1534 ATLANTIC Ave · Atlantic City, NJ 08201-2118

$235,500

None bd · None ba · — sqft · MultiFamily · 271 Days on market

Poor condition

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Schools +1.4/10.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This property features a commercial space on the first floor, formerly occupied by Sun Spa Massage, along with two upstairs apartments that have never been renovated and are currently vacant. While the building requires some work, it boasts significant potential thanks to its location on a busy business street in the heart of Atlantic City—close to casinos, the Boardwalk, and shopping outlets. Showings are available by appointment only with 24 hours’ notice. Submit your offer TRICKLY "SOLD AS IS CONDITION" • No Warranty: The seller does not provide any warranty or guarantee about the property's condition. • Buyer’s Responsibility: The buyer is responsible for inspecting the item and accepting any risks associated with its current state. • All Faults Included: Any defects, damages, or issues present at the time of sale become the buyer's responsibility after purchase.

Key facts

• Close to boardwalk
• Busy business street
• Upstairs apartments

Tags

• UPSTAIRS APARTMENTS
• BUSY BUSINESS STREET
• HEART OF ATLANTIC CITY
• CLOSE TO CASINOS
• CLOSE TO BOARDWALK
• CLOSE TO SHOPPING OUTLETS

What this means for you Summary

Snapshot

• This is a multifamily listed at $236k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $5k ($56k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $236k).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.6% vs local median 3.7% in Atlantic City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 55/100 on livability (#525 in NJ) — a working-class tenant base; expect higher turnover. Strengths: health & safety A; Watch: commute D, schools F, crime F.
• Atlantic City School District (urban): math 9% / reading 26% proficiency, ranked #454 of 472 in NJ (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 1 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 672 units permitted in Atlantic County in 2024 (258 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
• Atlantic County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 271 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $120/mo.
• Climate carrying-cost: in FEMA flood zone AREA NOT INCLUDED (mandatory federal flood insurance); extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $207,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 271 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.44% ✓
• Cap rate: 30.57%
• Cash-on-cash: 86.69%
• DSCR: 4.86
• GRM: 2.4

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
171 S Tennessee Ave	0.25mi	—/—	4,040	8mo	$100,000	$25	69
322 N Tennessee Ave	0.42mi	4/2.0	1,814	1mo	$272,500	$150	67
1017 Arctic Ave	0.41mi	2/2.0	—	3mo	$220,000	—	66
1019 Arctic Ave	0.41mi	—/—	—	6mo	$310,000	—	63
519 N Indiana Ave	0.56mi	7/4.0	1,316	3mo	$245,000	$186	59
1916 Magellan Ave	0.68mi	4/2.0	1,478	2mo	$268,000	$181	54
2321 Arctic Ave	0.63mi	—/—	2,525	6mo	$356,000	$141	53
15 S Florida Ave	0.70mi	5/—	1,972	3mo	$265,000	$134	53
721 Drexel Ave	0.74mi	4/2.0	—	2mo	$290,000	—	52
12 S Florida Ave	0.72mi	—/—	—	4mo	$350,000	—	51
2514 Atlantic Ave Ave	0.74mi	—/—	—	3mo	$1,025,000	—	50
719 Drexel Ave	0.74mi	4/2.0	1,588	8mo	$298,000	$188	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 88.9%
• Equity multiple: 5.92×
• Total profit: $324,309
• Equity at exit: $105,891

10-year hold

• IRR: 88.4%
• Equity multiple: 12.23×
• Total profit: $740,341
• Equity at exit: $163,191

Cash invested: $65,940 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 21 Tenant-Leaning
• State New Jersey: 21 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

Anti-eviction Act requires just-cause statewide; rent control in 100+ municipalities; one of the most tenant-friendly states.

Methodology + full state rankings →

ZIP-level market 08201-2118

• Active inventory: 1
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $8,090 high
• Mortgage (P&I): −$1,235
• Tax est. 1.5%: −$294 /mo · $3,532/yr
• Insurance: −$98
• Flood insurance flood zone: −$120 /mo · $1,442/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,699
• Net cashflow: $4,643

Break-even live

Break-even rent $2,212

Max offer price $235,500

Occupancy floor 38%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$8,091
Total (3 units)			$8,090

