ASBURY PARK, NJ-Gebroe-Hammer Associates hasfinalized a $1.525-million, 23-unit sale of 510-512 5th Ave. hereby 510-512 Avenue Apartments to an unnamed buyer. In addition torepresenting the seller, Gebroe Hammer sales associateSteven Follman procured the buyer, a Gebroe-Hammerclient.

“This type of property is a unique investment opportunity, withtremendous value-add potential, because of its residentialneighborhood location and Sunset Lake views. The beach, localattractions, shopping and dining also are just a few blocks away,”Follman tells “Given the current market, the abilityto match an investment property such as this with an appropriatebuyer is paramount.”

The two-building complex includes six studio, 15 one-bedroom andtwo two-bedroom units. Gebroe-Hammer reports average area vacancyrates at 5% and average rents ranging from $845 for a one-bedroomand $1,200 for a two-bedroom unit.

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