1104, 1106-1108 Main Street, Asbury Park, NJ 07712

Executive Summary:

A multi-family redevelopment at the heart of the Jersey Shore's strongest market. A rare opportunity to develop a boutique multifamily residential project on Asbury Park's primary transit corridor. The subject site is a hard corner delivering approximately 175 feet of Main Street frontage and 21 on-site parking spaces, nine blocks from the NJ Transit Asbury Park station and nine blocks from the Cookman Avenue dining and retail core in a market that has produced double-digit annual residential appreciation, a downtown median sale price approaching $1.6M, and 1-bedroom rents north of $3,000 per month.

The Details:

1104, 1106-1108 Main Street is a 16,000 SF, three-building institutional campus on a single consolidated parcel (Block 2805, Lot 17) at the northeast corner of Main Street and Third Avenue in Asbury Park, NJ. The site offers approximately 175 feet of frontage on Main Street and 21 on-site parking spaces, both unusually large endowments for the corridor, and sits within the Main Street Redevelopment Plan area. The property's highest and best use is redevelopment as a mixed-use multifamily building over ground-floor retail. The site is being offered for sale at $2,500,000 as a delivered redevelopment opportunity in connection with the existing owner's relocation to a new campus elsewhere on Main Street, a transit village play on Asbury Park's primary corridor.

Benefits:

• Transit access -9 blocks to NJ Transit Asbury Park station with direct service to Newark & NYC
• Walkable location- 9 blocks to Cookman Ave; 7 blocks to beach, boardwalk, and Convention Hall
• Proven market- Strong sustained appreciation; new construction achieving premium rents and pricing