1222-1230 1st Ave. in Asbury Park — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has purchased a 10-unit apartment building in Asbury Park for $2.3 million, brokers with The Kislak Co. Inc. announced Monday.
The property, 1222-1230 1st Ave., is a collection of one- and two-bedroom homes that has undergone $250,000 in renovations, according to a news release. That presented a value-add opportunity for the new owner, the listing team said, touting its location roughly 10 blocks from the beach and the Asbury Park boardwalk and a 15-minute walk from two NJ Transit commuter rail lines.
Kislak senior vice presidents Daniel Lanni and Robert Squires represented the seller, 1222 First LLC. They touted the $230,000-per-unit sale price as the highest achieved for a multifamily property in Asbury Park in well over a year, citing data available from CoStar.com.
“We achieved a record price per unit by marketing the property widely and generating multiple offers,” Lanni said. “The property had previously been on the market with another broker, but our strategic approach created the competitive edge necessary to get it sold.”
Updates to the 6,336-square-foot property include sleek, modernized bathrooms and kitchens and new laminate wood flooring throughout the apartments, the news release said. Renters at the two-story building have separate utilities and ample on-site parking, while they share a long front porch on a tree-lined street.
What’s more, residents have easy access to Asbury Park’s acclaimed restaurants and cultural offerings, which include a lively music scene and the Garden State Film Festival. The site is also less than seven miles from Monmouth University and two campuses of Brookdale Community College.
