290 Ocean LLC Acquires Development Site In Long Branch For $9.9M
276 Ocean Avenue, Long Branch, NJ, USA
$9,900,000
$113/SF
Building Size
87,120 SF
Asset Type
Development Site
Closing
Dec 17, 2020
AI
A development site located at 276, 286, & 290 Ocean Avenue in Long Branch has been sold. The property consists of approximately 2 acres and was sold for a price of $9,900,000, resulting in a price per acre of $4,950,000. The transaction took place on December 18, 2020.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $9,900,000
- Address: 276, 286, & 290 Ocean Avenue, Long Branch
- Market: Long Branch
- Buyer: 290 Ocean LLC
- Buyer's Representative: Arbor Sales & Marketing LLC
- Seller's Representative: Jason Pucci - Kislak Co. Inc.
The buyer of the development site was 290 Ocean LLC. They were represented by Arbor Sales & Marketing LLC. On the other hand, Jason Pucci from Kislak Co. Inc. acted as the seller's representative in this transaction.
Players
Long Branch Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.60%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93