300 Atlantic LLC Acquires Multifamily Property In Atlantic City For $17M
300 Atlantic Avenue, Atlantic City, New Jersey 08401, United States
$17,000,000
$89/SF
Building Size
189,935 SF
Asset Type
MultiFamily
Closing
May 16, 2022
AI
The property asset involved in the transaction is a multifamily building located at 300 Atlantic Ave, Atlantic City. The sale was completed on 05/17/2022, with a total sale price of $17,000,000. The property encompasses 266 units and has a total square footage of 189,935, resulting in a price per unit of $63,910 and a price per square foot of $90.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $17,000,000
- Address: 300 Atlantic Ave
- Market: Atlantic City
- Units: 266
- Square Footage: 189,935
- Price Per Unit: $63,910
- Price Per Square Foot: $90
- Buyer: 300 Atlantic LLC
- Seller: Metatlantic Realty Associates LP
- Broker Representatives: Lawrence Gariano, Michael A. Hinchman & Brian C. Hosey - Marcus & Millichap
The transaction was facilitated by broker representatives Lawrence Gariano, Michael A. Hinchman, and Brian C. Hosey from Marcus & Millichap, who played a significant role in connecting the buyer, 300 Atlantic LLC, with the seller, Metatlantic Realty Associates LP, in this multifamily asset deal.
Players
Atlantic City MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93