Mixed-Use Building Located in the Central Business District Surrounded by Professional and Retail Uses
Mixed-Use Building Located in the Central Business District Surrounded by Professional and Retail Uses
Overview
- Investment, Mixed-Use
Address
Open on Google Maps- Address 5 S Pennsylvania Ave
- State/county New Jersey
- Zip/Postal Code 08401
Details
Updated on December 22, 2021 at 12:43 pm- Property ID: LCRE-LCRE-5878
- Price: $350,000
- Property Type: Investment, Mixed-Use
- Property Status: Sold
- Block #: 137
- Lot #: 2
- Current Occupancy: 100%
- Lot Dimensions: 20' x 60'
- Number of Buildings: 1
- Number of Units: 6
- Frontage: 20'
- Zoning: CBD
- Total Assessment: $287,900
- Assessed Land Value: $104,000
- Improvement Value: $183,900
- Tax: $11,470
- Tax Year: 2019
- Construction/Siding: Vinyl
- Heating: Baseboard, Electric
- Hot Water: Electric
- Location: Boardwalk Area, Business District
- Separately Metered: Electric
- Sewer: Public
- Water: Public
Description
Mixed Use Building located in the Central Business District surrounded by professional and retail uses. Just off the corner of Pennsylvania and Atlantic Avenues which is shared by TD Bank, Walgreens, and a Prestigious Law Firm. This area is directly accompanied by CRDA, SID and Local 54 creating a well lit and heavily traveled street just one block to the beach and boardwalk. Total of 6 units. 5 – One Bedroom apartments on annual leases and One Commercial Unit leased since 2016 by the same tenant with a new five year lease signed earlier this year (2019). All units are individually metered for electric so there is no common heating system. New Five Year DCA inspection completed June, 2019. This building is well run. 5% Vacancy and Bad Debit calculated into the $28,168 NOI.
