$475,000

1637 Atlantic Ave Atlantic City, NJ 08401

$5,641
Closing credit¹
4,602 sqft
$103 / sqft
Multi-Family

Property details

About 1637 Atlantic Ave

10.6% CAP RATE!! INVESTOR ALERT - Turnkey Cash Flowing Commercial Mixed Use property! Located next to the new development site of a 125,000 Square foot agricultural museum. This Mix-use property consists of approximately 4,602 sq.ft. with a store front and 2 apartments. All units have separate gas and electric. First Floor is a Commercial storefront with 2 private bathrooms. The commercial space is approximately 2,200 square feet. Apartment 1 has Three bedrooms with newly painted walls and carpet with a large private back deck. Apartment 2 is a two-level fully renovated/remodeled Two bedroom with Den/extra sleeping area. Also comes with a very large private deck off the kitchen. New Kitchen, Flooring, lighting, paint, doors, and all new trim. Located in the heart of it all!!! Close to the Atlantic City Hospital, Casinos, beach and boardwalk. Convenient location for Casino or Hospital workers!!! Annual NOI of $50,250 putting this listing at a 10.6% cap rate!! Rental Income: Storefront $2,500 or $30,000 per year with annual rent increase on a 10-year lease; Apartment One $1,650 or $19,800 per year; Apartment two $1,650 or $19,800 per year. Total annual income of $69,600. Annual Expenses: Water & Sewer $1,100.00 per year; Insurance $4,500 per year; Property Tax $8,750; Misc $5,000 per year.

Highlights

Home typeDuplex
HeatingNatural Gas, Other
StatusActive
Size4,602 sqft
MLS #580707
WaterfrontSee Remarks
ViewSee Remarks

Summary

  • MLS Number: 580707
  • Office Name: BALSLEY/LOSCO-VENTNOR
  • Office Phone: (609) 822-9615

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The information on this web site is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. We are not responsible or liable for misinformation, misprints, or typographical errors. All information provided is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Properties subject to prior sale, change, withdrawal or rental.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/15/2025, 12:20:54 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

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drone / aerial view

$475,000

1637 Atlantic Ave

$5,641

closing credit¹

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Price information

Property sales

DateEventPrice
Mar 10, 2022
Home Sold
$250,000
Feb 06, 2004
Home Sold
$180,000

Tax history

YearAssessmentProperty Tax
2024$232,500$8,288
2022$232,500$9,069
2021$232,500$9,069
2020$232,500$9,146
2019$235,000$9,362

History based on county public records data.

Nearby schools

3

Brighton Avenue School

Public District PK-5

1.0 mi

30 N Brighton Ave

8

Ventnor Elementary School

Public District PK-4

3.7 mi

400 N Lafayette Ave

9

William H. Ross III Elementary School

Public District PK-4

4.3 mi

101 N Haverford Ave

School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.

All data from GreatSchools

Neighborhood

The neighbors living near this home have an average income of $23,279. Typical income of Atlantic City, NJ residents is less than $<35k annually. Residents typically live in single, no kids family. Residents of this area typically have high school diploma education.

How much money do the neighbors make?

75%
<35k
21%
35k-100k
4%
100k-200k
0%
200k+

What level of education do the neighbors have?

High School Diploma
Post Secondary Degree
Masters Degree

What types of families live nearby?

62%
Single, No Kids
16%
Single, with Kids
17%
Married, No Kids
5%
Married, with Kids

Are the neighbors home owners or renters?

Home Owners
Renters

How old are people in this area?

11%
<11 yrs old
4%
12-17 yrs old
21%
18-34 yrs old
55%
35-64 yrs old
9%
65+ yrs old

What do the neighbors do for fun?

  • Figure SkatingFigure Skating
  • UFCUFC
  • Pro BoxingPro Boxing

Where do the neighbors shop?

  • Family DollarFamily Dollar
  • Chico'sChico's
  • BurlingtonBurlington

Where do the neighbors go to eat?

  • Church's ChickenChurch's Chicken
  • Bob EvansBob Evans
  • Burger KingBurger King

What do the neighbors drive?

  • CadillacCadillac
  • OldsmobileOldsmobile
  • BuickBuick

What do the neighbors listen to?

  • JazzJazz
  • NewsNews
  • Urban ContemporaryUrban Contemporary
All data provided by Home Junction and Claritas

Similar homes for sale

This home is located at 1637 Atlantic Ave in Atlantic City, NJ and zip code 08401 in the Downtown neighborhood. Features: 0 bathroom. It has been listed on Rocket Homes since December 23, 2023 and is currently priced at $475,000.

Atlantic City, NJ housing market in February 2025 saw over 5 listings sold above listed price, more than 5 sold at listed price and over 13 sold below. The number of homes for sale in Atlantic City, NJ increased by 7.9% between January and February 2025. Listings spent 68 days on the market in February 2025, and had a median list price of $240,000 during the same period.

From Rocket Homes Real Estate and based on county public records data.

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