The Kislak Co. on Monday announced the sale of a 10-unit apartment building in Asbury Park for $2,300,000. The sale of the property at 1222-1230 1st Avenue in Monmouth County represents a major milestone, achieving the highest price per unit for a multifamily property in Asbury Park in well over a year, according to data from CoStar.com.
The transaction was exclusively marketed by Kislak Senior Vice Presidents Daniel Lanni and Robert Squires, who represented the seller, 1222 First, LLC. The purchaser was not disclosed.
The final price equates to $230,000 per unit, a figure that reflects the successful strategy employed by the Kislak team.
“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.”
The two-story, 6,336-square-foot property was a prime value-add opportunity for the new owner, having recently undergone over $250,000 in capital expenditures.
The building features five one-bedroom and five two-bedroom units, all on separate utilities. The units have been modernized with sleek, contemporary finishes, including:
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Sleek, modern bathrooms and kitchens
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Contemporary Shaker-type cabinets and energy-efficient, stainless-steel appliances
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New laminate wood flooring throughout
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Tiled backsplashes or exposed brick walls
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Walk-in showers with clean, sharp lines
The property is ideally situated in a desirable neighborhood known as a “walker’s paradise.” It is approximately 10 blocks from the beach and the famous Asbury Park boardwalk, which is known for its lively music scene, restaurants, and art. The location also offers tenants easy access to two New Jersey Transit commuter rail lines, as well as being less than seven miles from Monmouth University and local community colleges.
