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423 Atlantic Ave 6 Unit Apartment Building $665,000 ($110,833/Unit) 8.08% Cap Rate Egg Harbor City, NJ 08215
INVESTMENT HIGHLIGHTS
- Recent CapEx in Last 3 years: New Roof, New Insulation, Radiant Barrier in Attic, Replaced Windows, New Water Heaters, Remote Door Locks and Security
- 15 Minutes to Stockton University
- 3 Blocks to Public Transit
- Updated Apartment Units
- 1 Hour to Downtown Philadelphia & 25 Minutes to Atlantic City
EXECUTIVE SUMMARY
INVESTMENT OVERVIEW
Marcus & Millichap is pleased to present 423 Atlantic Avenue, a multifamily apartment building located in Egg Harbor City, New Jersey. The property consists of six one-bedroom apartment units ranging from approximately six hundred to nine hundred square feet. Each unit has been modestly updated in recent years and the building is currently fully occupied. The property also has ample on and off-street parking for all six units. The property is located just one hour from Philadelphia and twenty-five minutes to Atlantic City. The property is also located just fifteen minutes from Stockton University.
The subject property is comprised of approximately 5,400 square feet, of which approximately nine hundred square feet is dedicated to common areas such as the main lobby and hallways. Within the last three years, a new roof was installed and the building has been fitted with a radiant barrier in the attic, designed to insulate the building and reflect heat back into the building during cold months. Windows have been replaced throughout the building as needed and some units have been equipped with on-demand water heaters and HVAC window units as well. The property also has remote door locks and a newer security system installed. Two of the six units are rented by the Department of Veterans Affairs, which has interest in tenanting more units in the building as they become available, proving providing an investor guaranteed payments come through Housing Choice Vouchers or grantees offering short term subsidies to our nation's veterans.
The subject property's proximity to entertainment and employment hubs such as Philadelphia and Atlantic City make it an ideal destination for tenants looking to capitalize on the quiet suburban lifestyle without being far from the action. The property's proximity to Stockton University also makes it an ideal candidate for upper-class students looking for a quiet living opportunity off of the main campus.
Marcus & Millichap is pleased to present 423 Atlantic Avenue, a multifamily apartment building located in Egg Harbor City, New Jersey. The property consists of six one-bedroom apartment units ranging from approximately six hundred to nine hundred square feet. Each unit has been modestly updated in recent years and the building is currently fully occupied. The property also has ample on and off-street parking for all six units. The property is located just one hour from Philadelphia and twenty-five minutes to Atlantic City. The property is also located just fifteen minutes from Stockton University.
The subject property is comprised of approximately 5,400 square feet, of which approximately nine hundred square feet is dedicated to common areas such as the main lobby and hallways. Within the last three years, a new roof was installed and the building has been fitted with a radiant barrier in the attic, designed to insulate the building and reflect heat back into the building during cold months. Windows have been replaced throughout the building as needed and some units have been equipped with on-demand water heaters and HVAC window units as well. The property also has remote door locks and a newer security system installed. Two of the six units are rented by the Department of Veterans Affairs, which has interest in tenanting more units in the building as they become available, proving providing an investor guaranteed payments come through Housing Choice Vouchers or grantees offering short term subsidies to our nation's veterans.
The subject property's proximity to entertainment and employment hubs such as Philadelphia and Atlantic City make it an ideal destination for tenants looking to capitalize on the quiet suburban lifestyle without being far from the action. The property's proximity to Stockton University also makes it an ideal candidate for upper-class students looking for a quiet living opportunity off of the main campus.
DATA ROOM Click Here to Access
PROPERTY FACTS Under Contract
| Price | $665,000 | Building Class | C |
| Price Per Unit | $110,833 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 5,400 SF |
| Cap Rate | 8.08% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | Parking Ratio | 1.11/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Price | $665,000 |
| Price Per Unit | $110,833 |
| Sale Type | Investment |
| Cap Rate | 8.08% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 5,400 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1900 |
| Parking Ratio | 1.11/1,000 SF |
| Opportunity Zone |
Yes |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Microwave
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Recycling
- Trash Pickup - Curbside
- Walking/Biking Trails
- Private Bathroom
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
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423 Atlantic Ave
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