Keansburg, NJ
Property Type: MultifamilySize: 44 Units
Price: $7,800,000
CAP: 6.15%
Highlights:
- 44-Unit Garden-Style Apartment Property Located in Keansburg, Monmouth County, New Jersey
- Excellent Value-Add Opportunity: Current Ownership has Upgraded ~25 out of 44 Units with New Flooring and Kitchens; Remaining Unrenovated Units renting for $300-400 Less Than Upgraded Units
- Beach Town Location
- Great Fundamentals and High Barrier to Entry Market
- Proximate to Baypoint Waterfront District Project - A Significant Redevelopment Initiative That Will Add Luxury Apartments & 45,000 SF of Restaurants & Retail Space
Description:
Marcus & Millichap is pleased to present for sale the Beachway Apartments in Keansburg, Monmouth County, NJ. This property consists of 44 garden-style units located in downtown Keansburg.
Current ownership has upgraded approximately 25 out of the 44 units with new flooring and kitchens. The remaining 19 unrenovated units are renting for $300-400 less than the upgraded units. A new owner has the opportunity to continue the unit renovation program as units turn over, significantly increasing rental income at the property.
Keansburg is located in Northern Monmouth County on the Raritan Bay. The property is near the beach and many local beachside attractions, including amusement parks and the boardwalk. It is centrally located, 1 hour from Manhattan, 45 minutes from Newark Airport, and 1.5 hours from Philadelphia.
Monmouth County has historically strong occupancy and rent growth. Additionally, there are limited multifamily sales, making Beachway Apartments a highly sought-after asset.
With redevelopment already underway on Carr Avenue, Beachway Apartments are right across from the Baypoint Waterfront District Project. This significant redevelopment initiative will add 700 luxury apartments and 45,000 square feet of restaurant, entertainment, and retail space. The area continues to develop, making Beachway Apartments an attractive, lower-cost option poised for appreciation.
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