125 S DR MARTIN LUTHER KING BLVD, ATLANTIC CITY, NJ 08401
ATLANTIC County
Key Facts
Description
Welcome to the Madison Hotel. This building has graced the Atlantic City Skyline for generations and is aggressively priced to let the next owner bring it into the future. Thirteen stories located on the Beach Block right in the Center of Town. First floor common area contains a Beautiful Large Bar area off the Lobby, Dining room serviced by a commercial kitchen and a Grand Staircase. Second floor contains meeting rooms, executive offices and rentable suites. Floors 3-4 & 6-12 contain an existing 11 suite layout proving 99 suites over nine floors. According to public record in 2004 Sands Casino invested Seven Million Dollars into the Madison creating 126 Suites to complement their neighboring hotel/casino. The 2004 renovation combined two original rooms creating larger living spaces, some with two full baths. The building closed a few years ago and was shut down and boarded up. Renovations and updating need to take place. Asking $27,777.777 per door. This is a doable project and the triple 7's tell you all you need to know! Located in the Federal Opportunity Zone with possible State and Federal Historic Tax Credits Available. The neighboring Parking Garage is owned by someone else. No information on the garage is available at the time this offering went to market.
Property Information
Property Type
Commercial Sale
Year Built
1929
Living Area
121,000 sq ft
Lot Size
0.36 acres
Lot Dimensions
105.00 x 151.00
Zoning
RS-C
Days on Market
118
MLS® Listing#
NJAC2015286
Property Features
Appliances
Cooling
Heating
Parking
Construction
Security
Sewer
Water Source
Schools
- District:
- ATLANTIC CITY SCHOOLS
Financial Details
Annual Taxes
$132,902
Tax year 2024
Assessed Value
$3,850,000
Parcel Number
02-00048-00009
Directions
Beach Block (125 S Dr Martin Luther King Blvd)
Affordability Calculator
$700,000
Estimated monthly payment
$18,628/mo
Principal $2,800,000 · Est. interest $3,906,249 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in ATLANTIC CITY, NJ
- $616,595
- Median Listing Price
- 48
- Median Days on Market
- 1,400
- Median Sq Ft
- $405
- Median Price / Sq Ft
- 3,186
- Active Listings
- This home’s price is 468% above the area median.
- Its price per sq ft is 93% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in ATLANTIC CITY, NJ.
Location
Getting Around
Points of Interest in ATLANTIC CITY, NJ
Showing the ATLANTIC CITY area map.
Nearby Schools
Atlantic City Public Schools
Elementary · 0.3 mi away
Indiana Ave School
School · 0.4 mi away
Oceanside Charter School
School · 0.5 mi away
Pennsylvania Ave School
Elementary · 0.6 mi away
New York Avenue School
Elementary · 0.7 mi away
Texas Avenue School
Elementary · 0.7 mi away
Our Lady Star of the Sea Church
School · 0.8 mi away
New Jersey Avenue School
School · 0.8 mi away
Atlantic City Schools
School · 0.8 mi away
Brighton Avenue School
Elementary · 1.0 mi away
Dr Martin Luther King School
Elementary · 1.0 mi away
Uptown School Complex
Elementary · 1.1 mi away
Sovereign Avenue School
Elementary · 1.2 mi away
Venice Park Elementary School
Elementary · 1.6 mi away
Richmond Avenue School
Elementary · 1.7 mi away
Chelsea Heights School
Elementary · 1.8 mi away
Atlantic City High School
Secondary · 2.6 mi away
Sea Tots Early Learning Center
School · 3.4 mi away
Ventnor Elementary School
Elementary · 3.8 mi away
Margate City School District
Secondary · 4.2 mi away
Commute Calculator
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|---|---|---|---|---|
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| 171 GRAND ST, Jersey City, NJ | $2,495,000 | 4 | — | — |
| 4362 Asbury 2, Ocean City, NJ | $2,499,000 | 4 | — | 1,600 |
| 36 Morningside 1st Floor, Ocean City, NJ | $2,499,000 | 6 | — | 1,919 |
| 350 OCEAN AVE, LONG BRANCH CITY, NJ | $2,499,000 | 3 | 3 | — |
Moving Cost Estimate
EXIT Agents in ATLANTIC CITY
Listing Courtesy: Levin Commercial Real Estate, LLC. - 6093445200