of the original boiler, and major structural reinforcement throughout the building with steel I-beams and sistered support posts. The property is secured with fencing, digital lock access, and a sixteen-camera security system. Many units offer water views and feature central A/C, gas heating, and gas cooking. Units A, B, C, 1, 3, and 5 were fully renovated, while units 2, 4, and 6 have been recently updated. Located on the Ventnor border, the building benefits from excellent proximity to restaurants, grocery stores, pharmacies, retail corridors, and Atlantic City's major casinos and attractions. Public transportation stops are located directly out front.
Location
State NJ
County Atlantic
Community Atlantic City
Area Atlantic City
Location Details Bay Front,Water View
Rooms
Basement 6 Ft. or More Head Room, Unfinished
Interior
Interior Features Security System, Smoke/Fire Alarm, Storage
Heating Forced Air, Gas-Natural
Flooring Linoleum/Vinyl
Exterior
Exterior Feature Dock/Pier/Slip, Security Light/System
Parking Features 1 to 5 Spaces
Roof Type Flat
Building
Story 4
Sewer Public Sewer
Water Public
Listed by eXp Realty-Northfield
Scott Zielinski
Team Leader - Realtor® Associate | License ID: 1645364
+1(856) 264-8671 | scott@zhomesrealestate.com