1 Covered Bridge Blvd - Covered Bridge Clubhouse
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1 Covered Bridge Blvd - Covered Bridge Clubhouse
33,743 SF Specialty Building Offered at $5,750,000 at a 6.82% Cap Rate in Manalapan, NJ 07726
Investment Highlights
- Offering includes the clubhouse, land, and an assignment of the lease with the HOA
- The property is in good condition and is well maintained
- Long-term redevelopment potential in a strong and growing market
Executive Summary
Covered Bridge is an affordable 55+ condominium community with 1,557 individually owned units that was developed in 1972 and includes a 33,743-square-foot clubhouse on 9.07 acres with amenities. The developer retained ownership of the clubhouse and land, which are leased to the homeowners’ association (HOA) for a fixed $392,000.00 per year. The HOA is responsible for all maintenance and expenses during the lease term, which has 47 years remaining.
The offering includes the clubhouse, land, and an assignment of the lease with the HOA. The property offers long-term redevelopment potential in a strong and growing market. The property is in good condition and is well maintained. Covered Bridge is located in a quiet suburban setting in Manalapan, Monmouth County, New Jersey in a quiet suburban setting 15 miles from the Jersey Shore and 4 5 miles from Manhattan.
The offering includes the clubhouse, land, and an assignment of the lease with the HOA. The property offers long-term redevelopment potential in a strong and growing market. The property is in good condition and is well maintained. Covered Bridge is located in a quiet suburban setting in Manalapan, Monmouth County, New Jersey in a quiet suburban setting 15 miles from the Jersey Shore and 4 5 miles from Manhattan.
Property Facts
| Price | $5,750,000 | Lot Size | 9.06 AC |
| Price Per SF | $170 | Building Size | 33,743 SF |
| Sale Type | Investment | No. Stories | 1 |
| Cap Rate | 6.82% | Year Built | 1950 |
| Property Type | Specialty | Parking Ratio | 1.39/1,000 SF |
| Building Class | B | Parcel Number | 28-00437-0000-00001 |
| Price | $5,750,000 |
| Price Per SF | $170 |
| Sale Type | Investment |
| Cap Rate | 6.82% |
| Property Type | Specialty |
| Building Class | B |
| Lot Size | 9.06 AC |
| Building Size | 33,743 SF |
| No. Stories | 1 |
| Year Built | 1950 |
| Parking Ratio | 1.39/1,000 SF |
| Parcel Number | 28-00437-0000-00001 |
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zoning
| Zoning Code | 20PRC |
| 20PRC |
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1 Covered Bridge Blvd - Covered Bridge Clubhouse
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