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Henshaw Realty Purchases Mu...

Henshaw Realty Purchases Multifamily And Retail Properties In Long Branch For $19.35M
SOLD

Henshaw Realty Purchases Multifamily And Retail Properties In Long Branch For $19.35M

165 Pavilion Avenue & 231 3rd Avenue

$19,350,000

Building Size

Asset Type

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.

Players

David Jarvis

ICON Real Estate Advisors

Broker

$260.4M

vol

11 deals

Broker

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