2722-2732 Atlantic Avenue

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2722-2732 Atlantic Avenue

Atlantic City, NJ 08401
Asking Price
$3.80M
Cap Rate
8.6%
Asset Type
Apartment Building Retail
Class
Class B

What's Special

Invest in this 37,673 SF Lenox Apartments retail space for a strong 8.60% CAP. <ul><li>​Adjacent to the Tropicana Atlantic City. The Tropicana is the largest resort and casino on the boardwalk: 2,364 hotel rooms, 3,000 slot machines, 30 restaurants, 30 shops, and two 2,500-space parking garages. The subject sits directly across the street, capturing foot traffic from the resort's daily room and visitor counts.</li><li>​Priced Below 2024 Appraised Value. $4,100,000 list price is 19% below the March 2024 third-party appraised value of $5,050,000. Going-in cap rate is 9.55% o

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NOI
$80,000
Cap Rate
2.11%
DSCR
0.35
Underwater
Cash-on-Cash
-12.77%
Monthly Payment
$18,800.327
Annual Cash Flow
$-145,603.92

Location & Travel Times