NJ > Ventnor City
Ventnor City, NJ 08406,11 S OAKLAND AVE
Ventnor City, NJ 08406,11 S OAKLAND AVE
Ventnor City, NJ 08406,11 S OAKLAND AVE
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Listed by Peter Han • PK PROPERTY INC.
$1,950,000
Est. payment /mo
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7,227 SqFt
New

11 S OAKLAND AVE Ventnor City, NJ 08406

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Luis Morales

Luis Morales

+1(973) 207-3212

UPDATED:

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

Bright MLS (BMLS)

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agent

Luis Morales

Real Estate Professional | License ID: 2297255

+1(973) 207-3212

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11 S OAKLAND AVE