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $58,875
• Closing costs: $7,065
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1710 Atlantic Ave Apt A Atlantic City, NJ	2.0	1.0	600	$4,500	$7.50	21d	1	0.13mi
1724 Atlantic Ave Unit B2 Atlantic City, NJ	2.0	1.0	750	$1,495	$1.99	21d	1	0.15mi
1724 Atlantic Ave Unit A1 Atlantic City, NJ	3.0	1.0	950	$2,300	$2.42	21d	1	0.15mi
143 S South Carolina Ave Apt A4 Atlantic City, NJ	1.0	1.0	450	$1,500	$3.33	21d	1	0.29mi
33 S North Carolina Ave Atlantic City, NJ	3.0	1.0	—	$2,450	—	21d	1	0.31mi
1109 Arctic Ave Atlantic City, NJ	2.0	1.0	—	$1,800	—	21d	1	0.37mi
1017 Arctic Ave Unit 1 Atlantic City, NJ	1.0	1.0	—	$1,500	—	21d	1	0.41mi
322 N Tennessee Ave Unit A Atlantic City, NJ	2.0	1.0	—	$1,900	—	13d	1	0.42mi
326 N Tennessee Ave Unit 2 Atlantic City, NJ	3.0	1.0	1815	$2,200	$1.21	13d	1	0.43mi
31 N Virginia Ave Atlantic City, NJ	3.0	1.0	725	$1,998	$2.76	13d	1	0.46mi
325 N Ohio Ave Atlantic City, NJ	3.0	2.0	—	$2,700	—	21d	1	0.47mi
38 N Maryland Ave Unit 2nd floor Atlantic City, NJ	2.0	1.5	—	$1,800	—	13d	1	0.51mi
435 N Tennessee Ave Atlantic City, NJ	3.0	1.5	—	$2,200	—	21d	1	0.53mi
2307 Atlantic Ave Unit F Atlantic City, NJ	2.0	1.0	—	$1,300	—	21d	1	0.58mi
522 N Indiana Ave Unit 2 Atlantic City, NJ	3.0	1.0	—	$1,900	—	21d	1	0.58mi
821 Baltic Ave Unit 3rd Atlantic City, NJ	2.0	1.0	—	$1,600	—	21d	1	0.58mi
519 N New York Ave Atlantic City, NJ	3.0	1.5	—	$2,400	—	21d	1	0.58mi
848 Pacific Ave Unit 1014254P Atlantic City, NJ	1.0–2.0	2.0–3.0	1243	$2,413	$1.94	13d	2	0.59mi
4 Italy Ter Atlantic City, NJ	3.0	1.0	1000	$2,300	$2.30	21d	1	0.61mi
130 N Delaware Ave Atlantic City, NJ	3.0	1.0	—	$2,375	—	21d	1	0.61mi
6 Siracusa Ter Atlantic City, NJ	3.0	1.5	—	$2,150	—	21d	1	0.62mi
36 N Georgia Ave Atlantic City, NJ	3.0	1.5	—	$1,850	—	21d	1	0.65mi
2011 Caspian Ave Atlantic City, NJ	3.0	1.0	—	$2,100	—	21d	1	0.66mi
2402 Auburn Ter Unit B Atlantic City, NJ	3.0	1.0	1893	$2,000	$1.06	21d	1	0.67mi
1916 Magellan Ave Atlantic City, NJ	2.0	1.0	1478	$1,850	$1.25	21d	1	0.69mi
711 N Ohio Ave Unit 2 Atlantic City, NJ	2.0	1.0	—	$2,100	—	21d	1	0.71mi
711 N Ohio Ave Unit 1 Atlantic City, NJ	2.0	1.0	—	$2,200	—	21d	1	0.71mi
36 N Florida Ave Unit 3 Atlantic City, NJ	3.0	1.0	—	$2,200	—	13d	1	0.73mi
811 N Indiana Ave Atlantic City, NJ	3.0	1.0	—	$2,000	—	13d	1	0.73mi
46 N Connecticut Ave Unit 201 Atlantic City, NJ	2.0	1.0	—	$1,900	—	21d	1	0.74mi
901 N Ohio Ave Unit 2 Atlantic City, NJ	2.0	1.0	—	$1,785	—	21d	1	0.74mi
2510 Arctic Ave Unit 1 Atlantic City, NJ	2.0	1.0	—	$1,700	—	21d	1	0.75mi
526 Pacific Ave Atlantic City, NJ	2.0	2.0	1170	$2,400	$2.05	21d	4	0.76mi
526 Atlantic Ave Unit 6 Atlantic City, NJ	1.0	1.0	—	$1,700	—	21d	1	0.77mi
709 Adriatic Ave Unit 1 Atlantic City, NJ	2.0	1.0	—	$1,600	—	21d	1	0.79mi
709 Adriatic Ave Unit 3 Atlantic City, NJ	3.0	1.0	—	$1,900	—	21d	1	0.79mi
2015 Grant Ave Atlantic City, NJ	3.0	1.0	1056	$2,325	$2.20	21d	1	0.79mi
120 N Congress Ave Unit A First Floor Atlantic City, NJ	3.0	1.0	—	$2,200	—	21d	1	0.79mi
2521 Centennial Ave Unit 1 Atlantic City, NJ	1.0	1.0	—	$1,400	—	21d	1	0.79mi
2021 Grant Ave Atlantic City, NJ	3.0	1.0	1011	$2,350	$2.32	21d	1	0.79mi

