Active
125 S Dr Martin Luther King Blvd
Atlantic City NJ, 08401
$3,500,000
$28.93 per sqft
Active
121,000 sqft
Commercial
Built in 1929
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.
NJAC2015286
MLSⓇ ID
November 14, 2024
Listed
November 22, 2024
Updated
Map
125 S Dr Martin Luther King Blvd
Atlantic City NJ, 08401
Interior Features
Interior Features
Elevator
Fireplace
No
Cooling
Yes
Cooling Description
Central Air
Heating
Yes
Heating Description
Forced Air, Zoned, Electric, Natural Gas
Exterior/Building Features
Lot Size
0.36 Acres
Sewer
Public Sewer
Other Property Details
Area Name
ATLANTIC CITY
Taxes
$132,902
Tax Frequency
Annually
Days on Market
1
Garage
No
View
No
County
ATLANTIC
Water Source
Public
Pool
No
Zoning
Resort Commercial in the Tourism District
Listed by Levin Commercial Real Estate, LLC.
Listing Contact: 6093445200
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Data last updated on 11/22/2024 at 1:49 AM UTC