Property Description:
SEE GOOGLE DRIVE BELOW FOR PHOTOS/DETAILS
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674-676 Carolyn Terrace Atlantic City NJ 08401
Unit 1:1150 Square Feet
2 bed 1 bath
Unit 2: 1150 Square Feet
2 bed 1 bath
ASKING - $180,000.00
This Multi-family opportunity is a great investment. These properties are seperate from one another - with each property being a single family but being sold as a package. Sitting right on the border of Atlantic City & Ventnor - this provides great access to the beach, the bay, and all of the surrounding attractions. Within walking distance of McDonalds, Vagabond Restaurant, and Atlantic City Elementary - this is a great rental unit for families in the area. Not to mention the VRBO/AirBnB opportunities in the summer! Get it while its hot! You will not find anything this close to Ventnor - this cheap!
Comparable Properties Sold in last year close to property –
1) 345 N Raleigh Ave Atlantic City NJ 08401 - $275,000, 1584 Sq Ft - $173.61 per sq ft
2) 3820 South Boulevard #6 Atlantic City NJ 08401, $220,000, 1250 Sq Ft - $176 per sq ft
3) 34 N Montgomery Terrace Atlantic City NJ 08401 - $127,000, 1240 Sq Ft – $102.41 per sq ft
4) 676 Carolyn Terrace Atlantic City NJ 08401 - $120,000, 1150 Sq Ft – $104.35 per sq ft
Average Sq Ft - $139.09
After Repair Value = (2300 sq ft)*($139.09 per sq ft) =
After Repair Value: $319,907
Investor Calculations:
Fix & Flip
ARV - 319,907.00 * 65% = $207,939.55
Repairs:$15,000
Cosmetic
65% ARV $207,939.55 – (Repairs) $20,000 = $187,939.55
Purchase:$180,000.00
Return:$119,907.00
Buy & Hold
Rental Income -
Unit 1- $1,350.00
Unit 2 - $1,350.00
Total - $2,700.00
Expenses Unit 1 - $666.66
Taxes: $266.66/Mo
Insurance: $250.00/Mo
Sewer/Water: $150.00/Mo
Expenses Unit 2 - $666.66
Taxes: $266.66/Mo
Insurance: $250.00/Mo
Sewer/Water: $150.00/Mo
Total: $1,333.32
Net Income - $1,366.68 per Month
5 Year Return - $82,000.80