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421 East Broadway

Updated Jun 17, 2025

Omega Group Of Companies Sells East Broadway Gardens Multifamily In Long Beach For $4.95M
SOLDMultiFamily

Omega Group Of Companies Sells East Broadway Gardens Multifamily In Long Beach For $4.95M

421 East Broadway

$4,950,000

$396/SF

Building Size

12,486 SF

Asset Type

MultiFamily

Closing

Jun 10, 2025

About this deal

AI

The sale involved a multifamily asset comprising a 25-unit free-market garden-style apartment complex located at 421 East Broadway, Long Beach, NY. The transaction was finalized for $4,950,000, with the price per unit being $198,000 and the total square footage of the property measuring 12,486, resulting in a price per square foot of $396.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $4,950,000
  • Units: 25
  • Price Per Unit: $198,000
  • Square Footage: 12,486
  • Price Per Square Foot: $396
  • Seller: Omega Group of Companies
  • Seller's Representative: Daniel Abbondandolo & Victor Little - Cushman & Wakefield

Cushman & Wakefield facilitated the sale of East Broadway Gardens, highlighting the opportunity to acquire a fully occupied, non-stabilized multifamily asset in a desirable coastal community. The property is situated just steps from the iconic Long Beach Boardwalk, and Brookers Daniel Abbondandolo and Victor Little represented the seller in this transaction.

On the Map

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$4,950,000

$396/SF

MultiFamily

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Players

Daniel Abbondandolo

Cushman & Wakefield

Broker

$536.2M

vol

88 deals

Broker
Cushman & Wakefield
Cushman & WakefieldBrokerage
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Long Beach MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $396 per square foot on a published $5M for 12,486 square feet (2025).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

3.20%

Cash-on-Cash

-0.92%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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