Henshaw Realty Purchases Multifamily And Retail Properties In Long Branch For $19.35M
165 Pavilion Avenue & 231 3rd Avenue
$19,350,000
Building Size
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Asset Type
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Closing
May 27, 2026
AI
The Pavilion consists of a 46-unit multifamily building located at 165 Pavilion Avenue & 231 3rd Avenue in Long Branch, NJ, alongside an adjacent retail property. The multifamily asset was sold for $18 million, while the retail space was sold for $1.35 million, culminating in a total sale price of $19.35 million. The property includes a 2021-built apartment complex and retail space that is fully leased, anchored by Dunkin’ and Sushi on Fleek, conveniently located near NJ Transit and the waterfront.
Summary of transaction details:
- Property Type: Multifamily & Retail
- Transaction Amount: $19,350,000
- Buyer: Henshaw Realty
- Seller: Jebara Partners
- Broker: David Jarvis - ICON Real Estate Advisors
- Units: 46
- Price Per Unit: $420,652
The transaction was facilitated by ICON Real Estate Advisors, which arranged the deal as part of a 1031 exchange. The selling entity, Jebara Partners, successfully transitioned the assets to the buyer, Henshaw Realty, enhancing their portfolio in the competitive Long Branch market.
Market CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.82%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93