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An unassuming former medical office building—with a top-floor penthouse that is anything but—has come to the market in New Jersey’s Atlantic City for $10.9 million.
While the building’s first six floors are home to office space, a lavish triplex abode occupies the top floors. It’s located on Pacific Avenue, about a five-minute walk from the waterfront, in the coastal resort town, best known for its casinos and boardwalk. At its current asking price, the building is the most expensive for sale in town.
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“The value of this property is a combination of both [aspects],” said listing agent Todd Gordon of BHHS Fox & Roach Margate, who brought the home to the market earlier this month.
“The current owners bought the building in 2004 for $5 million and put $7 million of renovations into it,” Gordon said. “John Schultz and Gary Hill are philanthropists and locals in Atlantic City who bought the building to restore and utilize for themselves as their full time residence. They also wanted to have a space for their local foundation, the Schultz-Hill Foundation, and this building was perfect and met all their needs.”
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The sellers couldn’t immediately be reached for comment.
The building’s crown jewel, the grandiose five-bedroom residence, is “a one-stop shop for any lifestyle needs you can imagine,” Gordon said. “You can take a dip in your private indoor pool, host a movie night in the theater that sits 36, and have a barbecue on the rooftop deck with a 360-degree view of the ocean and city.”
Other features include a grand sweeping staircase topped by a domed ceiling, a massive catering kitchen, formal living and dining rooms, fireplaces, a wine room and a sprawling primary suite. The roof deck, meanwhile, has seating areas, fireplaces, a sundeck and a garden area, according to the listing.
“It is nothing like I have ever experienced in my 22 years [in] real estate,” Gordon said.
Plus “the ability to have rental income or your own office space separate from your residence is a unique feature to have in one property,” Gordon said, noting that further additional income from renting towers out on the roof currently brings in over $40,000 a month.
“The building has endless possibilities for a new owner; they could create [an] Airbnb, condos, event space for large events, or dive into the commercial opportunities. The list goes on and on.”
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