The Village Apartments in Point Pleasant, New Jersey, recently sold for $3,500,000, a Point Pleasant and Ocean County multi-family record of $350,000 per unit (according to CoStar Group data). Daniel Lanni, SVP at The Kislak Company, exclusively arranged the deal for the luxury 10-unit Ocean County property located at 1005 Trenton Avenue for the seller, WSJ II, LLC. L. State Realty, LLC, was the buyer.
“It was a pleasure to sell this property again after selling it in 2017. These are large, condo quality apartments in a terrific location less than two miles from the ocean. We achieved a record price per unit at an aggressive 5.1% cap rate. Helping the buyer to close quickly and efficiently, Magyar Bank financed the transaction,” commented Daniel Lanni from Woodbridge-based Kislak.
The 10-unit, 10,000-square-foot building was built in 2002. Each unit in the two-story complex features two bedrooms, two bathrooms, washer and dryer, open floor plans and parking. Currently the property is fully occupied with no rent control, below-market rents and has excellent potential as a possible condominium conversion.
Located south of the Manasquan River in Ocean County, Point Pleasant is a popular destination on the Jersey Shore for both year round and summertime visitors. The Village Apartments is close to retail, restaurants and the beach. The town has both high walk and bike scores and is near the New Jersey Coast Line commuter rail along with two bus lines.
