Village Apartments, a 10-unit luxury multifamily property in Point Pleasant, recently sold for $3,500,000, according to a weekend announcement from the Kislak Co.
Located at 1005 Trenton Avenue, Kislak marketed the property on an exclusive basis with senior vice president Daniel Lanni handling the assignment on behalf of the seller WSJ II, LLC, and he procured the purchaser, L State Realty, LLC.
At $350,000 per unit, the price represents the highest price achieved for a multifamily property in Point Pleasant and all of Ocean County according to data available from CoStar.
“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,” Lanni said.
Built in 2002, the 10,000-square-foot brick, two-story complex consists of 10 two-bedroom, two bath apartments with individual washers and dryers, spacious open floor plans, individual balconies and porches and ample onsite parking. Fully occupied at the time of sale, with below market rents and no rent control, this property was attractive as a potential a condo conversion opportunity.
Point Pleasant is popular Jersey Shore destination in northern Ocean County situated just south of the Manasquan River. It has a good walkability score and is serviced by nearby the New Jersey Coast Line commuter rail along with two bus lines.
