2722 Atlantic Avenue, Atlantic City, NJ 08405 (MLS# 22612953)

2722 Atlantic Avenue, Atlantic City, NJ 08405

New Listing

$4,100,000

Property Type: Multi-Family Square Footage: 37,673 Lot Size (sq. ft.): 10,890 Status: Coming Soon

Current Price: $4,100,000 List Date: 5/03/2026 Last Modified: 5/05/2026

Overview

Description

Prime investment opportunity in the heart of Atlantic City! Located at the corner of Atlantic and South Iowa Avenues , this 38-unit mixed-use elevator building sits immediately adjacent to the Tropicana Atlantic City, capturing incredible foot traffic. The 37,673 SF property features 32 residential units and 6 ground-floor retail storefronts. It currently generates a strong 8.60% cap rate on as-is NOI, with a clear path to a 9.55% pro forma cap rate. There is excellent value-add potential through the immediate lease-up of three vacant residential units, rent-control leniency on tenant turnover, and a gas-to-electric heat conversion opportunity. Asking price is $4,100,000.

Listing Details MLS# 22612953

Contract Info

Start Showing Date: 2026-05-07
List Price/SqFt: 108.83
Property Sub-Type: 7+ Family
New Construction: No

Location

House Number: 2722
Street Name: Atlantic
Street Suffix: Avenue
County: Atlantic
Municipality: Atlantic City (ATC)
Postal City: Atlantic City
State: NJ
Zip Code: 08405
Area/Section: None
Complex/Subdivision: None
Directions: Take the Garden State Parkway South to Exit 38 for the Atlantic City Expressway East. Follow the Expressway to its end into Atlantic City, then turn right onto Atlantic Avenue. Proceed down Atlantic Avenue to the corner of South Iowa Avenue. The property (Lenox Apartments) is located at 2722-2732 Atlantic Avenue, sitting directly across the street from the Tropicana Atlantic City.

General Property Info

# Units in Bldg: 38
# Levels: 5
Apx SqFt: 37673
Apx Year Built: 1930
# Acres: 0.25
Lot Dimensions: 100 x 107.5
Garage: No
Pool: No
Waterfront: No
Waterview: Yes
Basement: Yes
# Car Garage: 0

Tax and Legal

Asmnt - Total: 1703300
Deed Restricted: No
Taxes: 57572
Tax Year: 2025

Showing

Call Agent: Yes

Water/Sewer

Public Sewer: Yes

More Information

Basement

Other: Yes
Partially Finished: Yes
Shared Storage: Yes

Cooling

Other: Yes

Water Heater

Other - See Remarks: Yes

Heating

Natural Gas: Yes

Assessment Status

To Be Assessed: Yes

Property Features

Basement: Partially Finished; Other; Shared Storage Cooling: Other Heating: Natural Gas Water Heater: Other - See Remarks Assessment Status: To Be Assessed Showing: Call Agent

Listing Office: Imperial Real Estate Agency

Listing Agent: Michael Brooke

Last Updated: May - 05 - 2026

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