2722 Atlantic Avenue
Atlantic City, NJ 08405
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Bed
0
Bath
0.25Acre(Lot)
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.
Property Details
Map
Map
What's Nearby
Nearby Areas
Features
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Room Information
Has Basement: Yes Basement: Partially Finished, Other, Storage Space -
Heating & Cooling
Has Cooling: Yes Cooling: Other
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Building Information
Year Built: 1930 Building Area Total: 37673 Stories: 5 Private Pool: No View: Water
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Lot Information
Lot Dimensions: 100 x 107.5 Main Square Feet: 0.25 Acres Lot Size Acres: 0.25 Lot Size Square Feet: 10890Property Information
Subdivision: None Source Property Type: Residential Income MLS Area Minor: Atlantic City (ATC) Property SubType: Multi Family Property Age: 96
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Listing Price Information
Listing Price: $3800000 Original Price: $4100000
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Tax Information
Parcel Number: 02-00174-0000-00001 Tax Lot: 1 Tax Block: 174 Tax Year: 2025 Annual Tax: $57572
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Location Information
Direction: 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.
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ByOwner last updated this listing 06/17/2026 @ 17:57
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