PACIFIC ATLANTIC CITY, NJ 08401

Features

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Facts

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Sale Type

Rent-to-own homes can be purchased using a Lease Option. This means the buyer rents the home for a set period of time, sets aside a portion of monthly rent payments during this time, and then has an option to purchase the home later, using the accumulated savings toward the down payment. Rent-To-Own properties offer home ownership opportunities to those who have poor credit or can't afford the down payment. It gives buyers time to rebuild their credit and accumulate purchase credits while living in the house.

Description

Great investment opportunity to own (or lease to buy) a property located in Chelsea Development Area in Atlantic City. It is a mix-use, fully occupied multiple units building with three residential units on the second floor and one storefront on the first floor currently occupied by good, long term tenants. The current rental income is $4000 per month. Since it's being managed by an absentee landlord so the rents haven't been increased since 2017, which is way below market value. With a little TLC, the new owner can easily collect $7000 monthly income. The property is located in the intersection of Texas Ave and Pacific Ave. It is within 5 minutes walking distance to Tropicana casino, convenient store, beach, and jitney bus line that could take you throughout the Atlantic City. Meanwhile, it is also convenient to banks, highway, train station, and the Tanger outlet shopping area.