Mark Shane Acquires Multifamily Property In Asbury Park For $2.3M
SOLD
$2,300,000
New Jersey
See Similar DealsMultiFamily7,500 SF
Sold 02/17/2021
SOLD
Mark Shane Acquires Multifamily Property In Asbury Park For $2.3M
407 8th Ave, Asbury Park, NJ, USA
See Similar DealsMultiFamily7,500 SF
Sold 02/17/2021
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$306
Total Square Footage:7,500 SF
Transaction Type:Sale
The multifamily property located at 407 8th Ave in Asbury Park has been sold for $2,300,000. The property consists of 13 units, resulting in a price per unit of $177,000. The transaction took place on February 17, 2021, and the property is characterized by a 5% capitalization rate.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,300,000
- Address: 407 8th Ave, Asbury Park
- Market: Asbury Park
In this transaction, Mark Shane purchased the property from Daniel Cohen. The deal was facilitated by Daniel Lanni, representing the buyer as a broker.
NOTE: No additional information is available regarding financing, property size, or other parties involved in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$122,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$8,171.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,903.17
Annual Debt Service$130,838.08
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