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2724-2728 Atlantic Ave
Atlantic City, NJ 08401
Lenox Apartments · Multifamily Property For Sale
·
32 Units
PROPERTY FACTS
| No. Units | 32 | Building Class | C |
| Property Type | Multifamily | Building Size | 33,073 SF |
| Property Subtype | Apartment | No. Stories | 5 |
| Apartment Style | Mid-Rise | Year Built/Renovated | 1914/2016 |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Building Size | 33,073 SF |
| No. Stories | 5 |
| Year Built/Renovated | 1914/2016 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Tub/Shower
- Smoke Free
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
ABOUT 2724-2728 ATLANTIC AVE , ATLANTIC CITY, NJ 08401
Marcus & Millichap is pleased to present for sale the Lenox Apartments. The offering consists of a 38-unit mixed-use building located in Atlantic City, New Jersey. The Lenox sits on Atlantic Avenue, the major retail corridor that runs through Atlantic City. The property is adjacent to the Atlantic City Police Department and Tropicana Resort. Atlantic City is the largest gambling destination on the east coast, boasting nine casinos and more than 40,000 residents. The Lenox is comprised of 6 retail spaces, 1 studio apartment, 15 one-bedroom apartments, 6 two-bedroom apartments, and 10 three-bedroom apartments. The easterly facing units feature views of the Atlantic Ocean. Select units have been renovated with new flooring, cabinetry, and appliances. Residential tenants are responsible for electricity. Half of the stoves have been converted from gas to electric, leaving an investor the opportunity to complete the conversion. The commercial tenants are anchored by the Lenox Cafe - A staple in the community over the last couple of decades. Other tenants include a Barber Shop, Communications Store, Clothing Shop, Juice Bar, and Farmers' Market. Commercial tenants are responsible for gas and electricity. The building features a camera security system, elevator, on-site laundry, and a trash chute for tenants. The boiler was replaced in 2010, and the hot water heaters were recently replaced. There is a large workshop garage in the rear of the building. This opportunity offers investors a stable mixed-use high-rise building, located just two blocks from the Atlantic City Boardwalk. An investor has the ability to complete the renovation schedule, starting with the ocean view units. The property offers casino employees and working-class individuals oceanside living, just minutes from all major employers. Please contact listing agent Andrew Townsend (215-531-7020; andrew.townsend@marcusmillichap.com) for additional details about this listing.
