A multi-family complex in Asbury Park has officially changed hands and fetched the highest price per unit this year in the seaside city.
The Kislak Company has announced the recent sale of a 10-unit apartment building at 1222-1230 1st Avenue. The Asbury Park complex sold for $2.3 million, with Kislak representing the seller. The purchaser was not disclosed.
At $230,000 per unit, the transaction represents the highest price per unit for a multifamily property in Asbury Park in well over a year, according to CoStar.com data. The 6,336-square-foot property on 0.245 acres is located on a tree-lined street and has undergone over $250,000 in capital expenditures, creating a value-add opportunity for the new owner.
“We achieved a record price per unit by marketing the property widely and generating multiple offers,” said Kislak senior vice president Daniel Lanni. “The property had previously been on the market with another broker, but our strategic approach created the competitive edge necessary to get it sold.”
The two-story building comprises five one-bedroom and five two-bedroom units, each with separate utilities. Tenants share a long front porch across the front, and the property includes ample on-site parking.
The apartments were recently updated with modern bathrooms and kitchens that feature energy-efficient, stainless-steel appliances, tiled backsplashes, and exposed brick walls. The property is about 10 blocks from the beach and Asbury Park boardwalk, and just a 15-minute walk to New Jersey Transit commuter rail lines.
