Historic Georgian Revival Style Madison Hotel in Atlantic City

  • $3,500,000
Featured For Sale
125 S Dr Martin Luther King Blvd, Atlantic City, NJ, USA
Featured

Historic Georgian Revival Style Madison Hotel in Atlantic City

125 S Dr Martin Luther King Blvd, Atlantic City, NJ, USA
  • $3,500,000

Overview

  • Hospitality
  • Property Type
  • Address 125 S Dr Martin Luther King Blvd, Atlantic City, NJ, USA
  • State/county New Jersey
  • Zip/Postal Code 08401

Details

Updated on November 13, 2024 at 3:58 pm
  • Price: $3,500,000
  • Year Built: 1926
  • Property Type: Hospitality
  • Property Status: For Sale
  • Building SqFt: 121,000
  • Block #: 48
  • Lot #: 9
  • Lot Dimensions: 105 x 151
  • Lot Size: 15,855± SF
  • Number of Buildings: 1
  • Number of Units: 126
  • Number of Overhead Doors: 1
  • Number of Stories: 13
  • Frontage: 105'
  • Zoning: RS-C
  • Total Assessment: $3,850,000
  • Assessed Land Value: $1,250,000
  • Improvement Value: $2,600,000
  • Tax: $132,902
  • Tax Year: 2024
  • Exterior Features: Signage, Truck Door(s)
  • Construction/Siding: Brick, Masonry
  • Interior Features: Elevator - Passenger, Fire Sprinkler System, Restroom(s)
  • Location: Beach Block, Boardwalk Area
  • Sewer: Public
  • Style: Hotel / Motel
  • Water: Public

Description

Welcome to the Madison Hotel. This building has graced the Atlantic City Skyline for generations and is aggressively priced to let the next owner bring it into the future. Thirteen stories located on the Beach Block right in the Center of Town. First floor common area contains a Beautiful Large Bar area off the Lobby, Dining room serviced by a commercial kitchen and a Grand Staircase. Second floor contains meeting rooms, executive offices and rentable suites. Floors 3-4 & 6-12 contain an existing 11 suite layout proving 99 suites over nine floors. According to public record in 2004 Sands Casino invested Seven Million Dollars into the Madison creating 126 Suites to complement their neighboring hotel/casino. The 2004 renovation combined two original rooms creating larger living spaces, some with two full baths.

The building closed a few years ago and was shut down and boarded up. Renovations and updating need to take place. Asking $27,777.777 per door. This is a doable project and the triple 7’s tell you all you need to know! Located in the Federal Opportunity Zone with possible State and Federal Historic Tax Credits Available.
The neighboring Parking Garage is owned by someone else. No information on the garage is available at the time this offering went to market.

All information is from sources deemed to be reliable; however, no warranty or representation is made as to the accuracy of the information provided herein by LEVIN Commercial Real Estate, LLC. (its principals, employees or agents). All information is submitted subject to errors, omissions or changes of availability and/or terms, which may be changed without liability upon discovery or notice. Many factors affect property value and the prospect agrees to take full responsibility for adequately investigating any potential conditions that may affect their ownership or usage of the property. All are advised and expected to retain competent advice for legal, financial, construction, architectural, engineering or appraisal matters, or any similar expertise, as LEVIN Commercial Real Estate, LLC. is a real estate brokerage firm and does not represent itself as a qualified professional in any other discipline.

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Lee Jerome
  • Lee Jerome