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Asbury Park Apartments Change Hands

ASBURY PARK, NJ-The two-building complex at 510-512 5th Ave. holds 23 units, says Gebroe-Hammer Associates.

By Debra Hazel | Updated on June 21, 2011

ASBURY PARK, NJ-Gebroe-Hammer Associates has finalized a $1.525-million, 23-unit sale of 510-512 5th Ave. here by 510-512 Avenue Apartments to an unnamed buyer. In addition to representing the seller, Gebroe Hammer sales associate Steven Follman procured the buyer, a Gebroe-Hammer client. “This type of property is a unique investment opportunity, with tremendous value-add potential, because of its residential neighborhood location and Sunset Lake views. The beach, local attractions, shopping and dining also are just a few blocks away,” Follman tells GlobeSt.com. “Given the current market, the ability to match an investment property such as this with an appropriate buyer is paramount.” The two-building complex includes six studio, 15 one-bedroom and two two-bedroom units. Gebroe-Hammer reports average area vacancy rates at 5% and average rents ranging from $845 for a one-bedroom and $1,200 for a two-bedroom unit.

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