Rosewood Realty Group announced the sale of two contiguous buildings consisting of 24 apartments in Atlantic City for $1.725 million.
Rosewood Realty Group’s Greg Corbin and Felix Ades represented the seller Morad and Mousa Yeroushalmi and the buyer, Uri Jacobson. The property at 108-110 South Lincoln Place, sold in a highly competitive market auction run by Rosewood Realty’s Distress Department.
The 18,000 sq. ft. building, that was built in 1920, sold for a cap rate of five percent and $71,875 per unit or $96 per sq. ft. and eight times the current rent roll.
“The in-place rents are very below market value which the new owner can step in and leverage to his advantage,” said Ades. “The properties are also located in a highly desirable location of Atlantic City, being right next to Stockton University and on a beach block.”