Property Info

Zetabid is pleased to present this former 42 room hotel in Atlantic City for sealed bid auction. Currently being operated as short-term housing and located only a few minutes from the beach, this property maintains a seasonally adjusted occupancy rate of 90% and has multiple redevelopment possibilities (Opportunity Zone). There is an additional 3,500 SF vacant retail space on the ground floor previously operated as a bar. Pro Forma cap rate at the opening bid is above 16%. Additional parking lot behind the subject/auction property also available separately for sale. Please visit Zetabid.com and our Due Diligence Vault for additional details.

*Cap Rate, GRM and Price/Unit calculated at the opening bid

  • City : Atlantic City
  • State : NJ
  • Zip Code : 08401
  • Property Type : Other
  • Square Feet : 15240
  • Lot Size : .11 AC
  • Year Built : 1925
  • Year Renovated : 2001 | Exterior Paint 2018
  • Retail Space : 3,500 SF | Ground Floor
  • Gross Income PF 2019 : $268,770
  • Expenses PF 2019 : $103,275
  • NOI PF 2019 : $165,495
  • Cap Rate* : 16.5%
  • GRM* : 3.71
  • Price/Unit* : $23,810
  • Occupancy : 90% (Seasonally Adjusted)
  • Rooms | Baths : 42 | 5
  • Stories : 4
  • Zoning : RS-C
  • Parcel ID : 02-00053-0000-00017
Status:Active
Starting Bid: $999,999
    Auction Start: 10/14/2019 9:00 am
    Auction End: 10/17/2019 4:00 pm
    • Time Zone :EST
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    Important Information

    • Buyers Premium :5%
    • Broker Coop :2%
    • Financing :No
    • Inspection Contingency :Yes
    • Showings :Call Eric Koesterer @ 818.426.2660

    Auction Contact

    Broker Contact

    • Phone :(424) 888-6068