407 8th Ave. in Asbury Park — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An investor has sold a 13-unit apartment building in Asbury Park for $2.3 million, in a deal that comes less than three years after it purchased the property.
According to The Kislak Co. Inc., which brokered the sale, the undisclosed seller acquired 407 8th Ave. in 2018 and subsequently completed a series of upgrades. An entity listed as 407 Asbury LLC purchased the three-story brick structure.
“We sold this property to the seller in 2018 and in less than three years following unit renovations and increased rents, the seller realized a $600,000 profit and a record price,” said Kislak Senior Vice President Daniel Lanni, who represented the seller. He noted that the $176,923 per-unit price is the highest price achieved in Asbury Park since 2006, citing CoStar data.
Built in 1940, the building has two studios, eight one-bedroom units and three two-bedroom units, which have been renovated, Kislak said. The property is four blocks from the beach and a block from Deal Lake, with proximity to other destinations in and around the Jersey Shore.