142 S. Tennessee Ave
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