Listing history 20 events

1. 2026-06-19
   days on market $235,500 Active 271 DOM
2. 2026-06-18
   days on market $235,500 Active 270 DOM
3. 2026-06-17
   days on market $235,500 Active 269 DOM
4. 2026-06-16
   days on market $235,500 Active 268 DOM
5. 2026-06-15
   days on market $235,500 Active 267 DOM
6. 2026-06-14
   days on market $235,500 Active 265 DOM
7. 2026-06-13
   days on market $235,500 Active 264 DOM
8. 2026-06-10
   days on market $235,500 Active 262 DOM
9. 2026-06-09
   days on market $235,500 Active 261 DOM
10. 2026-06-08
    days on market $235,500 Active 260 DOM
11. 2026-06-07
    days on market $235,500 Active 259 DOM
12. 2026-06-02
    days on market $235,500 Active 254 DOM
13. 2026-06-01
    days on market $235,500 Active 253 DOM
14. 2026-05-31
    days on market $235,500 Active 252 DOM
15. 2026-05-30
    days on market $235,500 Active 251 DOM
16. 2026-03-06
    listed $235,500 Active 922-char remark

    Show marketing remark (922 chars)

    This property features a commercial space on the first floor, formerly occupied by Sun Spa Massage, along with two upstairs apartments that have never been renovated and are currently vacant. While the building requires some work, it boasts significant potential thanks to its location on a busy business street in the heart of Atlantic City—close to casinos, the Boardwalk, and shopping outlets. Showings are available by appointment only with 24 hours’ notice. Submit your offer TRICKLY "SOLD AS IS CONDITION" • No Warranty: The seller does not provide any warranty or guarantee about the property's condition. • Buyer’s Responsibility: The buyer is responsible for inspecting the item and accepting any risks associated with its current state. • All Faults Included: Any defects, damages, or issues present at the time of sale become the buyer's responsibility after purchase.

17. 2026-02-25
    soldstatus Sold 922-char remark

    Show marketing remark (922 chars)

    This property features a commercial space on the first floor, formerly occupied by Sun Spa Massage, along with two upstairs apartments that have never been renovated and are currently vacant. While the building requires some work, it boasts significant potential thanks to its location on a busy business street in the heart of Atlantic City—close to casinos, the Boardwalk, and shopping outlets. Showings are available by appointment only with 24 hours’ notice. Submit your offer TRICKLY "SOLD AS IS CONDITION" • No Warranty: The seller does not provide any warranty or guarantee about the property's condition. • Buyer’s Responsibility: The buyer is responsible for inspecting the item and accepting any risks associated with its current state. • All Faults Included: Any defects, damages, or issues present at the time of sale become the buyer's responsibility after purchase.

18. 2026-01-21
    status Active 922-char remark

    Show marketing remark (922 chars)

    This property features a commercial space on the first floor, formerly occupied by Sun Spa Massage, along with two upstairs apartments that have never been renovated and are currently vacant. While the building requires some work, it boasts significant potential thanks to its location on a busy business street in the heart of Atlantic City—close to casinos, the Boardwalk, and shopping outlets. Showings are available by appointment only with 24 hours’ notice. Submit your offer TRICKLY "SOLD AS IS CONDITION" • No Warranty: The seller does not provide any warranty or guarantee about the property's condition. • Buyer’s Responsibility: The buyer is responsible for inspecting the item and accepting any risks associated with its current state. • All Faults Included: Any defects, damages, or issues present at the time of sale become the buyer's responsibility after purchase.

19. 2026-01-20
    historical 922-char remark

    Show marketing remark (922 chars)

    This property features a commercial space on the first floor, formerly occupied by Sun Spa Massage, along with two upstairs apartments that have never been renovated and are currently vacant. While the building requires some work, it boasts significant potential thanks to its location on a busy business street in the heart of Atlantic City—close to casinos, the Boardwalk, and shopping outlets. Showings are available by appointment only with 24 hours’ notice. Submit your offer TRICKLY "SOLD AS IS CONDITION" • No Warranty: The seller does not provide any warranty or guarantee about the property's condition. • Buyer’s Responsibility: The buyer is responsible for inspecting the item and accepting any risks associated with its current state. • All Faults Included: Any defects, damages, or issues present at the time of sale become the buyer's responsibility after purchase.

