$3,800,000
Atlantic City, NJ 08405
MLS# 22612953
37673 sqft
1 / 3
Property Description
Prime investment opportunity in the heart of Atlantic City! Located at the corner of Atlantic and South Iowa Avenues , this 38-unit mixed-use elevator building sits immediately adjacent to the Tropicana Atlantic City, capturing incredible foot traffic. The 37,673 SF property features 32 residential units and 6 ground-floor retail storefronts. It currently generates a strong 8.60% cap rate on as-is NOI, with a clear path to a 9.55% pro forma cap rate. There is excellent value-add potential through the immediate lease-up of three vacant residential units, rent-control leniency on tenant turnover, and a gas-to-electric heat conversion opportunity. Asking price is $4,100,000.
Details
Maps
Contract Info
Start Showing Date: 2026-05-06
List Price/SqFt: 100.87
New Construction: No
Status: Active
List Date: 2026-05-03
List Price: $3,800,000
Current Price: $3,800,000
Property Sub-Type: 7+ Family
Location
Area/Section: None
House Number: 2722
Street Name: Atlantic
Street Suffix: Avenue
County: Atlantic
Municipality: Atlantic City (ATC)
Postal City: Atlantic City
State: NJ
Zip Code: 08405
Complex/Subdivision: None
Directions: Take the Garden State Parkway South to Exit 38 for the Atlantic City Expressway East. Follow the Expressway to its end into Atlantic City, then turn right onto Atlantic Avenue. Proceed down Atlantic Avenue to the corner of South Iowa Avenue. The property (Lenox Apartments) is located at 2722-2732 Atlantic Avenue, sitting directly across the street from the Tropicana Atlantic City.
General Property Info
# Units in Bldg: 38
Waterfront: No
# Levels: 5
Waterview: Yes
Lot Dimensions: 100 x 107.5
Basement: Yes
Garage: No
# Acres: 0.25
# Car Garage: 0
Pool: No
Apx SqFt: 37673
Apx Year Built: 1930
Tax and Legal
Asmnt - Total: 1703300
Deed Restricted: No
Taxes: 57572
Tax Year: 2025
Showing
Call Agent: 1
Water/Sewer
Public Sewer: 1
Basement
Other: 1
Partially Finished: 1
Shared Storage: 1
Cooling
Other: 1
Water Heater
Other - See Remarks: 1
Heating
Natural Gas: 1
Assessment Status
To Be Assessed: 1
Property Features
Basement: Partially Finished; Other; Shared Storage
Cooling: Other
Heating: Natural Gas
Water Heater: Other - See Remarks
Assessment Status: To Be Assessed
Showing: Call Agent
Listing Office: Imperial Real Estate Agency
Listing Agent: Michael Brooke
Last Updated: May - 17 - 2026
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