1142-1144 Ocean Ave
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1142-1144 Ocean Ave
6,762 SF 100% Leased Retail Building Sea Bright, NJ 07760 $3,900,000 ($577/SF) 5% Cap Rate
Investment Highlights
- - 5-Unit mixed use building. Major Re-Development Potential.
- - Residential Units have been raised to meet FEMA requirements post Sandy.
- - Short walk to Sea Bright resturants such as Donavan’s Reef, Angelica’s, and Tommy’s Tap and Tavern
- - 3 Residential Units, 2 Commercial Units w/ room for expansion.
- - 6762 sq ft building set on a .11 acre corner lot across the street from Sea Bright Public beach and parking
- - Large garage for parking and / or storage
Executive Summary
Come see this 5-unit mixed use building set across the street from Iconic Donovan's Reef in the heart of lovely Sea Bright. With light cosmetic updates this property can be a cash cow. All 3 residential units were raised and restored post Sandy. Major re-development potential for the savvy investor. Retro-fit the current structure or re-build from the second deck up!! Major value in the land and the location. Condo mix includes: 2 Store Fronts, 1 huge 1 bedroom apt (was a 2 bed), 1- 2-bedroom apt. and 1 - 3-bedroom apt.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
6,762 SF
Building Class
B
Year Built
1970
Price
$3,900,000
Price Per SF
$577
Cap Rate
5%
NOI
$195,000
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.41
Lot Size
0.11 AC
Zoning
N/Av, Sea Bright
Parking
8 Spaces (1.18 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Restaurant
- Signage
- Storage Space
- Balcony
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 42-00011-0000-00001 | Improvements Assessment | $419,800 |
| Land Assessment | $604,900 | Total Assessment | $1,024,700 |
PROPERTY TAXES
Parcel Number
42-00011-0000-00001
Land Assessment
$604,900
Improvements Assessment
$419,800
Total Assessment
$1,024,700
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1142-1144 Ocean Ave
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