20. 2025-09-11
    listed $235,500 Active 922-char remark

    Show marketing remark (922 chars)

    This property features a commercial space on the first floor, formerly occupied by Sun Spa Massage, along with two upstairs apartments that have never been renovated and are currently vacant. While the building requires some work, it boasts significant potential thanks to its location on a busy business street in the heart of Atlantic City—close to casinos, the Boardwalk, and shopping outlets. Showings are available by appointment only with 24 hours’ notice. Submit your offer TRICKLY "SOLD AS IS CONDITION" • No Warranty: The seller does not provide any warranty or guarantee about the property's condition. • Buyer’s Responsibility: The buyer is responsible for inspecting the item and accepting any risks associated with its current state. • All Faults Included: Any defects, damages, or issues present at the time of sale become the buyer's responsibility after purchase.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 2/10 Low FEMA zone AREA NOT INCLUDED · 4% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $97,080
• − Mortgage interest: −$13,192
• − Property taxes: −$3,532
• − Insurance: −$2,620
• − Repairs & maintenance: −$7,766
• − Management: −$7,766
• − Depreciation: −$6,851
• Taxable income: $55,353
• Est. tax owed @ 24.0%: −$13,285
• After-tax cash flow: $42,437/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Poor 20/100 Gut rehab

This property requires extensive gut renovation, with structural, exterior, and interior damage. Significant investment is needed for safety, habitability, and value enhancement.

Repairs flagged

• Major structural integrity — Structural damage from destruction
• Major roof — No visible roof
• Major exteriors — Walls stripped, debris scattered
• Major flooring — Remnants of flooring and debris
• Major interior walls/paint — Walls stripped, debris scattered
• Major systems — No visible systems

Value-add opportunities

• Both structural repairs and reconstruction — Essential for safety and habitability
• Both exterior restoration — Improves curb appeal and safety
• Both interior reconstruction — Creates livable spaces and enhances value
• Both new systems installation — Ensures safety and comfort

Renovation cost estimate screening

Repair item	Severity	Est. cost
structural integrity · Structural damage from destruction	Major	$15,000–50,000
roof · No visible roof	Major	$15,000–50,000
exteriors · Walls stripped, debris scattered	Major	$15,000–50,000
flooring · Remnants of flooring and debris	Major	$15,000–50,000
interior walls/paint · Walls stripped, debris scattered	Major	$15,000–50,000
systems · No visible systems	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both structural repairs and reconstruction — Essential for safety and habitability ↑
• Both exterior restoration — Improves curb appeal and safety ↑
• Both interior reconstruction — Creates livable spaces and enhances value ↑
• Both new systems installation — Ensures safety and comfort ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Atlantic City School District
• NCES district ID: 3400960
• Math proficiency: 9% ▼ -12.00%
• Reading proficiency: 26% ▼ -6.00%
• Median HH income: $27,842
• Composite: 13.66/100
• National rank: #9504
• State rank: #454 of 472 in NJ

Livability — Atlantic City

• Score: 55/100
• State rank: #525
• US rank: #23095

Category grades

Amenities F Commute D Cost of living B- Crime F Employment F Housing F Health & safety A User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Atlantic City, NJ

Population outlook (Atlantic County) Hauer SSP2

• Today (2025): 268,948 people
• By 2030: 264,497 · -1.7%
• By 2040: 252,261 · -6.2%
• By 2050: 237,846 · -11.6%
• By 2075: 210,650 · -21.7%
• By 2100: 180,234 · -33.0%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 34

Industry mix (Fortune 500 HQ in NJ)

Industry	F500 HQs	Revenue
▸Consumer Goods	3	$31B
▸Pharmaceuticals	2	$153B
▸Technology	2	$21B
▸Insurance	2	$20B
▸Healthcare	2	$19B
▸Financial Services	1	$70B

Price history

+0.0% since first listed

5 events — show timeline

• 2026-03-06 Listed $235,500 SJSRMLS
• 2026-02-25 Sold (MLS) — SJSRMLS
• 2026-01-21 Relisted — SJSRMLS
• 2026-01-20 Listing Removed — SJSRMLS
• 2025-09-11 Listed $235,500 SJSRMLS