$9,488 Closing Credit¹
#591457, Listing Office: FARLEY and FERRY REALTY, INC
$799,000 List price
3 S Raleigh Ave Atlantic City, NJ 08401
$9,488
Closing credit¹
3,459 sqft
$231 / sqft
Multi-Family
Property details
About 3 S Raleigh Ave
CASH FLOWING 5-UNIT APARTMENT BUILDING only a couple of blocks from the Beach on the Ventnor side of Atlantic City! Instant cash flow in a great area of the City where your occupancy rate will be incredibly high with the proximity to the water and other amenities. All CCOs & 5 year state inspection are in hand. Owner recently made major updates to the property and increased rents to market rent, making this a turnkey opportunity for your portfolio. The 2 units in the photos were empty at the time photos were taken, but will be filled prior to settlement. The other 3 units are currently filled and are of similar condition. The pro forma rent roll is $103,200.00 annually in gross rent revenue, $8,600.00 per month. Tenants pay their own electric. Owner pays Insurance, Taxes, Water/Sewer, and Gas. Pro Forma NOI comes to $76,333.00, making the pro forma Cap Rate 8.98% at the listing price, phenomenal for a property this close to the ocean! This property's appreciation value proposition is immense due to its proximity to Ventnor Beach, Stockton University, and Richmond Avenue School in AC. Enjoy the prospect of cash flow on day 1, high occupancy rates, and appreciation potential that this property offers.
Highlights
Home typeMulti Family
HeatingRadiant
StatusActive
CoolingWall Unit(s)
Size3,459 sqft
ParkingTwo Car
MLS #587872
Summary
- MLS Number: 587872
- Office Name: DEPALMA REALTY
- Office Phone: (856) 825-5500
Disclaimer: The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the South Jersey Shore Regional (SJSR) MLS. Real estate listings held by brokerage firms are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. © 2025 SJSR MLS. All rights reserved.
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: 3/14/2025, 2:20:57 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Get an agent. Get a mortgage. Save big.¹
$799,000
3 S Raleigh Ave
$9,488
closing credit¹
Sell your home with Rocket and save even more!
Seller rebate
0.5% sale price²
Price information
Property sales
| Date | Event | Price |
|---|---|---|
| Oct 27, 2022 | Home Sold | $378,000 |
Tax history
| Year | Assessment | Property Tax |
|---|---|---|
| 2024 | $275,000 | $9,803 |
| 2022 | $275,000 | $10,727 |
| 2021 | $275,000 | $10,727 |
| 2020 | $275,000 | $10,818 |
| 2019 | $330,000 | $13,147 |
History based on county public records data.
Nearby schools
3
Brighton Avenue School
Public District PK-5
0.8 mi
•30 N Brighton Ave
8
Ventnor Elementary School
Public District PK-4
2.0 mi
•400 N Lafayette Ave
9
William H. Ross III Elementary School
Public District PK-4
2.5 mi
•101 N Haverford Ave
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $61,471. The most common annual income of people living in Atlantic City, NJ is between $35k-100k. Most families are single, no kids. The majority of residents in this area have high school diploma education.
How much money do the neighbors make?
29%
<35k
49%
35k-100k
17%
100k-200k
5%
200k+
What level of education do the neighbors have?
High School Diploma
Post Secondary Degree
Masters Degree
Doctorate
What types of families live nearby?
51%
Single, No Kids
12%
Single, with Kids
20%
Married, No Kids
17%
Married, with Kids
Are the neighbors home owners or renters?
Home Owners
Renters
How old are people in this area?
13%
<11 yrs old
8%
12-17 yrs old
23%
18-34 yrs old
41%
35-64 yrs old
15%
65+ yrs old
What do the neighbors do for fun?
Figure Skating
Hiking/backpacking
Continuing Education Courses
Where do the neighbors shop?
Chico's
Nordstrom Rack
Express/Express For Men
Where do the neighbors go to eat?
Bob Evans
Chipotle
Qdoba
What do the neighbors drive?
Oldsmobile
Mazda
Volkswagen
What do the neighbors listen to?
News
Rock
Urban Contemporary
All data provided by Home Junction and Claritas
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This home is located at 3 S Raleigh Ave in Atlantic City, NJ and zip code 08401 in the Lower Chelsea neighborhood. Features: 0 bathroom. It has been listed on Rocket Homes since August 8, 2024 and is currently priced at $799,000.
Over 5 listings were sold over their listed price in February 2025 in Atlantic City, NJ. In the same period over 13 listings were sold below the listed price and 5 listings were sold for the listed price. The inventory of homes for sale in Atlantic City, NJ between January and February 2025 increased by 7.9%. In February 2025, listings were on the market for 68 days. During the same period, the median list price in this real estate market was $240,000.
From Rocket Homes Real Estate and based on county public records data.