Press Release brought to you by Besen Special Assets / A Division of the Besen Group

Fee Simple Asset Sale: 104,000 SF, 47-Unit Mixed-Use (Retail/Residential)/Condominium Building in Monmouth County, NJ

09/20/2013
706 Lareine Avenue, Bradley Beach
 
Building Address: 
 706 Lareine Avenue, Bradley Beach, NJ 07720
 
Price: 
Undisclosed
 
Description: 
47-Unit Mixed-Use (Retail/Residential)/Condominium Building

 

Address
706 Lareine Avenue
Bradley Beach, NJ 07720
Monmouth County

Asset Details
Property Type: Mixed-Use (Retail/Residential)/ Condominium Building
Block/Lot: 32/24, 25, 26, 29
Building Size: 104,000 gross SF
Building Breakdown: ±51,092 net residential SF, ±4,796 net retail SF
Lot Size: ±47,600 SF
Total Units: Forty-seven (47)
Unit Breakdown: 42 apartments, 5 retail units
Apartment Breakdown: 14 one-bedroom apartments, 28 two-bedroom apartments
Stories: Three (3)
Built: 2009
Zoning: GB
Parking: 96 Spaces
Taxes: $96,560 (2013)
Tax Assessment: $6,800,000 (2013)

Overview

The subject asset is a 104,000 gross SF mixed-use retail and residential elevator building currently 95%+ occupied. The building was originally constructed as a residential and retail condominium complex; it was completed and the condominium plans were approved in 2009, but no units have been sold. The owner later converted the building to a mixed-use retail and residential rental property in order to reduce the real estate tax bill. The asset features five (5) retail units on the ground floor and forty-two (42) apartments on the second and third floors. There are fourteen (14) one-bedroom apartments and twenty-eight (28) two-bedroom apartments. The property features amenities including two (2) elevators and indoor parking. The retail units are comprised of ±4,796 net SF while the residential area measures ±51,092 net SF.

 

Location Highlights

The subject lot, measuring ±47,600 SF, is ideally located across the street from the Bradley Beach Train Station with easy commuter service to New York and just steps from Main Street, which features many shops, cafes and restaurants. The splendid Jersey Shore beaches are a mere 10 minute walk away at a distance of half a mile and the unique city of Asbury Park, with unique shops, specialty restaurants and beautiful beaches, lays 1 mile away. The subject lot is only 2 miles from Route 18 and is less than 5 miles from the Garden State Parkway exit 100.
09/20/2013 - 08:05

Source

Besen Special Assets / A Division of the Besen Group

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