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Office

The Midtown Building

1301 Atlantic Ave, Atlantic City, NJ 08401

Listing Price: $6,000,000

Cap Rate
5.64%
Gross SF
54,000
Rentable SF
51,050
Price/Gross SF
$111.11
Lot Size
1.76 acres
Year Built
1926

Investment Overview

Marcus & Millichap has been exclusively retained to market for sale The Midtown Building (the "Property"). The Property is located at 1301 Atlantic Avenue in the heart of Atlantic City, New Jersey. Also included in the sale is the 1.37 acre parking lot across the street which is immediately adjacent to the Atlantic County Civil Courts Building (25 N South Carolina Avenue, the “Parking Lot”). Both parcels are located in the Qualified Opportunity Zone and are zoned CBD. The Property is currently home to three tenants: Fox, Rothschild LLP (“Fox Rothschild”), Wells Fargo Bank N.A (“Wells Fargo”), and South Jersey Family Medical Centers, Inc. that occupy 73.45% of the building’s rentable area. Fox Rothschild has occupied the entirety of the third and fourth floors since 2002 and recently signed a sixty-three month extension effective October 1, 2022, which reset their Base Year to 2022. Their lease also guarantees them use of sixty five spaces in the Parking Lot. Wells Fargo occupies the corner space of the ground floor as a retail banking branch and recently exercised their five-year option to extend. Their deposits have increased every year for three years. South Jersey Family Medical Centers Inc., which also occupies 6,393 square feet at 1125 Atlantic Avenue, occupies 8,107 square feet of the Property through October 31, 2023 with a (2003) Base Year lease. The entirety of the second floor is vacant, providing a value-add opportunity to investors. The Property is for sale as part of a package (the Property, the Parking Lot, and 1125 Atlantic Avenue) for $12,000,000. The Property and the Parking Lot are available together for $6,000,000. Financial information on the Property is available upon request.

Investment Highlights

  • Top-Tier Quality of Office Product in Atlantic City
  • Value-Add Opportunity Through Lease-Up and Future Lease Extensions
  • Located in Nucleus of Office Product in Atlantic City and Across the Street From Atlantic City Civil Court and City Hall. Adjacent to County Offices.
  • Located on Hard Corner at Signalized Intersection on Primary Commercial Corridor

Exclusively Listed By

Broker of Record

  • John Horowitz

    First Vice President/ Division Manager

    (201) 742-6100

    License(s) NJ: 2192359

    New Jersey

Financing By

Office

The Midtown Building

Listing Price: $6,000,000

Cap Rate
5.64%
Gross SF
54,000
Rentable SF
51,050
Price/Gross SF
$111.11
Lot Size
1.76 acres
Year Built
1926

Investment Highlights

  • Top-Tier Quality of Office Product in Atlantic City
  • Value-Add Opportunity Through Lease-Up and Future Lease Extensions
  • Located in Nucleus of Office Product in Atlantic City and Across the Street From Atlantic City Civil Court and City Hall. Adjacent to County Offices.
  • Located on Hard Corner at Signalized Intersection on Primary Commercial Corridor

Investment Overview

Marcus & Millichap has been exclusively retained to market for sale The Midtown Building (the "Property"). The Property is located at 1301 Atlantic Avenue in the heart of Atlantic City, New Jersey. Also included in the sale is the 1.37 acre parking lot across the street which is immediately adjacent to the Atlantic County Civil Courts Building (25 N South Carolina Avenue, the “Parking Lot”). Both parcels are located in the Qualified Opportunity Zone and are zoned CBD. The Property is currently home to three tenants: Fox, Rothschild LLP (“Fox Rothschild”), Wells Fargo Bank N.A (“Wells Fargo”), and South Jersey Family Medical Centers, Inc. that occupy 73.45% of the building’s rentable area. Fox Rothschild has occupied the entirety of the third and fourth floors since 2002 and recently signed a sixty-three month extension effective October 1, 2022, which reset their Base Year to 2022. Their lease also guarantees them use of sixty five spaces in the Parking Lot. Wells Fargo occupies the corner space of the ground floor as a retail banking branch and recently exercised their five-year option to extend. Their deposits have increased every year for three years. South Jersey Family Medical Centers Inc., which also occupies 6,393 square feet at 1125 Atlantic Avenue, occupies 8,107 square feet of the Property through October 31, 2023 with a (2003) Base Year lease. The entirety of the second floor is vacant, providing a value-add opportunity to investors. The Property is for sale as part of a package (the Property, the Parking Lot, and 1125 Atlantic Avenue) for $12,000,000. The Property and the Parking Lot are available together for $6,000,000. Financial information on the Property is available upon request.

Exclusively Listed By

Broker of Record

  • John Horowitz

    First Vice President/ Division Manager

    (201) 742-6100

    License(s): NJ: 2192359

    New Jersey

Financing By

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