East Broadway Gardens 421 E Broadway

25 Unit Apartment Building $5,200,000 ($208,000/Unit) 6.44% Cap Rate Long Beach, NY 11561

INVESTMENT HIGHLIGHTS

  • 25 Units: 20 Studios, 4 1BRs, 1 2BR
  • Established Apartment Community with Significant Rental Upside
  • Limited Multifamily Supply & High Demand
  • No Rent Stabilization Requirements
  • Prime Location proximate to Long Beach Boardwalk & Major Developments

EXECUTIVE SUMMARY

As exclusive agents, Cushman & Wakefield is pleased to offer for sale a 100% fee interest in East Broadway Gardens, a 25-unit garden-style apartment complex ideally located on the north side of East Broadway between Franklin Boulevard and Lincoln Boulevard in Long Beach, NY.
Positioned just steps from the iconic Long Beach Boardwalk, East Broadway Gardens comprises a mix of twenty studio apartments, four one-bedroom units, and one two-bedroom unit, all of which feature individual heating and air conditioning systems. Tenants are responsible for their own electric utilities, covering heat, lighting, and appliances, while the landlord is responsible for water. The property also offers an investor the option to operate an on-site laundry facility or contract with a major vendor.
With no rent stabilization requirements, East Broadway Gardens provides a rare investment opportunity within the high-demand Long Beach market. Its central location offers tenants direct access to the oceanfront lifestyle while being within walking distance to local shopping, dining, and entertainment options, enhancing its appeal in one of Long Island’s most desirable coastal communities.

PROPERTY FACTS

Price $5,200,000
Price Per Unit $208,000
Sale Type Investment
Cap Rate 6.44%
No. Units 25
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.20 AC
Building Size 12,486 SF
Average Occupancy 100%
No. Stories 3
Year Built 1951

UNIT AMENITIES

  • Air Conditioning
  • Heating
  • Kitchen
  • Tub/Shower

SITE AMENITIES

  • 24 Hour Access
  • Controlled Access
  • Courtyard
  • Laundry Facilities

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
Studios 20 - -
1+1 4 - -
2+1 1 - -

PROPERTY TAXES

ZONING

Zoning Code Residence J (Residential District)
  • Listing ID: 34234539

  • Date on Market: 12/18/2024

  • Last Updated:

  • Address: 421 E Broadway, Long Beach, NY 11561