Renewed Development Activity in Monmouth County Helps Investment Properties Sell for $13M

LONG BRANCH AND ASBURY PARK, NJ—Underscoring renewed interest in Central New Jersey shore real estate as redevelopment kicks into high gear in Monmouth and Ocean Counties, four investment properties in Long Branch and Asbury Park, NJ—two of which came on the market for the first time in 30 years—sold for $12.59 million. The properties include 100 residential units and seven retail spaces.

The Kislak Company’s Daniel Lanni, vice president, represented the sellers and obtained the purchaser in each transaction.

“Monmouth County remains a strong market for investment sales especially in the shore towns of Long Branch and Asbury Park,” says Lanni.  We exclusively represented four sellers and quickly generated significant interest in the properties and ultimately closed the sales at record prices.”

The largest sale was of 135 Rockwell Avenue in Long Branch for $7.025 million.  Located less than a mile to Ocean Avenue, the property is comprised of four two-story brick garden apartment complexes with 63 one-bedroom units. Amenities include private entrances, hardwood floors, onsite parking and laundry facilities. The value-add opportunity included significant recent improvements such as new roofs, hot water heaters, and major plumbing upgrades with kitchen and bathroom upgrades in half of the apartments.

Nearby Matilda Terrace, a two-story brick building located at 468 2nd Avenue in Long Branch, sold for $1.825 million. The sale included 15 of 20 garden-style one-bedroom condominiums. On the market for the first time in 30 years, it includes the value-add opportunity to purchase the remaining five condominiums for future conversion to an apartment building. With new a roof and boiler heating system, onsite parking and unit renovations, the property, near Ocean Avenue and Pier Village, also provides an upside in rents.

In Asbury Park, the property located at 601-621 Main Street sold for $2.04 million, a seven percent cap rate. It is a two-story mixed-use building with nine residential units, mostly two-bedroom apartments, and seven retail spaces with high visibility given its Main Street location. Like Matilda Terrace in Long Branch, this property came on the market for the first time in 30 years after recent capital improvements with long term tenants maintaining stable occupancy.

Also in Asbury Park, a 13-unit apartment complex at 407 8th Avenue sold for $1.7 million. Near Deal Lake and Ocean Avenue, the property is comprised of eight one-bedroom apartments, three studios and two two-bedroom apartments. With under market rents, it offered another value-add opportunity.