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Ventnor City,NJ 08406
Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 7,227 sqft
Price per Sqft $269
MLS Listing ID NJAC2019198
Style Other
Abv Grd Liv Area 7,227
Year Built 1922
Annual Tax Amount $17,696
Tax Year 2024
Lot Size 2,896 Sqft
Acres 0.07
Lot Dimensions 38.61 x 75.00
Property Sub-Type Other
Source BRIGHT
Property Description
WOW !!! , 19 UNITS ( 7 One bed , 1 kitchen, 1 bathromm Apartments and 17 Studio Units ) EXCELLENT INVEST PROPERTY !!! : total annual gross rental incoe from 19 Units: $268.812.00 but 5 % vacant now so ( decuct $13,406 ) so now rental income is $255,406.00 and seller's expense are $55,719.00 so CURRENT NET ANNUAL RENTAL INCOME IS $200,000.00 . One and half block away from New Jersey Atlantic city Boardwalk , NO Gas Line, All tenants have their own elecric meter and pay bill. This would be a really good investment, currently over 10% cap and current owner has had it for 40 years and one person manages it for $1,200 a month and has a manager unit in the basement with all the tools and equipment. And there are 19 electric meters for all 19 units with no gas so the owner is not responsible for much since the cooking, air conditioning, and heating are all electric. And there is one more electric meter that is for the common area lights and the owner pays the electric bill. There is a fire alarm system, a mailbox, and an exit stairwell for emergencies. It is very easy to manage and it is located just a block and a half from the Atlantic City Boardwalk in New Jersey so if you kick out all the tenants and rent it out as an Airbnb or vacation spot in the summer you could make more money. The only things the owner is responsible for are the water and the roof and the common area lights and the roof was new last year so there are no issues. It is a very cozy and nice area. The reason for selling is because the owner is retiring. And there are new roofs on both sides of the building. It looks much better than before because of the siding, and there are two unused units in the basement that could be used for two more tenants if the city gives permission. It is okay for an agent or POTENTIAL BUYERS to drive around the building and look around but they must not open the door or enter without prior notice or make contact with the tenant.
Location
State NJ
County Atlantic
Area Ventnor City (20122)
Zoning RR-1
Rooms
Basement Other
Interior
Hot Water Electric
Heating Other
Cooling Wall Unit,Window Unit(s)
Fireplace N
Heat Source Electric
Exterior
Utilities Available Cable TV,Cable TV Available,Electric Available,Phone Available,Sewer Available,Water Available
Water Access N
Accessibility 2+ Access Exits
Garage N
Building
Sewer Public Sewer
Water Public
Architectural Style Other
Additional Building Above Grade,Below Grade
New Construction N
Schools
Elementary Schools Ventnor E.S.
Middle Schools Ventnor M.S.
High Schools Atlantic City
School District Atlantic City Schools
Others
Tax ID 22-00049-00009
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash,Contract,Conventional,Exchange,Other
Listing Terms Cash,Contract,Conventional,Exchange,Other
Financing Cash,Contract,Conventional,Exchange,Other
Special Listing Condition Standard