A five-unit multifamily property located at 406 Sixth Avenue in Asbury Park was recently sold for $1.4 million. The property spans 0.26 acres and offers separate utility meters, off-street parking, and a total of 3,977 square feet. The sale price equated to $280,000 per unit, with a price per square foot of $352. Situated just three blocks away from the beach, this property presents an opportunity for increased rental income, particularly due to the current month-to-month leases of all tenants.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,400,000
• Units: 5
• Price Per Unit: $280,000
• Square Footage: 3,977
• Price Per Square Foot: $352
• Address: 406 Sixth Avenue
• Market: Asbury Park
• Buyer's Rep: Michael White - Lighthouse Realty of NJ
• Seller's Rep: Tiffany Tomaini - Re/Max Synergy

The sale of this property was facilitated by Michael White from Lighthouse Realty of NJ, representing the buyer, and Tiffany Tomaini from Re/Max Synergy, representing the seller. Both parties played crucial roles in ensuring a successful transaction for this multifamily asset in Asbury Park.